Strategic Management
Strategic Management
Strategic Management
Policy is a guide to decision making at all levels within an organization. It is a basic organizational
concept which is documented and applicable to all the internal and external relations of the
organization. Policy is a guide to action, a constraint of behaviour, and an aid to decision making.
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3. To understand the complex inter-linkages operating within an organization through the use
of systems approach to decision making and relating them to changes taking place in the
external environment.
BUSINESS POLICY: ITS OBJECTIVES
Azhar Kazmi in his text Business Policy amplified Business Policy objectives in terms of
knowledge, skills and attitude. These are discussed below:
KNOWLEDGE OBJECTIVES
1. Understanding the various concepts such as strategy, policies, plans and programmes
involved in Business Policy which are also inherent in other functional areas is very
essential.
2. Environmental analysis (i.e. internal and external) awareness is of prime important to the
organization because it affords the organization the opportunity of knowing its
relationship with the environment.
3. With the adequate knowledge of the organization’s mission, purpose, objectives, goals,
strategies and policies is guaranteed.
4. The execution of the complex task of strategy implementation by the strategies becomes
easier because of Business Policy knowledge.
5. The uniqueness of the knowledge of real-life business problems and solutions are
exciting experiences to al learners. This is so because it assists them in their approach to
problem-solving and decision making.
6. Business Policy enables learners to search for relevant literature thereby knowing the
researches available in the field.
SKILLS OBJECTIVES
1. Knowledge leads to skills development and its applications in terms of case studies
analysis, their interpretation and also the business event analysis.
2. The students are provided with the analytical ability skills required in management cases
/ incidents analysis through the knowledge of Business Policy.
3. Business Policy provides relevant factors identification skills requires in decision making.
4. Theory which is very essential of practice is guaranteed by students / learners due to the
three skills mentioned above. The mental ability skills acquired will enhance managerial
decision – making processes since Theory and practice go together.
5. Both oral and written communication skills will be developed with case studies in
Business Policy field.
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ATTITUTDE OBJECTIVES
1. The acquisition of knowledge and skills objectives by learners, appropriate attitude, will
be evolved, such as a generalist attitude. With a generalist attitude all situations are
approached and assessed from all perspectives.
2. The study of Business Policy provides the generalist the ability to function under
conditions of partial ignorance by using or her judgement and intuition.
3. The study of Business Policy also affords the generalist the opportunity of attitude and
acceptance of new ideas, information and to assume professionalism and abundance of
dogmatism in terms of techniques.
4. Attitudes in terms of creativity and innovation provide the necessary justification for the
abandonment of existing precedents and stereotyped decisions by general managers.
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