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Major kinds of Strategies and Policies Major kinds of Strategies and Policies For a business enterprise (and, with some modification, for other kinds of organizations
Strategy has similarly been defined as "the pattern or plan that integrates an organisation's major goals, policies, and action sequences into a cohesive whole" by
Policy August 25, 2008 Introduction Strategic management is the art and science of formulating, implementing and evaluating cross-functional decisions that will enable
what is to be accomplished by the network of strategies, policies, procedures, rules, budgets, and programs Enterprise objectives give direction to the major plans,
discourse (Goldman, 1998). "Strategy is the pattern or plan that integrates an organization's major goals, policies, and action sequences into a cohesive whole. A
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Major kinds of Strategies and Policies
For a business enterprise (and, with some modification, for other kinds of organizations as well), the major strategies and policies that give art overall direction to operation are likely to be in the areas of growth, finance, organization. Personnel, public relations, products or services, and marketing We will elaborate on the last two areas
Products or Services
A business exits to furnish products or services. In a very real sense, profits are merely a measure—although an important one—of host well a company serves its customers. New products or services, more than any other single factor, determine what an enterprise is or will be, The key questions in this area can be summarized as follows:
• What is our business? -
• Who are our customers?
• What do our customers want?
•. How much will our customers buy and at what price? .
• Do we wish to be a product leader?
• What is our competitive advantage? -.
• Do we wish to develop our own new products?
• What advantages do we have in serving customer needs?
• How should we respond to existing and potential competition?
• How far can we go in serving customer needs?
• What profits can we expect?
• What basic form should our strategy take?
Marketing
Marketing strategies are designed to guide managers in getting products or services to customers and in encouraging customers to buy: Marketing ‘strategies are closely related to product strategies; they must be interrelated and mutually supportive. As a matter of fact, Peter Drucker regards the two basic business functions as innovation (e.g., the creation of new goods or services) and marketing. .A business can scarcely survive without at least one of these functions and preferably both.
The key questions that serve as guides for...
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