BUSINESS POLICY AND STRATEGY
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BUSINESS POLICY AND STRATEGY
Chapter one
1.0 General Introduction.
Business policy is a required topic that is normally included in a standard management studies curriculum. Business policy originated in 1998, when Harvard Business School developed an integrative management course aimed at teaching general management capabilities. This course was based on case studies that had been used by the institution for structural purposes since 1990.
However, the real impetus for introducing business policy in the curriculum of business school (as management institutes or departments are known, in the United States of America US) came with the publication of two reports in 1950.
The Cordon and Howell reports, sponsored by the foundation, recommended a captone curse of business policy, which would give students an opportunity to pull together what they have learned in the separate business fields and utilise this knowledge in In 1969, the American Assemble of Collegiate School of Business (AACSB)
a regulatory body for business policy, made a mandatory requirement for the purpose of recognition. Based on a survey of research in business policy in India (1970-82) Morthy concluded that research in India (in business policy) has yet to come to grips with the job of general manager.
By 1960, there was a call for a critical examination of the fundamental concept of business and its relationship to the environment. Strategy management can be defined as the Art and Science of formulating, implementing, and evaluating a cross section of business decisions that enable an organisation to achieve its objectives (David, 1991).
It is a process that focuses on all functional areas of business in order to achieve organisational success while keeping the environment in mind.
According to Ducker (1974), the primary aim of strategy management is to think through a company’s overall mission by asking the question “what is our business?” This leads to the establishment of objective strategy development and the making of today’s decisions for tomorrow’s results.
This should be accomplished by balancing the existing objectives and needs against those of the future in light of available resources (both present and future) of men and materials. The strategy management process is an objective, rational, and methodical approach to making key decisions in an organisation.
It seeks to organise qualitative and quantitative information in such a way that successful judgements may be made in the face of uncertainty or idle precedent. Most organisations can benefit from strategy management, which is based on integration, intuition, and analysis in decision making.
This is because in some situations, analytical thinking and intuition complement each other. It is based on the belief that an organisation should continuously monitor internal and external events and trends in order to make timely changes as needed.
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