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BUSINESS POLICY

FINAL REQUIREMENT

I. INTRODUCTION

VISION AND MISSION

OBJECTIVES

II. ENVIRONMENTAL SCANNING

ASSESSMENT OF DIFFERENT FACTORS:

 Economic Conditions
 Competitions
 Global Opportunities
 Employment Trends
 Technological Advancement
 Industry
 Geopolitical Advancement
 Socio-cultural expectations

MARKET STRUCTURE

 Market Concentration
 Entry Barriers
 Product Differentiation

THE FIVE FORCES MODEL

 Power of Buyers
 Rivalry of Competitors
 Power of Suppliers
 Threat of Substitute
 Threat of New Entrants

SWOT ANALYSIS

 Strength
 Weaknesses
 Opportunities
 Threats

III. STRATEGY FORMULATION


STEPS IN STRATEGY FORMULATION

 Define the Organization


 Define the Strategic Mission
 Define the Strategic Objectives
 Define the Competitive Strategy
 Implement Strategies
 Evaluate Progress

THE FIVE POWER Ps

 Position
 Power
 Pace
 Potential
 Performance

PORTER’S GENERIC STRATEGIES (What strategy will be used?) (Marketing Strategy)

 Cost Approach
 Differentiation Approach
 Focus Approach

POWER STRATEGIES (What strategy will be used for the business’ future?) (Marketing
Strategy)

 Horizontal Integration
 Vertical Integration

ADAPTIVE METHODS

 Prospector Approach
 Defender Approach
 Analyzer Approach

ESSENTIAL OF POTENTIAL STRATEGIES

 Transferability
 Competitive Dominance
 Uniqueness
 Substitutability
 Durability

GROWTH STRATEGIES

 Diversification
 Market Penetration
 Market Development
 New Product Development

IV. STRATEGY IMPLEMENTATION

V. STRATEGY EVALUATION

PROCESS OF STRATEGY EVALUATION

 Fixing benchmark of performance


 Measurement of performance
 Analyzing Variance
 Taking Corrective Action

BARRIERS IN EVALUATION

 Limits of control
 Difficulties in measurement
 Resistance to evaluation
 Rely on short- term implications of activities

STRATEGIC CONTROL

 Premise Control
 Implementation Control
 Strategic Surveillance
 Special Alert Control

MODES OF CORRECTIVE ACTION

 Normal Mode
 Crash Mode
 Preplanned Crisis Mode

STRATEGIC CONTROL PROCESS

 Determine what to control


 Set control standards
 Measure performance
 Compare the performance to the standards
 Determine the reasons for deviations
 Take corrective action