BBA 3rd Year Strategic Management Business Policy Very Short Question Answers Study material notes Topic wise Unit-wise division of the content Samester wise Question Answer Book Code-602
Q.1. what do you mean by business policy?
Ans. A business policy is the study of nature and process of choice about the future of independent enterprises by those responsible for decisions and their implementation.
Q.2. Give the name of any three business policies.
Ans. The name of three business policies are:
- Marketing policy, (b) Financial policy, (c) Production policy.
Q.3. What is originated policy?
Ans. Originated policy is deliberately formulated by top man-agreement to Gide for decision-making at lower levels, board of directors, the chief executive, the executive committee of the board or heads of various departments.
Q.4. Define the term appealed policy.
Ans. It is a Policy formulated on the appeal or request of subordinates for filling the gaps left by originated policy.
Q.5. What is meant by imposed policy?
Ans. It is a policy”, which and organization is complelled to adopt due to some outside forces, such as the government and its regulatory agencies, trade association and trade union.
Q.6. What is the impotance of business policy?
Ans. Business policy has its importance in the following ways”,
- A business policy communicates company’s expectation about appropriate employee work performance.
- The business policy illustrates the acceptable performance of business while simultaneously”, the needs”,
Q.7. What are the various elements of business policy?
Ans. Various elements of business policy include:
- Identification of business opportunities.
- Assessing business opportunities.
- Progressing new business to provision.
- Concluding the process.
Q.8. How can you create effective policies?
Ans. In order for policies to be effective, they need to address genuine needs within a business and be formulated in ways that are easy to follow and produce genuine results.
Q.9. What is the purpose o business policy?
Ans. The purpose o business policy is threefold:
- to integrate the knowledge gain in various functional areas of management.
- To adopt a generalist approach to problem solving.
- To understand the complex inter – linkages within an organization through the use of a system approach to decision making and relating this to the changes taken place in the external environment.