Business Policy and Strategy .

This text discusses various aspects of business policy and strategy, including strategic management, roles and responsibilities of BoD, social responsibilities, forecasting techniques, value chain analysis, and more.

Running head: BUSINESS POLICY AND STRATEGY
Business policy and strategy
Name of student
Name of University
Author note

1BUSINESS POLICY AND STRATEGY
Personal reflection
It could be clearly understood that the topic is based on the business policies and
strategies and the strategic management model has been taken into consideration to develop
skills and knowledge for environmental scanning. The formulation of strategies have further
been associated with the accomplishment of mission, goals, objectives and successful
implementation of policies and strategies. I have understood that the strategic management
involves monitoring and evaluation of external opportunities and threats based on the
strengths and weaknesses, furthermore manage proper financial planning, forecast based
planning, external oriented planning and there are multiple individuals involved such as the
managers and employees. To become successful in the long run, a business must fulfil the
needs of existing markets and at the same time, adapt to the changing needs and preferences
of the markets (Wheelen et al., 2017). This should also create a perfect fit between the
organisational environment inclined with the structure, strategies and processes of the
organisation, thus leading to enhanced business performance too. The strategic management
has helped in identifying new opportunities for growth and development, enabled managers
to share common goals to be achieved and improved the financial performance too.
I have also understood that there are several challenges associated with the strategic
management such as the globalisation impact that has changed the entire way the companies
conduct business while environmental issues such as climatic changes and conditions are also
considered as major challenges faced during the management of strategies effectively. From
the sources of information, I have found that the basic model of strategic management
involves four major components including the scanning of environment, formulation of
strategies, implementation of strategies and managing valuation and control (DeYoung, Peng
& Yan, 2013).

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There are various roles and responsibilities of BoD such as performing the legal and
duties and responsibilities for protecting the interests and enabling authority and power for
implementing effective corporate policies and manage the different kinds of resources
effectively and by forming agreement with the shareholders or investors. The responsibilities
though are different for different countries such as setting the corporate strategies, managing
shared vision, mission and goals, recruitment and selection of CEO and top management,
controll9ing the top management and also managing approval of resources along with the
fulfilment of interests of shareholders or investors. It is vital to plan in a strategic way for the
purpose of analysis, interpretation, creation and management of data and information
consistently for allowing the company to sustain and view things from a wider perspective
(Dodgson, 2018). This has benefited many businesses by focusing on marketing, finances,
operational and other functional areas for determining the market conditions and gaining
competitive advantage with higher revenue generation as well. I personally think that the
roles of BoD are based on the degree of involvement in strategic management ranging from
low to high including phantom, who never knows what is needed to be done and thus there is
little or no involvement while the rubber stamp allows the officers to make the most of
decisions. The minimal reviews mean reviewing the issues that are brought into attention
while the nominal participation includes reviewing the decisions to be made whereas the
active participation enables making the final decision and managing the fiscal and
management audits too (Blackburn, Hart & Wainwright, 2013). The catalyst means
something that enhances the business performance and thus the catalyst has helped in
developing the mission, goals and objectives along with implementation of relevant policies
and strategies needed to enhance the degree of involvement during the management of
strategies.

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The agency theory shows that there are agents who do not have any responsibilities in
case of no ownership and the stewardship theory is associated with the evaluation of business
performance and success level achieved based on the composition of Board consisting of the
Retired executive directors, affiliated directors and family directors. According to me, I feel
that the social responsibilities include viewing the social responsibility by Friedman,
Carroll’s contemporary view, conducting analysis of stakeholders and managing
sustainability concepts too. To manage successful business and present positive mind sets
among the clients, the businesses should provide proper amount of money to the shareholders
or investors and support social causes, furthermore create knowledge among the workers to
give their time for benefiting the society (Bottery, 2013). The responsibilities also include
managing Laissez faire worldwide economy and enabling implementation of minimum rules
and regulations. From the slides, I have also learned that the managers do hold various
responsibilities such as to produce G&S of value and provide the shareholders with enough
money to keep them satisfied, furthermore manage the legal responsibilities by preventing
discrimination, managing proper values and ethics and making philanthropic contributions.
This would also strengthen my skills and knowledge to outperform others and act as a
responsible manager of a company in the future as well (Lawrence & Weber, 2014).
The social responsibilities does not only include managing activities to contribute to
the society but also more than ecological concerns like protecting the environment and
managing the sustainability index too. The contribution by local communities, NGOs,
associations, Government and regulatory bodies are also responsible for undertaking actions
needed to manage proper values and ethics while running business as well. I have also
learned the importance of managing ethics, which can be done by following the cultural
norms, rules and regulations along with maintaining a proper governance system to find out
the differences in values and ensure maximisation of profit and keeping the community safe

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and healthy (Laudon & Traver, 2013). The environmental scanning is another important
aspect where the changing environment is assessed to evaluate the strengths, weaknesses,
opportunities and threats along with the various factors associated with the business
functioning and maintaining strategic fit between the needs of environment and the things
that the business needs to sustain in the business environment. The formulation of strategies
include assessing both the internal and external environment along with management of
natural resources and determine the six forces such as the threat of new entrants, threat of
existing rivalries, threats of competitors, buying power of purchasers and power of suppliers.
The competitive intelligence means analysing the sources including environmental data and
information, market shares, regional trends, computerised information systems and
implementing the Economic Espionage Act in the year 1996 (Rothaermel, 2015).
I have also understood about the forecasting technique that enables environmental
scanning to analyse the present situation and also the current trends and resolve the faulty
assumptions too. There are different types of forecasting methods such as the extrapolation,
expert opinion, brainstorming, Delphi Technique, which are useful for extending the current
trends and at the same time, separate the experts independently based on the chances of
incidents that might have occurred. There are various other models and frameworks that are
associated with the organisational competencies such as the VRIO framework including the
value that is offered to the clients based on the products delivered, rareness, i.e., the
uniqueness of products and services, imitability and organisation’s ability to exploit the
resources effectively. The resources are utilised properly for ensuring that the business
functions properly and higher revenue is generated, which can further help the company to
obtain competitive advantage in business (Wheelen et al., 2017). From the various
information provided, it could be understood that the value chain analysis enabled linking
between the value creation activities and the entire chain consisted of raw materials,

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manufacturing process at the starting stages, fabrication, and distributor and finally pushing
the end products to the retailers.
From the picture representing the analysis of value chains, I have also understood that
there are primary activities, support activities and also the profit margin. The primary
activities comprise of the inbound logistics, operations, outbound logistics, marketing and
sales and services delivery while the support activities include the management of human
resources, procurement of strategies, development and implementation of technologies and
improving the organisational infrastructure through general management, finance, accounting
and strategic planning. I have possessed knowledge and skills about how an organisational
structure can allow the company to function properly and maintain smooth flow of work
activities to generate revenue and stay ahead of its competitors (DeYoung, Peng & Yan,
2013). The major organisational structure are simple, functional, divisional, modified
divisional and conglomerate structure. I found the divisional structure to be the most effective
because of its different business units functioning with a shared vision and common goal or
objective.
There also could be various issues related to the implementation of strategies such as
marketing issues, HRM issues, operational issues, information system issues and issues
related to the research and development activities too. The strategic issues are dealt with
analysis of market position and by segmenting the market into smaller blocks for easily
understanding the needs and requirements of the clients, furthermore understand the niche
market and determine what kinds of products could be feasible and beneficial for clients and
their buying behaviours could get influenced. This has benefited many business and allowed
them to easily understand the demands and expectations of clients, furthermore provide them
with relevant products and services accordingly and enhance the brand image and reputation

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(Dodgson, 2018). The research and development activities are also major aspects of business
to deal with the issues and at the same time, manage transfer of technologies, gain
technological competence and skills and obtain a higher market share to boost sales and
revenue generation. All these knowledge and information would allow me to excel in my
professional career as well as make them competent and knowledgeable enough to handle a
business with much ease and efficiency (Blackburn, Hart & Wainwright, 2013).

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References
Blackburn, R. A., Hart, M., & Wainwright, T. (2013). Small business performance: business,
strategy and owner-manager characteristics. Journal of small business and enterprise
development, 20(1), 8-27.
Bottery, M. (2013). Professionals and policy: Management strategy in a competitive world.
Routledge.
DeYoung, R., Peng, E. Y., & Yan, M. (2013). Executive compensation and business policy
choices at US commercial banks. Journal of Financial and Quantitative Analysis,
48(1), 165-196.
Dodgson, M. (2018). Technological collaboration in industry: strategy, policy and
internationalization in innovation. Routledge.
Laudon, K. C., & Traver, C. G. (2013). E-commerce. Pearson.
Lawrence, A. T., & Weber, J. (2014). Business and society: Stakeholders, ethics, public
policy. Tata McGraw-Hill Education.
Rothaermel, F. T. (2015). Strategic management. McGraw-Hill Education,.
Wheelen, T. L., Hunger, J. D., Hoffman, A. N., & Bamford, C. E. (2017). Strategic
management and business policy. pearson.