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Business policy and Strategy.

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In your opinion, what is the single major benefit of using a strategic-management approach to decision making? Justify your answer. Explain why a mission statement should not include monetary amounts, numbers,percentages, ratios, goals, or objectives. Identify a recent economic, social, political, or technological trend that significantly affects the organization of your choice. Give two examples of staffing strengths and two examples of staffing weaknesses of an organization with which you are familiar. In a BCG Matrix, would the Question Mark quadrant or the Cash Cow quadrant be ...

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Question Preview:

In your opinion, what is the single major benefit of using a strategic-management approach to decision making? Justify your answer. Explain why a mission statement should not include monetary amounts, numbers,percentages, ratios, goals, or objectives. Identify a recent economic, social, political, or technological trend that significantly affects the organization of your choice. Give two examples of staffing strengths and two examples of staffing weaknesses of an organization with which you are familiar. In a BCG Matrix, would the Question Mark quadrant or the Cash Cow quadrant be more desirable? Explain. List four limitations of a BCG Matrix. If you owned and opened three restaurants after you graduated, would you operate from a functional or divisional structure? Why?

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Strategic management approach is future achievement based organization. People associated with such organizations are aware of the goals set by the organization. They all have a framework from the organization which regulates their decision-making. In such organizations, staff members, executive directors and board members, all have rights to take decisions for the benefit of the organization. Such decisions are mutually exclusive and are not consulted among each other. The force driving such decisions are solely based on the company’s framework which includes future vision, objectives of organization, leverage strengths and weaknesses. For example, for making financial decisions, low-cost and high-profit are not the only criteria considered. If overhead expenses to be shown are higher, such a company may buy the same thing from high price vendors. Brand management is of prime importance. Popular brand-name company regulates their day-to-day decisions to maintain the brand. Timely growth with a happy staff and decent workload to build a successful organization are considered for every decision. It discharges board of directors from extra responsibility. Day to day decision is more than mere solving the problem. It becomes objective. Regular discussion of the long-term goal among members enhances their understanding and support for each other. The goal becomes better defined time to time. Since the goals and absolute success is fixed, it is easier to measure the current success and direction. The impact of Each decision on long-term success can be easily evaluated based on the goal set. A strategy designing is based on the organizational benefit. Single component benefits do not drive decision making.

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