Business Management 3.04 Business Policy - Flashcard

Front

What is the purpose of business policy?

Back

To provide guidelines and direction for decision-making within an organization.

Front

Explain the difference between business policy and business strategy.

Back

Business policy provides guidelines and rules, while business strategy is the plan of action to achieve goals.

Front

What are the key components of a business policy? Options: Vision, mission, values, and culture; Sales, marketing, finance, and operations; Employees, customers, suppliers, and competitors; Goals, guidelines, procedures, and rules

Back

Goals, guidelines, procedures, and rules

Front

Discuss the importance of business policy in an organization.

Back

Business policy provides guidelines and direction for decision-making, ensures consistency and coherence in organizational actions, and aligns the organization with its goals and objectives.

Front

How does business policy impact decision making within a company?

Back

Business policy provides the framework for decision making within a company.

Front

What are the different types of business policies that can be implemented? Options: Financial, Human Resources, Marketing, Operational; Public Relations, Administration, Logistics, Inventory Management; Sales, Production, Customer Service, Research & Development; Legal, Information Technology, Supply Chain, Quality Control

Back

Financial, Human Resources, Marketing, Operational

Front

Explain the process of formulating a business policy.

Back

Identify the need, research and analysis, draft the policy, seek input, review and revise, implement and communicate.

Front

Discuss the role of top management in implementing business policies.

Back

Top management provides direction, resources, and ensures alignment with organizational goals.

Front

What are the challenges faced in implementing business policies?

Back

Identifying and addressing resistance to change, ensuring alignment with company goals, and maintaining consistency across different departments

Front

Provide examples of successful business policies implemented by well-known companies: Apple's customer service policy, Google's innovation policy, Amazon's customer-centric policy, McDonald's marketing policy, Tesla's production policy, Walmart's employee policy, Facebook's privacy policy, Coca-Cola's distribution policy, Microsoft's research policy, Starbucks' pricing policy, Nike's advertising policy, IBM's supply chain policy.

Back

Apple's customer service policy, Google's innovation policy, Amazon's customer-centric policy