Business and policy

After reading the case study and other available information carefully, prepare a case discussion that
describes your understanding of

how business policy and strategy choices should be made.

Provide examples to illustrate and support your position.

The examples can be from reading assignments, case studies, or from other academically-appropriate
sources.

Cite references to material that you use in preparing the essay.

Business policy and strategy is critical in the world of business. Business policy provides the work with
the guidelines of the business. They can also set short-term and long-term plans for the business. There
are many ways to do the business policy and strategy choices. They can do the SWOT analysis
(strengths, weaknesses, opportunities, and threats) which focuses mainly the business and how it
functions internally and externally.
The business policy and strategy choices should be linked to the company’s mission and vision
statements. These choices will affect the organization’s values if they weren’t made effectively. For
example, the company should take a considerable time thinking about how what price they need to
provide their goods and services with, because this decision will affect their sales, in general. Also,
companies need to take their competitors into account when they need to do some research for their
business. When they put their competitors into consideration, they know more about how they work
and do business. We can also say that the business should adapt with the changes around it. According
to Netizenme, “The dynamic nature of the business environment necessitates adaptability in policy and
strategy choices. Organizations must be willing to reassess and modify their strategies to stay relevant
and respond to changing market conditions. Nokia, as demonstrated in a case study by Grant (2019),
serves as an example of the consequences of failing to adapt” (Netizenme,2023, para. 8).

References
Netizenme. (2023). Making Business Policy and Strategy Choices: A Comprehensive Approach. How
business policy and strategy choices should be made (netizenme.com)

Strategic Management

1. What are some of the ways globalization has not worked out? What are the principle causes?

Dr. Joseph talked about globalization in his article and everything related to it. Joseph talked about
increasing the income inequality among people and countries. This focus will make people richer and at
the same time, it will reduce the wages workers get. Another thing is that globalization makes the
economy more vulnerable. According the StudySmarter website, “As cultures become more integrated,
there is a loss of cultural identity often caused by the imposition of "western ideals" on other nations.
The increasing importance of English as the dominant language in which global business is conducted
has also resulted in the decreasing use of certain languages, which could ultimately lead to their
extinction” (StudySmarter, n.d., para. 8).

2. Consider the ethical implications on individuals, firms, and governments. What ethical actions can
be taken to address globalization?

An ethical action that can be taken to address globalization is that governments and companies can take
several steps to solve the negative impacts of globalization in the world. They can check the fair labor
and how good it is. Governments can set to laws and regulations to help them address the negative
impacts of globalization.
3. What role does a stable financial system play in maintaining globalization? Provide an example of
an unstable financial event and how it affected global activity.

The stable financial system plays a great role in maintaining globalization, because it provides many
important things for the global trade and how they can start a business globally. When there is financial
instability in the world, it can have many consequences in the long run and the short run.

References

StudySmarter. (n.d.). Effects of Globalisation. Effects of Globalisation: Positive & Negative |

StudySmarter