Business Management 3.04 Business Policy - Flashcard

Flashcard
•
Business
•
9th Grade
•
Hard
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13 questions
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1.
FLASHCARD QUESTION
Front
What is the purpose of business policy?
Back
To provide guidelines and direction for decision-making within an organization.
2.
FLASHCARD QUESTION
Front
Explain the difference between business policy and business strategy.
Back
Business policy provides guidelines and rules, while business strategy is the plan of action to achieve goals.
3.
FLASHCARD QUESTION
Front
What are the key components of a business policy?
Back
Goals, guidelines, procedures, and rules
4.
FLASHCARD QUESTION
Front
Discuss the importance of business policy in an organization.
Back
Business policy provides guidelines and direction for decision-making, ensures consistency and coherence in organizational actions, and aligns the organization with its goals and objectives.
5.
FLASHCARD QUESTION
Front
How does business policy impact decision making within a company?
Back
Business policy provides the framework for decision making within a company.
6.
FLASHCARD QUESTION
Front
What are the different types of business policies that can be implemented? Options: Financial, Human Resources, Marketing, Operational; Public Relations, Administration, Logistics, Inventory Management; Sales, Production, Customer Service, Research & Development; Legal, Information Technology, Supply Chain, Quality Control
Back
Financial, Human Resources, Marketing, Operational
7.
FLASHCARD QUESTION
Front
Explain the process of formulating a business policy.
Back
Identify the need, research and analysis, draft the policy, seek input, review and revise, implement and communicate.
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