Business Policy and Strategy Essay

2515 Words Apr 27th, 2014 11 Pages

The mission statement addresses the following:
What are our economic goals?
What is our operating philosophy in terms of quality, company image, and self-concept?
What are our core competencies and competitive advantages?
What customers do and can we serve?
How do we view our responsibilities to stockholders, employees, communities, environment, social issues and competitors?

The Role of Top Management and the Importance of Company Policy
Introduction to Business Policy Chief Executive – serves as the head and has the knowledge about the nature of the company.
Responsibilities of the Chief Executive 1. Elaborate the major policies of the firm. 2. Define the objectives of the firm. 3. Develop strategies
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The operating policies of a firm flow out of its objectives, its strategy, and its organization. The objectives, plus the policies, define the character or personality of the firm. They provide a framework within which management can make decisions that are consistent in themselves and are in accordance with the strategic plan and its objectives.
The Major Policies of an Enterprise Major policies deal with the firm’s fundamental nature, in identity, and the direction in which it is expected to move.

Company Mission
The mission of the company is the unique purpose that sets it apart from other companies of its type and identifies the scope of its operations. In short, the mission describes the company’s product, market, and technological areas of emphasis in a way that reflects the values and priorities of the strategic decision makers. SOCIAL RESPONSIBILITY is a critical consideration for a company’s strategic decision makers since the mission statement must express how the company intends to contribute to the societies that sustain it. A firm needs to set social responsibility aspirations for itself.
Internal Analysis
The company analyzes the quantity and quality of the company’s financial, human, and physical resources. It also assesses the strengths and weaknesses of the company’s management and organizational structure. Finally, it contrasts the company’s past successes and traditional concerns with

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