BBA 3rd Year Strategic Management Business Policy Short Question Answers Study material and Notes Semester Wise topic wise Syllabus Book code-602
BBA 3rd Year Strategic Management Business Policy Short Question Answers
BBA 3rd Year Strategic Management Business Policy Question Answers Page.1
BBA 3rd Year Strategic Management Business Policy Short Question Answers Page.2
Q.1 Explain the importance of business policy.
Ans. Importance of Business Policy: The business policy is important as a course in the management curriculum and as a component of executives development program to the middle level managers who are preparing to the move-up the the senior management level
1.For Learning the Course: Business policy seeks to integrate the dnowledge and experience gain in various functional areas of management. It enables the learners to understand and make sense of the complex interaction that takes place in different functional areas.
(a) Business policy deals with the constraints and complexities of real-life business.
(b) Business policy makes the study and practice of management more meaningful as one can view business decision-making in its proper perspective.
2. For Understanding the Business Encironment: Regardless of the level of management a person belongs to, business policy helps to create an understanding of how policies are formulated.
(a) By gaining an understanding of the business environment, magagers become more receptive to the ieas and suggestions of the senior management.
(b) When they become capable of relating environment changes to policy changes within and organization, the managers feel themselves to be a part of a greater design.
3. For Understanding the Organisation: Business Policy presents basic framework for understanding strategic decision-making while a person is at the middle level of management.
(a) Business policy, like most other areas of management, brings the benefit o years of distilled experience in strategic decision-making to the organization and also to its managers.
(b) An understanding of business policy many also lead to an improvement in job performance.
4. for personal Development: A study of business policy offers considerable scope for personal development. It is a fact of organizational life that the different subunits within an organization have a varying value and importance at different times.
Q.2. Explain the nature of business policy.
Ans. Nature of Business Policy: Business policy basically deals with decisions regarding the future of an ongoing enterprise. Such policy decisions are taken at the top level after carefully evaluating the organizational strengths and weaknesses in terms of product price, quality, leadership position, resources etc. in relation to its environment. Once established the policy decisions shape the future of a company channel the available resources along desired lines and directs the energies of people working at various levels towards predetermined goals. In a way, business policy implies the choice o purposes, the shaping of organizational identity and character the continuous definition of what is to be achieved and the deployment of resources for achieving corporate goals.
Q.3. Discuss about the various features of business policy.
Ans. An effective business policy must have the following features:
- Specificity: Policy should be specific/definite. If it is uncertain, then the implementation will become difficult.
- Clarity: Policy must be unambiguous. It should avoid use of jargons and connotations. There should be no misunderstandings in following the policy.
- Reliability/Uniformity: Policy must be uniform enough os that it can be efficiently followe by the subordinates.
- Appropriateness: Policy should be appropriate to the present organizational goal.
- Simplicity: A policy should be simple and easily understood by all in the organization.
- Inclusiveness/Comprehensiveness: In order to have a wider scope, a policy must be comprehensive.
- Flexibility: Policy should be flexible in operation/application. This does not imply that a policy should be altered always, but it should be wide in scope so as to ensure that the line managers use them in repetitive/routine scenarios.
- Stability: Policy should be stable else it will lead to indecisiveness and uncertainty in minds of those who look into it for guidance.
Q.4. What are the main objectives of business policy? Ans. The main objectives of business policy are as follows:
1. Integration of Functionally Specific Knowledge: Business policy acts as an integrated, capstone course demonstrating the interdependencies between separate functional areas, such as market finance and so on.
2. Understanding the ‘Big Picture’: Communicating the appreciation of the synergy created by managing interdependencies among the functional areas is a critical objective of business policy.
3. Working in, Managing, and Leading a Team: Working with and managing a diverse and flexible team is a critical priority with the corporate recruiters, Business policy tries to build up the teamwork spirit by illustrating the finer aspects group dynamics and by bringing together students from different specialisation areas.
4. Enhancement of Comprehension and Communication Skills: Business policy lays great emphasis on allowing students to be active participants in the learning process. In contrast to the functional courses, there is a stress on using methodologies, such as case discussion, and oral and written presentations and reports.
5. Ability to Assess the Applicability and Relevance of Strategic Management Research: It provides managers with the tools for organising, evaluating and running their departments. Through this they have access to various strategies regarding management research.