Business Policy and Strategy

The authors have divided the text into 15 chapters with no further subdivisions. It is possible, however, to group the chapters into specific areas of study. For example, the first chapter, "Business Failure -- Business Success," examines why businesses fail, and provides the reason for continuing with the remainder of the text. The next two chapters focus on the "field of action," including the business environment and the business system. The fourth and fifth chapters introduce strategic management (chapter 4) and the struggle not only to survive, but to prosper using strategic management (chapter 5). Chapters Six through Nine address specific functional areas (marketing, accounting/finance, production, and engineering/research and development). Chapters 10 and 11 introduce the reader to the problems of managing human resources (chapter 10) and data proc

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ss, foresee how those factors will behave in the future, and who can create outstanding strategies based on these factors. Good marketers satisfy a large number of customers at a high level of profit over a long period of time (at least ten years). Good marketers recognize that marketing is both an art and a science, and they make the best use of scientific information in order to enhance the art. When examining the marketing position of a company, it is necessary to analyze the marketing philosophy, policies, strategy and operations. Fundamentally, it is necessary to establish that a company is following its marketing concept. Broad marketing policies must be established. The marketing strategy of the company must be well defined within these broad policies. Finally, marketing operations must be carried out effectively and efficiently (p. 109). Strategic marketing policies are developed by top managers working from top level marketing policies. Murdick, Moor and Eckhouse identify seven areas that may be covered by these strategic marketing policies: morality and public service, products, markets, profits, personal selling, customer relations and promotion (p. 111). The authors then turn their attention to marketing po
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Approximate Word count = 7481
Approximate Pages = 30 (250 words per page)

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