Business Policy Essay: The Nature And Nature Of Business
1.1 BUSINESS POLICY – INTRODUCTION TO BUSINESS POLICY
In earlier days, when a person or a group of people were starting something of their own to generate income, it was considered as a business. With the passage of time, this definition of business has been modified. With exploding population, the business has also increased itself.
Now business is handled by organizations instead of persons. Business has not just remained limited for the benefit of people working for it, but it has changed itself for the benefit of the whole society. The new concept of business as a social system is evolved where the organizations work for its own growth as well as the growth of the society for greater good. The business is no longer driven by society but
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It is the study of roles and responsibilities defined for top management to direct the employees towards creation of a successful organization.
1.1.2 NATURE & SCOPE OF BUSINESS POLICY
The nature of business policy is to study and understand the functionalities and responsibilities of senior management in the organization. It also analyzes the crucial problems that might create hurdles in the path of success for the organization and provide useful decisions that can direct the organization out of difficult times.
It does not consider the present situation of the organization, but it focuses on upcoming future and related opportunities and threats. It concerns for availability or resources of the organization and its proper usage to achieve desired goals. It provides various alternatives to achieve the solution to problems of the organization.
Business policies are designed by the general management to guide, direct and facilitate the thinking abilities of the middle and lower level of functional executives and to make them actionable, to ensure the optimization of resources to achieve corporate objectives and
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