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Lecture Number : 7
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Objectives
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Lecture Outline
Introduction Factors Considered before Framing Business Policy Steps Involved in Framing Business Policies Policy Cycle Implementation of Policy Change
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Introduction
Business policy forms a sphere during decision making process to assess the strategies implemented in the operating environment. It provides a guiding procedure for the organisation to implement organised business activities.
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The factors considered before framing the business policy are: Resources of the organisation Economic conditions Competition Political and legal forces Technology Internal environment of the organisation
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Policy Cycle
Policy cycle is the process of analysing, planning, designing and implementing the policies in an organisation and it involves the following stages:
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Business policy plays an important role in strategic management. The various roles of the policies are it: Interrelates the objectives of the organisation. Governs and controls the managerial actions. Evaluates the current status of the organisation. Supports organisation during uncertain situations. Abides to the government rules.
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Summary
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Activity
Refer http://www.libraryindex.com/pages/3208/Chemical-Industry.html and identify the chemical hazards in the European chemical industry and policies adopted by United States for importing chemical stocks from European countries which are environment friendly.
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