Streategic Management Quiz

Emanates from its founders and the previous or incumbent leaders or managers of the organizations. (bases from which policies and strategies are drawn upon)

These are the corporate objectives purposely developed for the organization and for its members or employees at large to pursue. (bases from which policies and strategies are drawn upon)

Usually set forth by the top management and hence must be adhered too

The set of rules that guides the decisions and actions of the members of the organization. These policies maybe informal or in writing coming in the form of operation manual, personnel hand book, and memoranda composed or issued from time to time and as the needs arise. Business Policy is also looked upon as general management orientation, traditionally viewed as largely INWARD-LOOKING.

Business policies based on the provision of the articles of incorporation and by-laws of the organization. (bases from which policies and strategies are drawn upon)

These are specific program and policies set forth by the organization policy makers. (bases from which policies and strategies are drawn upon)

This approach involves a systematic examination of present company policy / strategy. This is more of internal approach whereby existing policies and operational strategies are examined by the officers and employees of the firms aided by the external consultant as may be necessary. (Approaches to identifying Policies and Strategies)

This involves a thorough analysis of the competitive forces operating in a firm’s environment and searching for an alternative option. This approach requires a much detailed analysis of the internal and external factors that determine the long-term competitiveness of the business. (Approaches to identifying Policies and Strategies)

This kind of assessment should lead to having a long list of “what to do now” to give substance and meaning to the company’s vision and mission. Simply doing an internal examination or assessment of the company’s policies and strategies by the company personnel as well as external consultants as necessary. This approach is more of finding out whether the existing policies and strategies have realized or achieved the end objective of the vision-mission statement. (Approaches to identifying Policies and Strategies)

formulating policies and strategies should be a concern of everyone in the business organization. It is essentially an initiative and duty of the management group in general.