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Business Policy and Strategic Management
2 marks( points and concepts only)
1. What are business objectives ?
Any thing that the business organization wants to achieve over a specified period of
time is called business objective.
2. What are the objectives of business ?
a. Economic Objectives – profit earning, creating customers, best use of resources
b. Social Objectives – quality goods, fair trade practices, general society welfare
c. Human Objectives – economic, social well being , development of employees
d. National Objectives – employment, production according to national priority, GDP, exports self sufficiency
e. Global Objectives – raise global standards, reduce global disparities, globally competitive products
3. What are the macro environment factors ?
Socio economic
Technology
Government- political and regulatory
Cultural
International
Demographic
natural
( Expect questions in each of the above environment sectors . learn points with examples for each )
4. What are the micro environment factors ?
Customer
Supplier
Competitor
Public
Marketing intermediaries
( Expect questions in each of the above environment sectors . learn points with examples for each )
5. What are the external and internal sectors of the environment ?
External = Macro + Micro ( see above points )
Internal = Factors inside the company such as culture, climate, leadership, systems..
6. What is Business ethics ?
Morality in business environment, based on society norms, involves goodness or badness of an act . Goes beyond legal issues.
7. Mention some unethical practices ?
Giving or taking bribe
Information in exchange of money..
Kick backs for contracts
Promotions, transfers
Hoarding and blackmarketing
Poor product quality
8. What is CSR ?
• Corporate Social Responsibility
• Fulfilling the obligations towards the society and improving its economic and social conditions by all possible means
9. What are the areas of CSR ?
Environment –pollution, noise, water,..
Consumerism- quality, warranty, harmful..
Community- health, water, education
Avoiding Lobbying- with Government
Giving- scholarships,education, orphanages,
Disadvantaged- handicapped, unskilled..
Labour – health, safety, partcipation
Transparency- financial disclosures
Avoiding monopolistic activities- unfair trade practices