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Business Policy and Strategy

Business Policy and Strategy. Lecture 04. Recap. Important Terminologies in Business strategy and policy Vision & Mission Comparison of vision and mission Long Term Objectives Strategies Policies Strategists. Today’s Lecture. SWOT Analysis Example Intuition and analysis

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Business Policy and Strategy

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  1. Business Policy and Strategy Lecture 04 Business Policy and Strategy

  2. Recap • Important Terminologies in Business strategy and policy • Vision & Mission • Comparison of vision and mission • Long Term Objectives • Strategies • Policies • Strategists Business Policy and Strategy

  3. Today’s Lecture • SWOT Analysis • Example • Intuition and analysis • Pillars of intuition • Benefits of intuition in decision making Business Policy and Strategy

  4. SWOT Analysis • Albert S Humphrey in the 1960s • Strengths and weaknesses are often internal to your organization • Opportunities and threats generally relate to external factors • Internal-External Analysis and the SWOT Matrix is sometimes called an IE Matrix. Business Policy and Strategy

  5. Strengths • What advantages does your organization have? • What do you do better than anyone else? • What unique or lowest-cost resources can you draw upon that others can't? • What do people in your market see as your strengths? • What factors mean that you "get the sale"? • What is your organization's Unique Selling Proposition (USP)? Business Policy and Strategy

  6. Unique Selling Proposition (USP) • USP is the unique thing that you can offer that your competitors can't. • It's your "Competitive Edge." • It's the reason that customers buy from you and you alone. • USPs have helped many companies succeed • However, USPs are often extremely difficult to find. And as soon as one company establishes a successful USP in a market, competitors rush to copy it Business Policy and Strategy

  7. Weaknesses - What could you improve? - What should you avoid? - What are people in your market likely to see as weaknesses? • What factors lose you sales? • It's best to be realistic now, and face any unpleasant truths as soon as possible Business Policy and Strategy

  8. Opportunities - What good opportunities can you spot? - What interesting trends are you aware of? - Useful opportunities can come from such things as: • Changes in technology and markets on both a broad and narrow scale. • Changes in government policy related to your field. • Changes in social patterns, population profiles, lifestyle changes, and so on. • Local events. Business Policy and Strategy

  9. Threats - What obstacles do you face? - What are your competitors doing? - Are quality standards or specifications for your job, products or services changing? - Is changing technology threatening your position? - Do you have bad debt or cash-flow problems? - Could any of your weaknesses seriously threaten your business? Business Policy and Strategy

  10. SWOT Matrix Business Policy and Strategy

  11. Intuition Analysis • Business Strategy tries to bring together qualitative and qualitative information • Intuition rests on: • Past experiences • Judgment • Feelings Business Policy and Strategy

  12. Intuition Analysis • Intuitions help in decision making where: • Uncertainty prevails • Little or no precedence exists • Highly interrelated variables exist • A choice from various possible alternatives is needed • Intuition and analytical judgment requires inputs from all managerial levels • Analytical thinking and intuitive thinking complement one another Business Policy and Strategy

  13. Summary • SWOT Analysis • Strengths • Weaknesses • Opportunities • Threats • Intuition Analysis Business Policy and Strategy

  14. Next Lecture • Vision and Mission Statement • Where we are and where we would like to be • What is our business? • “What do we want to become?” • Examples of Vision and Mission Statement Business Policy and Strategy

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