The Important of Business Strategy And Policy
The Important of Business Strategy And Policy
1. Introduction
1.1 Background of the Study
Many firms are formed each and every day, and some of them do not make it to achieve their goals and end up shutting down or filing for bankruptcy before their expected tenor is reached. In the recent past, the global economy has experienced numerous downturns and the damage that accrues from this is the collapsing of firms as well as the collateral damage is the loss of thousands of jobs. This situation, however, does not have to be like this if a company adhered to its business strategy and policy. A firm strongly relies on a business strategy to guide its allocation of resources in the different sectors of the company. This includes the value network (suppliers, creditors, and clients), the incentives the business gives the stakeholders (employees, management, shareholders), and the guidance of the mission and vision of the company.
1.2 History of the Study
It is vital to note that a business strategy is separate and different from the company’s visionary objectives (the mission and vision of the company). A business strategy and policy can, therefore, be described as a tool by the company that enables it to clearly state how it will achieve the vision and mission of the company. A clear example is travelling; when someone is traveling, the first thing they decide on is their destination, the “how to get there” is the analogical business strategy. In addition to this, business strategy and policy are the roadmap that assists a company to win over the market, by creating and redesigning the way they do business. For instance, it provides the basis for decision making on matters of product differentiation and lowering of cost. Therefore, it is vital to note that as the market trends change, so does the business strategy, all in accordance with the company’s business long term and short term objectives. 1.3 Magnitude of the Study
A management team in a
1. Introduction
1.1 Background of the Study
Many firms are formed each and every day, and some of them do not make it to achieve their goals and end up shutting down or filing for bankruptcy before their expected tenor is reached. In the recent past, the global economy has experienced numerous downturns and the damage that accrues from this is the collapsing of firms as well as the collateral damage is the loss of thousands of jobs. This situation, however, does not have to be like this if a company adhered to its business strategy and policy. A firm strongly relies on a business strategy to guide its allocation of resources in the different sectors of the company. This includes the value network (suppliers, creditors, and clients), the incentives the business gives the stakeholders (employees, management, shareholders), and the guidance of the mission and vision of the company.
1.2 History of the Study
It is vital to note that a business strategy is separate and different from the company’s visionary objectives (the mission and vision of the company). A business strategy and policy can, therefore, be described as a tool by the company that enables it to clearly state how it will achieve the vision and mission of the company. A clear example is travelling; when someone is traveling, the first thing they decide on is their destination, the “how to get there” is the analogical business strategy. In addition to this, business strategy and policy are the roadmap that assists a company to win over the market, by creating and redesigning the way they do business. For instance, it provides the basis for decision making on matters of product differentiation and lowering of cost. Therefore, it is vital to note that as the market trends change, so does the business strategy, all in accordance with the company’s business long term and short term objectives. 1.3 Magnitude of the Study
A management team in a
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