1.
Discuss Strategic management and business policy
Answer:
Strategic Management is a set of long-term decisions that affect
companies or corporations. These decisions are made for the best interest of the
company in the long run and its overall performance, this usually includes an evaluation
of a company’s strengths and weaknesses and an analysis of opportunities and threats.
It also contains the formulation, implementation and Evaluation of strategies.
Business policies on the other a hand is a set of rules that helps sustain the profit of a
company and reaching its goals and objectives.
2. Explain the strategic management process
Answer:
The Strategic Management Process composes of four steps. The first is
the Situation Analysis, in which organizations evaluate the internal environment (The
Organization itself; who are the employees what is their relationship with each other)
and the external environment (the relationship with the company and its customers,
it’s shareholders, nay other stakeholders). This evaluation will help us with the
second step, that being the Strategy Formulation, which involves the long-term
planning and forming of strategies that would help in creating effective management.
This involves Operational Strategies which are shot-term and associated with the
operational side of the company, Competitive Strategies that deal with how a
company stands with the industry it is in and how it deals with its competitors, and
Corporate Strategies which focuses on improving both Operational Strategies and
Competitive Strategies. Third is the is the Strategy Implementation in which the
strategies that have been made are actually put to use, and the strategies are finally
in practice. With the final step being Strategy Evaluation. Did the strategies put in
practice actually work? Should you keep it as it is or can improvements be made
upon, this step answers these questions to helping you decide on what to do with
these strategies.
3. How does the electronic age change the way people do business?
Answer:
The convenience of technology has significantly changed the way
people do business now. In the operations department some jobs are done using
machines now instead of people which help greatly in making work done more
efficiently than ever, like factories for example, instead of wrapping up food to sell by
hand a machine is instead that can do it in less than two second. Marketing is also
affected by this, nowadays when a business is trying to be bigger and to capture
more consumers for their market you can almost guarantee that they have a social
media account of some sort, whether it be facebook or twitter, you can bet they have
one. Marketing by posting or tweeting to garner attention and by paying to get their
ads on the feed, it’s a cost-effective way to leave a mark on potential customers’
minds.
4. What is globalization? Research the characteristics strengths and weaknesses
Answer:
Globalization is the spread or flow of goods or resources all across
nations and borders, in a nutshell goods spreading internationally. Globalization
emphasizes growth and interconnectivity by involving multiple nations and borders, it
also involves movement or migration of workers into foreign lands which helps in
cultural diversity. Because of Globalization, countries can now borrow technology
from each other in order to improve their overall development, this in turn also helps
in creating more affordable products. It also provides multiple extensions of markets.
Because of globalization, not only can you have consumers from the country you are
sitting on, but also from other countries as well, which helps guarantee in sustaining
a company’s success. However, globalization also causes things like developed
countries hoarding workers from developing or underdeveloped countries. Which
would cause these countries to lose workforce that would be detrimental to getting
out of the developing or underdeveloped state that they’re in. It could also cause
shortages of natural resources due to high demand of supply required to develop
goods that are being shipped and sold internationally. For example, a fast-food chain
like Jollibee during its early days didn’t need multiple farms for livestock for their
food, it was still a local chain and can only be seen here in the Philippines. Now that
it has gone international and selling to other countries as well, the need for supply
goes higher, thus resulting in more livestock needed which would greatly affect the
environment. In the end it is definitely the staple of the 20 th century when it comes to
his era’s capitalism, but with these negative traits in hand, it is still a diamond in the
rough.