IT ELECT 3 Flashcards
Is a deliberate system of principles to guide decisions and achieve rational outcomes.
Policy
Is a set of ideas and plans that is used as a basis for making decisions especially in politics, economics or business.
Policy
Is a study of functions and responsibilities of management the problems and decisions that determine the direction of the organization
Business Policy
The history of business policy, also known as ______________ or ____________________
Strategic management or Business Strategy
Features of Business Policy
Features of Business Policy
1. Specific.
2. Clear.
3. Uniform.
4. Appropriate.
5. Simple.
6. Inclusive.
7. Stable.
Business policy as a distinct field began to take shape in the ______ and _____
1950s - 1960s
1950s - 1960s (SUB CATEGORY)
Influential scholars such as ____________, ___________, and __________ started to explore the idea of strategic management as a systematic approach to decision making.
Igor Ansoff, Alfred Chandler, and Peter Drucker
The ________ and ____________ witnessed a proliferation of literature and academic programs focused on business policy and strategic management.
1970s - 1980s
1960s - 1980s (SUB CATEGORY)
____________ work on competitive strategy presented in this book “_______________“(1980s),
Michael Porter’s and “Competitive Strategy”
In ______ and beyond, the field continued to evolve with the advent of globalization, rapid technological advancement, and changes in competitive dynamics.
1990s Onward
- Today __________ policy and strategic management remain dynamic fields, responding to a challenge of digital age
Contemporary Era, Business Policy
Is the process of identifying and grouping work to be performed, defining and delegating responsibility and authority and establishing relationships for the purpose of enabling people to work most effectively together in accomplishing objectives.
Organization
Is the structural framework of duties and responsibilities required of personnel in performing various functions within the company.
Internal Organization
Is the establishment of authority relationships with provision for co- ordination between them, both vertically and horizontally in the enterprise structure.
Organization
Is the process so combining the work which individuals or groups have to perform with the facilities necessary for its execution, that the duties so performed provide the best channels for the efficient, systematic, positive and coordinated application of the available effort.
Organization
Is a collection of people working together to achieve a common purpose.
Organization
Concept of Organization:
Viewed as a basic management process, an organization undoubtedly serves as a tool of utmost importance to the successful execution of managerial tasks.
As a process
Concept of Organization:
Most frequently, there are those who look upon organization solely in terms of charts or consisting of boxes and lines with titles (designation) clearly inscribed.
As a principle
Concept of Organization:
In popular usage, the term organization is held no more less than the relationships between similar function.
As a structure
Concept of Organization:
The term organization is also at times held to refer to the actual behavior of persons grouped together in the business enterprise regardless of whether their behavior conforms to the organization structure or not.
As a guide for behavior
Characteristics of a Good Organization:
Characteristics of a Good Organization
1. Rapid flow of information.
2. Fewest numbers of managers.
3. Venture management attitude.
4. Minimum reliance on committees.
5. Job rotation is encouraged.
6. Ready acceptance of criticism.
7. Structure which deals with conflict constructively.
8. Structure changes slowly.
Characteristics of a Good Organization:
____ num______ of _____________
Fewest numbers of managers.
Characteristics of a Good Organization:
Vent__________ Ma___________ _______tude
Venture management attitude.
Characteristics of a Good Organization:
Mini__________ relia__________ on co______ees
Minimum reliance on committees.
Principles of Organization:
*The objective of the undertaking influences the organization structure. ________________________ ______________
Consideration of unity of objectives
Principles of Organization:
*Effective organization must include ___________________. Precise division of work facilitates ______________.
Specialization
Principles of Organization:
Organization involves division of work among people whose efforts must be co-ordinated to achieve common goals.
Coordination
Principles of Organization:
Decisions should be made at the lowest competent level.
Delegation
Basically deals with decisions regarding the future of an on-going enterprise.
Business Policy
4 Essentials of business policy
1.) Objective based
2.) Clarity and simplification
3.) Put in the black and white
4.) Stable yet flexible
7 Features of Business Policy
- Specific, 2. Clear, 3. Uniform, 4. Appropriate, 5. Simple, 6. Inclusive, 7. Stable
The term “strategy” indeed has its origins in the Greek language. It is derived from. the Greek word “____________,” where “________” means army and “ago” means to lead or to command.
Strategos, Stratos
In ancient Greece, a “____________” was a high-ranking military officer, often a general or commander-in-chief, responsible for leading and directing military operations.
Strategos
Refers to a high-level plan designed to achieve specific goals or objectives under conditions of uncertainty.
Strategy
IMPORTANCE OF STRATEGY:
A. Strategy provides a roadmap for aligning actions with overarching goals and objectives.
vision.
Goal Alignment
IMPORTANCE OF STRATEGY:
A. Strategy helps in the effective allocation of resources, including financial human, and technological resources.
Resource Optimization
IMPORTANCE OF STRATEGY:
A. In business strategy is vital for gaining a competitive edges.
Competitive Advance
IMPORTANCE OF STRATEGY:
A. Strategy involves identifying and migrating risks.
Risk Management
IMPORTANCE OF STRATEGY:
A. A well defined strategy enables organizations to adapt to changing environments
Adaptability
NATURE OF STRATEGY:
A. Strategy is purposeful, driven by specific goals and objectives.
Purposeful and goal-oriented
NATURE OF STRATEGY:
A. Strategy involves planning for the future
Forward Looking
NATURE OF STRATEGY:
A. The nature of strategy is ____________________; varying across different domains such as business, military, and personal development.
Context-Dependent
NATURE OF STRATEGY:
A. Strategy recognizes the dynamic nature of environments.
Dynamic and Adaptive
NATURE OF STRATEGY:
A. Strategic thinking is holistic, considering the interconnectedness of various factors.
Integrated Holistic
5 P’s Of Strategy
- Consciously and purposefully developed plan.
- A ploy to outmaneuver a competitor.
- A pattern in a stream of actions, whether intended or not.
- A position defined either with respect to a competitor in the context of a number of competitors, or with respects to market, and as
- A perspective - a certain mind-set of how to perceive the world.
The term policy should not consider as synonymous to the term ___________.
Strategy
Is the management of an organization’s resources to achieve its goals and objectives.
Strategic management
Is the on-going planning, monitoring, analysis and assessment of all necessities an organization needs to meet its goals and objectives.
Strategic management
Integrating the concept of strategy into the mainstream of the management system is what matters most in terms of giving directions that promises delivering profit expectations.
The Nature of Strategic Management
Says Strategic management as a framework that evolves around the idea of shaping the destiny of an organization. It is about putting an organization into a competitive position
Williamson, Jenkins, et. al (2004)
Characteristics of Strategic Decision (3)
Characteristics of Strategic Decision
1. Rare.
2. Consequential.
3. Directive.
Modalities in Strategic Decisions (4)
E.A.P.L
Modalities in Strategic Decisions
1. Entrepreneurial mode.
2. Adaptive mode.
3. Planning mode.
4. Logical mode.
Specific Roles of Board of Directors (3)
Specific Roles of Board of Directors
1. Monitor.
2. Evaluate and influence.
3. Initiate and determine.
