Tutorial Set 1 Answered

University of Ghana Business School
UGBS 406: Business Policy

Tutorial Set 1
Note the following Questions carefully and answer them appropriately

Q1. You own a business with great ideas about what the organization does. After going through
this course, you noticed that you have to formalize these ideas into a mission and vision
statement.
A) What is your own explanation of a mission and vision?
A mission is the core existence of the business and what it does.
Vision is the future destination of a business.
B) What will be the essence of developing the mission and vision?
Offers direction, helps know where to channel activities and unifies organizational energy
Q2. The mission statement of Dead goat syndrome Ltd. Is “to provide our customers with top
quality product at a fair price”.
A) Critically appraise the usefulness of this mission statement.
B) Briefly identify and examine the nine components of a mission.
Market, customers, suppliers, technology, self concept, concern for public image, concern for
employees, profitability, growth and survival, and philosophy
Q3. A group of four colleagues work in Trantra Hill, Accra and handle 24,000 invoices per
month. The four colleagues received GHC 1,700 each per month. One afternoon, the team leader
used the office telephone for 2 hours for a personal call. It was ascertained that his call will cost
the company GHC30that month. You are appointed as the new head of the section where the
four colleagues work. As part of your innovative strategies with regards to how work is to be
carried out in the section.
A) Briefly explain the term objective.
Objective is the specific outcome businesses strive to achieve in undertaking an activity.
B) Suggest five quantitative performance indicators for the workers as their assessment
criteria for the month.
S-specific (24000 invoices per month)
M-measureable (24000/4workers=6000 invoices per worker per month)
A-achievable (6000/4weeks=1500 invoices per week per a worker)
R-realistic (1500/5days=300 invoices per day per a worker)
T-time bound (300/8hrs=37.5 invoices per hour per a worker)
Q4. Dom Sor Ltd is a company selling Widgets. The finance director says: “We plan to issue
more share to raise money for new plant capacity- we don’t want loan finance- which will enable
us to compete better in this vital and growing widget market of Latin America, after all, we’ve
promised the shareholders 5% profit this year, and trading is tough.’
A) Identify the corporate, business and functional strategies in the above statement.
We’ve promise the shareholders 5% profit this year (Corporate)
“We plan to issue more share to raise money for new plant capacity- we don’t want loan finance-
which will enable us to compete better in vital and growing widget market (Business)
Selling Widgets (Functional)
B) Compare and contrast the concepts business, functional and corporate strategies.
CORPORATE BUSINESS FUNCTIONAL

Top hierarchy of decision making Composed principally of business Composed principally of
composed of a board of directors and corporate managers. managers of product, geographic
and CEOs. and functional areas.
Responsible for the firm’s Translates the statements of Develop annual objectives and
financial performance and the direction and intent generated at short-term strategies in the
achievement of nonfinancial the corporate level into concrete various business functions.
goals. objectives.
Set objectives and formulate Determine how the firm will Implement or execute the firm’s
strategies that span the activities compete in the selected strategic plans.
of the business. product-market arena.
Longer time horizon Medium time horizon Relatively short time horizon
Q5. With the knowledge acquired from this course briefly provide a specific contrast between
the following.
A) Mission and Vision (vision is the future destination of a business whilst mission is what
the business exist for or do)
B) Goal and Objective (goal is the intentions behind decisions and actions of the business
whilst objective is the anticipated outputs of activities or specific outcomes a business
strive to achieve in carrying out its activities)
C) Core competence and Distinctive competence (core competence is the main capacity of a
business whilst distinctive competence is the capacity that distinguishes a business from
its competitors)
D) Effective and Effectiveness (effective is the successful production of intended results
whilst effectiveness is the degree of which something is successful in producing the
desired results)
E) Strategy and Plan (strategy is the course of action whilst plan is the future direction of a
business)
Q6.Critically examine the three major approaches to business policy giving practical
examples in each case. Which of the approach is currently being used in most organizations
in Ghana? Explain with reasons for your proposed answer.
Rational, emergent and free wheel

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University of Ghana Business School

UGBS 406: Business Policy

Note the following Questions carefully and answer them appropriately

CORPORATE BUSINESS FUNCTIONAL

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