"BUSINESS POLICY & STRATEGY: AN ACTION GUIDE"   Term Paper ID:19137 Click to get this paper

Essay Subject: (Robert Murdick, Carl Moor & Richard Eckhouse). Chapter-by-chapter summary: business failure & success; environmental factors; management; marketing; accounting; human resources; computers, etc.... More...

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Paper Abstract: (Robert Murdick, Carl Moor & Richard Eckhouse). Chapter-by-chapter summary: business failure & success; environmental factors; management; marketing; accounting; human resources; computers, etc. Paper Introduction: Business Policy and Strategy: An Action Guide, by Robert Murdick, R. Carl Moor and Richard H. Eckhouse, attempts to tie together the broad policies and interrelationships that exist among the many functional areas which undergraduate students typically study. The authors intend the text to supplement the typical case book and/or computer simulations used in teaching business strategy" (p. ix). Situational analysis is presented, as is a structure for developing strategy. Practicality and real-world experience is combined with educational theory to provide as complete a picture as possible of strategy in business. 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 Text of the Paper: The entire text of the paper is shown below. However, the text is somewhat scrambled. We want to give you as much information as we possibly can about our papers and essays, but we cannot give them away for free. In the text below you will find that while disordered, many of the phrases are essentially intact. From this text you will be able to get a solid sense of the writing style, the concepts addressed, and the sources used in the research paper. exist among the many functional areaswhich undergraduate students real-worldexperience is combined with educational theory to provide as chapter Business Failure Business Success examines strategicmanagement chapter and the struggle not only to survive but of managing human resources chapter reader'sattention to how to conduct an industry those who evaluatereports and a general index to foradditional research The book is readersto make notes Key concepts of concepts that the studentshould learn as in the book states exactly where the authors stand onthe authors go intogreater detail in the text Fundamentally the authors these shortcomingsare many but the authors find that remaining chapters One they present the they give a brief accountof policies and problems in the helping the student to understand the importance of strategicmanagement in this field of action with chapter looking suppliers competitors governments and special interestgroups p or to support itsoperation even during general business downturns Because Moor and Eckhouse also suggest that monitoring andforecasting the factors social and demographic features technologyand physical are of theopinion that they cannot forecast in the present This chapter concludes with a discussion of in manufacturing and new and improvedcustomer service p Threats demand legislation inflation recession and technological breakthroughs In addition to full implications Legal constraints are oftenobvious businesssystem which is the second field of action Here they the business system begins with tothe general manager to balance conflicting objectives of subsystems differing development of a set of visions goals values law sole proprietorships partnerships limited partnerships corporations and joint-ventures organization requires careful analysis As businesses change andstrategies are and Eckhouse identify small firms as those that Instead small companies work best with loose organizational teach the individuals whoare already areas in which the company first acknowledge that there are no clear-cut rules fordifferentiating functional manager for each functional ones Medium-sized companies are best servedby flat usually have complex organizational structures thatmay There are increased layers of managementin large function or phaseof activity p Large companies are likely to components guidelines for position titles functionaldescriptions of components course of action p Chapter major tasks that form thestrategic management process formulation of the concerned with what the firm strivesto firm undertakes The authorsdefine strategy as a statement of strategic pursued for one long-range cycle money-makers Companieslacking strategic management are likely long-term written strategic plan for theorganization including strategic goals open and frankdiscussions Two analysis of to theexternal opportunities p Murdick Moor greatly enhance implementation byleaving few variables not be running according to their strategicplan Total company control strategic vision of top management p The authors include three the complex issue ofsurvival and prosperity scene In order to better understand why some firmssurvive while with small firms Murdick Moor and Eckhouse suggest professional advice andtake advantage of large companies are grouped together in the remainder ofchapter internal and externalenvironment p Companies in this size not have goodcontrols or may try to implement too functional areas with adiscussion of company and its marketingstaff must be able to real world The authors first present the idea of a competitive edge and focusing onprofits pp Murdick the future and who can create outstandingstrategies based art and ascience and they to establish that a company is following itsmarketing concept by top managers workingfrom top level promotion p The authors then turn work to maintain present market share In suggestingways to analyze the marketing of an organization the Advertising andsales promotion policies must be considered in light efficiency The authors conclude this chapter with a andfinance is the longest chapter in The authors concentrate onthe basic aspects of finance and they are lacking in some area The appendices discuss why it is important to understandfinancial analysis Chief though it may not always establish what the root causeof this type of analysis For example there can be a in expecting past trends to accurately High technology companies or those in rapidly expandingindustries reflect the true position of the discussion on the limitations offinancial analysis the methods for spotting them Financial analysis can managers would do well to keep afinancial picture and perhaps most importantly the authors suggest that weighing Moody's and Standard Poor's are Murdick Moor and Eckhouse favor comparing performance acrossdepartments to comparelike industries and like companies within the industries Eckhouse suggest that financial accounting should answer fivebasic as effectively as it can inits environment pp Anticipating that overthis period are likely to trend Two what is the trend of sales is up but thetrend in profits considering any otherpertinent questions that the relative merits of decreasing prices to Murdick Moor andEckhouse is dividing costs into the valuation method or changing valuation for projects and the possible sourcesof those funds firm has performed in thepast They well as areas thatbecame problems in the past newly acquired skills They also emphasize this chapter are designed to assist goods as well as that in mind Murdick Moor and Eckhouse find that the most prevalent problemfacing small companies is small market share their employees must the productionactivities of a company is the type a piece of machinery Industry practices or labor unions the manufacturingmanager are often decided upon by top management Examples manufacturing problems that they expect systems for identifying problems within productionpolicies the manufacturing organization production givenorganization Chapter covers the last functional area a a search for new knowledge or developingperformance specifications Design engineering is manufacture a specific product Process Murdick Moor and Eckhouse move forecasting is one area that should occupy much of The authors suggest that any one or improved product Three E R makes a the creativity fromthese two areas run unchecked present five systems that can assistthe reader relationships between the E Rorganization and other components The authors resource policies and problems Recognizing that the legislative and competitive Eckhouse also findthat the underlying principle behind Eckhouse present factors that they believe have ledto the increasingly workforce Social changes including drug and alcohol abuse have also the increased complexity in personnel relations Having for increasing productivity Two with keeping areas of concern Murdick Moor and Eckhouse set out people problems Managers failed torecognize well as the policies and interviews can be conducted with keyindividuals within the individual executives including successes and typicalof a good analysis of as should individual training and development also subject to the authors'scrutiny In large companies with regard to human resources Chapter at greater levels of accuracy than managers should becomputer experts they do believe database andcomputer are identified Rather than making subsystems hardware software and people Hardware is defined as if the hardware and softwarecannot The authors identify a number theirmanagement information systems in the future Among the management information strategy of a givencompany Recognizing that the business foreign competition here in the that amultinational business might take on States are alsoexamined certainly American foreign policy turn their attention to the nature andeffects how the hostgovernment views international business and theauthors provide specific areas within both these realms many countries greatlyoutpaces inflation in the to be less attractive as markets in whichmultinationals and non-tariff controls may be put in place and not all countries are in agreement withGATT studies Murdick Moorand Eckhouse begin companies withinthe same industry Therefore it is necessary to anticipate performance ofindividual companies against the industry as a whole for evaluating the status growth and future of the industry and the industry on each other Find the to the industry Evaluate thepotential growth of the company relative considered when preparing an industry study thecase analyst which the authors and other casesdemanding that the againstrestating information that is already clearly stated in the facts by drawing conclusions The case analyst take the time to prepare an Landscape Company isstraightforward with only they developedthroughout the book In-depth case solution is then presented The second executives As with Shaft Nursery theauthors use a step-by-step for Shaft and is wellorganized in the text It gives the reader a clearunderstanding before turningto see how the authors proceeded Throughout the adherence to a single strategy that enables result in the eventual demise of theorganization Murdick By providing the reader with the tools necessaryto contain information which may be to learn The realworld examples are well-thought out and for those interested in the dynamic Had the authors taken their own advice policy and strategy An action guide H Eckhouse attempts to tie together strategy p ix Situational analysis is It is possible however to group the chapters into chapters focuson the field of action including the business environment areas marketing accounting finance production andengineering situations Multinational businessanalysis is the subject case analysis respectively The text concludes andother graphic techniques to illustrate their points Each book's value as a teachingtext Visually the book is crowded chapter has a summary they do nothave an introduction or enhance the learning experience of readers Chapter examines why small can bothhave relatively short successful life spans p Reasons or are unable to implement the necessaryaction manage one or more businesses Murdick Moor and Eckhouseidentify andsolved in order for firms to prosper Three they present the reader's abilityto identify complex business problems Chapter to consider the field of action orthe arena in which stakeholders each of which providessome However any one of these groupsmay be powerful of individual organizations todetermine the proper two distinct parts remote andimmediate The remote environment pool suppliers creditorsand government agencies p that by being mindful of what the futuremay hold the and long-term for thepurpose of analysis Immediate anticipation of potential problems Environmentalthreats Constraints may require careful and thoughtful of naturalresources declining productivity and deteriorating transportation systems p In interrelationships proved short-sighted and thesource of many general manager whois responsible for profit emphasis and conflicting proposals for criteria in allareas The general suggest that organization provides thestructure dictatewhich form is appropriate for a well in order to maintain the and large companies on small companies can bedeath for well-advised to avoid hiring managers fromother medium-sized cases the goal is to the owner-manager time to focus on strategic thatmedium-sized firms can be differentiated from some or treasurer may also be found a span of management of at personnelproviding support services to line personnel who are one large parentorganization Organizations may follow one of the six to be followed inorganizing the are identified as situations that require action based which the authors have not formulation of strategy evaluationof strategy implementation of strategy inprevious chapters Developing strategy is along with implementingstrategy the organizationfrom its present position to a position defined Such companies lackprocedures for developing strategies and plans and strongly disagreeabout the direction the firm is taking or should helpformulate strategic directions for business One might be realized orovercome Three internal analysis is necessary to the beginning ofimplementation Strategic plans involve writing down what is thatthe best-made plans do no good unless PerformanceAreas KPAS and the monitoring system that will keep value-based planning and adiscussion of discounted cash out that old establishedfirms such as Packard Motors causes for failurethan can be covered to focus on facts rather than hunches cash planning and managerial problems firms have written objectives and functional areas or have peopleproblems with an international mentality may well find themselves beingmarketing-oriented p They also find that it is not enough approach to marketingin order to provide the reader with the organization p Specific characteristics of themarketing concept include treating can identify the key factors a long period of time at leastten years position of a company it is necessaryto analyze the broadpolicies Finally marketing operations must be carried by these strategic marketing policies morality and public expand sales into newclasses of customers increase penetration in existing to discuss plans andtactics for prime importance in order that the company base itsdirection must bereviewed and modified on a regular basis be symptomatic of companiesexperiencing marketing authors placeon accounting and finance and also the trepidation benefit when taking a strategic approach hesitation and a general lack ofcomfort among business when a company may beexperiencing difficulty Financial analysis can be bekey in understanding companies they are also careful the historical figures may indicate about the financial analysis canbe overlooked if there actually performing There is alsothe possibility that figures may not for it to be considered the ultimate analysis is the idea that trends do exist and financial analysis into thebusiness find that potential investors consider financial can help point up whereproblems The authors then provide information on how authors they devote fourpages of a chart most accurate comparison Theynote that when authors shift their focus from finance toaccounting and is goingwrong Where How can it be fixed Four how they begin by taking financialinformation from the that the reader consider four questions whenexamining the profit as a percentage of sales Four what is the trend this point the authorsidentify four key areas to examine profitability beimportant when deciding whether to increase sales or increase capacity and when evaluating office automation The first valuation methods may have whenconsidering a company's financial position introduced to the funds flow evaluating a company's managerial performance Budgetsassist can also be used tospot andaccounting the authors end the chapter toimprove his financial analysis skills and the chapter by stating that the concepts they are puttingforth with of product or service into theactual relegated to lesserprominence although not in all companies Murdick Moor be able torealize economies of is less than optimal use of resources a life insurancepolicy is very different and has these reasons the authorsstrongly suggest that an industry study goods Murdick Moor and Eckhouse are orders To help the reader analyze the production process of p The chapter concludes with adetailed checklist for and Eckhouse begin thischapter by introducing their specific product line or individual product Development is Production equipment engineering is defined as designingunique engineeringis defined as a broad area encompassing the technical and is to providetechnical support to the development and implementation of as much as years into thefuture This is a luxury firm may indicate a specificneed Two marketing need for a unified sense of direction among the thatthe company is taking the organization reaps greater benefit and the E R organization itself the planning R problems and a detailedchecklist for analyzing E that it is imperative that line managers work closely withprofessional providing a good physical workplace or poor rewards are increased proportion of workersemployed in services and an increasing labor management relations legal aspects productivity areas with which a human resourcemanager should be concerned One preparing reports related to staffing andother involved p The authors are of the opinion that strongly recommend that when thereader undertakes case analysis he is assist the reader the authors symptoms of the problem and workbackward to the individuals to illustratethis last technique pp The jobanalysis should be given careful consideration as should looked at carefully Career management include a four-page chart on recentgovernment legislation The chapter greatly transformed the business environment procedures and human skills Murdick Management information systems monitor and retrieve data establishing an MIS The computer system instructions that tell the computer what to do Peopleare the integrated flexibleinformation systems are the key The chapter concludes with a discussion to the authors because eitherAmerican to American firms doing business in America againstforeign-based a singleparent company The nature and chart showing how government policy both helps and hindersexporters p company plans to operate To betterunderstand this relationship American managers identify some common areas where mistakes arelikely firms operating in American markets is the financialhealth of the American barriers andinternational agreements that may help or hinder American companies GATT provides the primary international agreement members economic advantage and limitcompetition from products p The policies strategiesand actions of one company an industry are likely to operate in should beinvestigated when performing an industry background study analysis it is necessary to Identify tradeassociations trade practices and standards that The chapter ends with a analysis This chapter begins with an have different roles for the analyst with basic concepts that are essentialto the part combining the problems and facts in a plans for the company The authors then move dedicated to presenting two sample step illustrating the pointsthat they have theauthors point out that the balance sheet use not only of financialdata income statements they proceed to do so The actual case forthright approach to case analysis interpretation gives the reader theopportunity to go across all departments of anorganization and through all or worse failure by top management toidentify also are responsible for the ultimate success or that the reader will be better able to the material may skip to being presented The information contained in the text is notparticularly well organized nor does tool References Murdick Robert G R Business Policy and Strategy An Action typically study The authors intend the textto supplement the complete apicture as possible of strategy in business The why businesses fail and provides the reasonfor continuing to prosperusing strategic management chapter and dataprocessing resources chapter The last four chapters discuss study Chapters and focus onhow topics within the book The authors make good and printed entirely in black ink the could also have been separated a result of studying each chapter Such aids would issue Businesses fail because managers fail p The authorspresent find that managers in business are unableto managers may be unable to differentiatebetween problems and symptoms To field of action in which managers must operate Two major functional areas of business the success or failure of at theenvironment of the business system Murdick Moor and Eckhouse It is important that the business act in a manner this field ofaction is dynamic business environment is vital to the success resources The immediate environment comprises such areas the future because they have opportunities andthreats Murdick Moor and Eckhouse suggest which pose immediate problems may also pose extremely fragileenvironmental opportunities and threats which help managers attainlong-term and short-term business but political constraints may be nebulous Some constraints togrowth are suggest that thehistorically popular approach of studying the identificationof general management General managers are identified as value systems of internal and external and policies andconducts the strategic management tasks of renewal are examples of these While these are thelegal forms of modified managers must be willing to undertake areguided by a single individual or structures that allowfor maximum creativity While managers of small associated with the company the skills they benefits the most fromhis expertise This may mean delegating between medium and large companies except area Small companies may have one organizational charts that is few hierarchical levels withfunctional managers reporting have any one of several hundred forms Large companies arecharacterized companies when compared to medium and small firms and combine several ofthese forms Organizational policies as opposed to personnel and spans of management The authors end this chapter formally introduces and explores a concept that has philosophy of management corporate purpose and goals achieve in the long-term not with immediate objectives Environmentalanalysis and objectives of theorganization courses of of the organization p When companies do not understand to suffer a loss of market and the ways those goals will bereached pp Murdick Moor the situation outside the company must and Eckhouse also move to strategic subject to chance The authors end the chapter with a is necessary to long-term survival Theysuggest that appendices to this chapter including among firms While they admit that others fail the authors look at small medium and largefirms thatthe competitive edge that defines a company's survival it Growth for its own sake needs to to examine why they succeed category that fail almostalways have no unified sense of direction many controls at one time Finally marketing Here Murdick Moor and Eckhouse suggest understand the art as well Murdick Moor andEckhouse a marketing concept whichthey define as a philosophy that Moor and Eckhouse also attempt to identify thecharacteristics of on these factors Good marketers satisfy a large make the best use of scientific Broad marketing policies must be established Themarketing strategy of the marketing policies Murdick Moor and their attention to marketing policy and withproduct design and manufacturing innovations Murdick Moor authors suggest thatcompanies strive to establish and maintain a of the company'scustomers industry and other environmental factors Personal selling summary of the marketing mixas well as the book it is nearly twice as accounting that can be learned cover businessarithmetic break-even analysis and definitions of accounting among these reasons is the idea that financialanalysis is the problem is Despite the fact that tendencyto use financial analysis to predict futuretrends Technological changes changes in consumer demand and may have financial figures that are too uneven to provide company Finally the authorssuggest that financial analysis is authors then counter with an equally alsospotlight symptoms of problems although not the underlying cause of the company in mind to prevent unpleasant different exclusive courses of action quantitatively discussed as are ratio reports within a single organization and across companies within asingle Selecting thewrong category can render the value of the questions One how is the company doing overall Two whenevaluating readers are curious as to how to begin persist according to the authors cost of goods sold as a percentage of sales is down the company is very likely must be considered for the specific company andindustry toincreasing volume determining the advisability fixed constant and variable Murdick Moor and Eckhouse give may result in acompany overstating or understating its actual The authors then discuss budgets which they consider indicate how well the company expects to do Having presented a wealth of information that itis through repeated and frequent analysis in that improvement Chapter is provide service Production they suggest mostimmediate goals are to produce the right quantity of the operating at below peak efficiency Peakefficiency divide their time amongseveral different tasks each of which of business they are in For example Murdick Moor may dictatelabor relations Government regulations may also affect the productionstandards of suchpolicies include labor-related policies hiring promotion discipline training equipment the reader to encounter These planning productionoperations production control and combination ofEngineering and Research Development Recognizing that these arenebulous terms without regard to possibleapplication Applied research is defined as the defined as beginningwith the performance specifications as manufacturing engineering is defined as the to suggesting that therole of the E Rresources Technological forecasting involves determining the directionand of three events may move the designprocess into technical advance withpractical applications p As they and without tying it to the company's overallstrategy By channeling in analyzing E R policies also include a list oftypical policies assigned environments have createdhuman resource situations that human resources is to maximize long-run complex labor environment These include the changingcomposition contributed tothe necessity for a human established the reasons for hiring a human resource manager line managersapprised of the legal environment as it relates to a series of functional areas in potential problems Or managers failed to corrective actions involved Of course this leads to the organization and associated with a failures canbe evaluated and analyzed human resources Included is an examination of theplanning programs Performance appraisal and compensation and benefits fact the authors consider the shifts the reader's focus from human resources to dataprocessing management ever before possible All thesetechnological changes have made necessary that managers should be familiar the common mistake ofbeginning an MIS system with you kick it youwill hurt your toe the of new concepts that the reader new concepts theypresent are decision support systems DSS expert environment is now a multinationalenvironment the authors devote United States This chapter examinesthe former case These include export multinationalproducer and affects the markets marketingand production of host government policy or the policy of the various host policies Murdick Moor and Eckhouse to be examined Financial management which the United States for example and the balance want to do business Finally the authors place by the host government to protecttheir Some countries such as the European Community have formed by defining an industry as a group of the industryreaction to proposed actions by a when evaluating afirm's performance Murdick Moor and Eckhouse From this comparisons can be sales trendand sales potential of the industry Identify to the industry Identifycharacteristics of the Chapter is the last expository chapter determine to be central to the analyst assume the role of president case material The authors suggest dividing authors further define synthesis as the outline Good case reportshave structure and organization strong a small amount of information provided financial analysis cannot be performed forexample case presented in this chapter is that of approach to illustrate how they giving the reader a clear understanding of what of what the goal is then shows him the text the authors emphasize the importance of the bestcompanies to survive Failing to provide line Moor and Eckhouse are successful in illustrating how variousfunctional areas achieve a basic knowledge of key commonknowledge among some readers is a strong positive organizational appropriate to the material athand and the charts and world of businessmanagement as it andpaid more attention to format and writing style the text Columbus Ohio PublishingHorizons Inc the broadpolicies and interrelationships that presented asis a structure for developing strategy Practicality and specificareas of study For example the first and thebusiness system The fourth and fifth chapters introduce research and development Chapters and introduce thereader to the problems of chapter while chapter turns the with an appendix of symbols used by chapterconcludes with a selected bibliography that the student may use without much white space for a listing of key words some businesses fail and why others succeed The first sentence for theultimate failure are presented in this chart and the once they have identified it The reasons for five points that they address in the a framework fordetermining a unified sense of direction Four concludes with a list of business failures and their causesof business executives and businesses operate Chapters and focus on level of legitimacy to the organization customers shareholders general public enough to force a business to close level of responsibility toward each of these groups ofstakeholders Murdick consists of such aspects as globaleconomics political To those business managers who managers can minimize their problems opportunities include new applications ofexisting products new processes may include competitors changes in customer analysis inorder to realize their chapter the authors turn their attention to the business problems and some spectacular failures The discussion of and loss and for long-term survival It is up manager develops the concept of the enterprise guidesthe of the business system Some organizational aspects are dictatedby given business Determining the legal typeof most competitiveand advantageous organizational structure Murdick Moor the smaller firm according to the authors p firms and instead seek to keep the owner-manager occupied in the planning Turning their attention to medium-sized firms Murdick Moor andEckhouse companies in that medium-sized companies require a in medium-sized firms but not in small least six people withoutcrossover responsibilities pp Large companies responsible for thecompany's products or services pure forms identified bythe authors people product geographic area process parts of the company relationships among majororganizational onexecutive decision to pursue a given defined untilnow strategic management Murdick Moor and Eckhouse identify seven and strategic control p The philosophy of management is one of the most complex tasks a by its principal strategicobjectives and policies and standards of conduct may be carryingsubsidiaries or products that are no longer be taking Finally there is likely to be no top management mustsettle on the personality of the company through determine resource andcapability Four the internal capabilities must be matched to be done when how and by whom Such plans they are implemented Companieswhich may run efficiently may these areas on trackwith the flow valuation In chapter Murdick Moor and Eckhouse take up and Baldwin Locomotive can also disappearfrom the business in any one text let alone any one chapter Beginning andguesses Owner-managers need to seek out qualified alsoplague small companies Medium and policies that cover allaspects of a company's operations including its that cannot be overcome These companies may facing difficult times p Chapter begins a four-part section on for acompany to understand the science of marketing a a better base of understanding that canbe applied in the the customer as all-important pinpointing a target market gaining associated with their business foreseehow those factors will behave in Good marketers recognize that marketing is both an marketing philosophy policies strategy and operations Fundamentally it is necessary out effectivelyand efficiently p Strategic marketing policies are developed service products markets profits personal selling customer relations and market segments avoid marketing innovations but keeping with the marketing concept and strategy on as much quantitative information as possible in order to keep the companyoperating at maximum difficulty Chapter which focuses on the functional area of accounting they believe mostreaders have when it comes to these subjects tobusiness Three appendices provide review material for those readers whofeel confronted with accounting and finance Murdick Moor and Eckhouse used to establish thatthere is a problem to point out thelimitations of future There is alsoan inherent danger is too much emphasis on historical financialperformance whether intentionally or not accurately tool Having presented this rather lengthy is one of themost effective analysis key totheir decision-making process inside exist rather than where managers may think they exist Finally readers can obtainfinancial information General sources such as to figuring ratios and a lengthy discussion on theirproper use performing industry comparisons it is important discuss how accounting can help decision-makers Murdick Moor and can activities becoordinated Five is the company operating most recent ten years Any trends that exist and loss statement One what is the sales in profits If the trend in liquidity leverage andturnover They also stress the importance of advertising expensesto increase volume weighing step in break-even analysis according This discussion reminds thereader that concept thatestablishes how many funds are needed in planning but also indicate how the difficulties and problem areas in the present as with a lengthy chart designed tohelp the reader use his tools presented in the threeappendices to regard to production apply equally to businesses that producetangible product or service p With that and Eckhouse cite that the scale Since small companies generally have arelatively human andotherwise Another factor to take into account when evaluating different requirements from the productionof be undertaken Manufacturing policies which may be recommended by also confident in identifying somegeneral a company theauthors identify five analyzing the production policies of a definitions They define fundamental basic research as definedas being concerned with examining new conceptual designs or specialized equipment used to economic problem-solving necessary for manufacturing pp From here the company'sobjectives This in turn enhances the company's profitability Technological for small companies a requirement for largeorganizations may identify a problem that can be solved through anew engineeringand research divisions There can be a tendency to let avoidsinefficiency Murdick Moor and Eckhouse also andcontrol system the design process R Chapter is concerned with human human resource managers Murdick Moor and likely toresult in long-term decreases Murdick Moor and number of women in the and the computerhave also contributed to with proposing concepts means andpolicies aspects of human resources Within these broad most problems within anorganization are fundamentally careful to evaluate the individualsas suggest three approachesthat may be used One indepth involved Three the background and apparentperformance of authors present a number of key areas that they consider recruitment andselection procedures Communications both formal and informal should beevaluated labor managementrelations and government regulations are ends with specific questions that should be asked ofsmall and and that computers have made available greater quantities of information Moor and Eckhouse do not believe that from theenvironment Four MIS subsystems management operating is identified as comprising three part of the system that perform the tasks to companies reaping benefit from of policy questions that the readermight use to evaluate the businesses are competing in foreign countries or because theyface competition The authors present a number of organizational forms impact of the policy of the United From this point the authors are encouraged tounderstand nationalism economic goals of the host government to occur These problem areas include management and marketing even morecomplex for multinational businesses Inflation in company Markets which have particularly volatileexchange rates are also likely Trade barriers which include tariffs quotas exchange control among countries but GATTtalks continue to take nonmember countries In chapter the authors discuss industry within an industry affect other similarexternal environments it can be useful to compare the The authorsbelieve that these areas provide the basis determine theeffect of the economy may exist Evaluate thepast growth of the company relative detailed checklist ofspecific items that should be examination of the role of some looking upon the analyst as a consultant analysis of any case First and foremost they warn formthat expedites synthesis and interpreting the to writing the case itself and suggest thatthe cases and caseanalyses The first case Shaft Nursery and made in this chapter and using tools that must be adjusted to enable evenrudimentary analysis The authors' and balance sheets but also of in-depthinterviews conducted with key reportfor this case is much more involved than that is oneof the most valuable in through the cases and try them on his own levels of an organization It is unity ofpurpose and that purpose is likely to failure of theorganization as a whole understand theinterrelationships that permeate organizations The use of appendices that the nextchapter while those who are not have the opportunity is good and providesthoughtful reading it present the information in aclear straightforward manner Carl Moor and Richard H Eckhouse Business Guide by Robert Murdick R Carl Moor and Richard typical case book and or computer simulations used inteaching business authors have divided the text into chapters with no furthersubdivisions with the remainder of the text The next two Chapters Six through Nine addressspecific functional theissues involved with analyzing business to analyze a case and illustrations of frequent use of charts graphs forms use ofcolor for key concepts would have enhanced the from supportingtext in a more clear manner While each makethe book more valuable and a chart that illustrates how businesses large and determine what action to take help their readers overcome this problemand successfully they describe common major problems that must be identified Five they give detailed case and analysis tools to enhance a company p In Chapter the authors move suggestthat a business has seven groups of that ismorally responsible toward these groups it is up to the managers of a business The authors divide the environment into as customers and prospects competitors the labor problems inthe present the authors counter that opportunities like theenvironment itself can be divided into immediate situations Avoiding environmental threats requires long-term planning and success managers must also be aware ofconstraints identified by Murdick Moor and Eckhouse as lack functional areas separatelywithout understanding their individuals responsible for a business system p It is the influences opposing viewsof priorities and and growth p Murdick Moor and Eckhouse organization a business may have the law does not changes inthe legal organization as by two partners Imposing the tight formal structure of medium firms that are growinginto medium-sized firms are will need in thenow-larger organization In all some responsibilities in order toallow throughexamining assets sales equity and number of employees They suggest manager for several functional areas Full-time specialists such as lawyers directly to the president Murdick Moor andEckhouse recommend by staff and line personnel with staff there areoften subdivisions or subsidiaries that are grouped under and staffingpolicies identify information such as the principles with a discussion of decision problems Such problems beencentral in the text so far but environmental analysis and forecast internalanalysis of strengths and weaknesses forecast and internal analysis have already been discussed action to be taken in moving strategic management there is anotable shift among various tactical strategies shareand a deteriorating capital position Top managers may and Eckhouse identify a four-step process to beundertaken to see what opportunities and threats planning andimplementation and suggest that planning is in fact note of caution They find long-term plans include identification of Key keymerger and acquisition terms a discussion on new firms havethe greatest risk of failure they also point They also point out that there are many more be carefullyanalyzed Small firms need be avoided as doesundercapitalization Lack of and fail Here the authors findthat successful p Failing companies maysuffer inadequacy in one or more key medium and large companies that fail to operate thatsuccessful firms are characterized by everyone in the company take a philosophical rather than mechanical guides the attitude and behavior of eachemployee in good marketers They find that good marketers are thosewho numberof customers at a high level of profit over information in order toenhance the art When examining the marketing company must be well defined within these Eckhouse identifyseven areas that may be covered findthat there are three policy options within marketing and Eckhouse are also careful competitive edge Marketingresearch is of mustbe taken into account Distribution and pricing strategies a summary of the pitfalls that may long asany other chapter This illustrates the importance that the quickly andthat will bring the greatest terms Having recognized that there is the most direct way to point out that the authors consider financial analysis to focus on the past rather than anticipatingwhat otherenvironmental factors that are outside the realm of anaccurate picture of how the company is an art that is mastered by all too fewpeople lengthydiscussion on the advantages of using financial analysis Foremost amongthese necessarily Companies seeking outside capital to infuse surprises Since financial analysis is quantitative it provides additional tools tomanagers to make strategic decisions Ratios are of particular importance to the industry in order to arrive at the ratio comparison null At this point the alternate plans which is most attractive Three what theiranalysis the authors suggest that because trendsgenerally do persist barring unforseen circumstances The authors suggest Three what is the trend of operating expenses already in serioustrouble p Returning briefly to ratio analysis at Murdick Moor and Eckhouse consider break-even analysis to of borrowing for capitalimprovements to several examples of inventoryvaluation and the effect that changing position The reader is then to be of primeimportance when and how well thecompany has predicted their past performance They to the reader on finance that the reader is likely concerned with the functional area of production Theauthors begin this is the process of converting any design product orservice at the right time Quality is often is the level at which the small companies would may be associated with a differentschedule The end result and Eckhouse suggest that the production of from industry to industry For purchasing transportation of raw material andinventory levels of finished include poor space planning obsolete equipment and a large backlogof relationships between manufacturingand other organizational components to many readers Murdick Moor research done in pursuitof a a given and ending with the designspecifications specification ofequipment and processes to be used in production Industrial Engineering and Research E R within a company degree of technological advances for action One a customer of the do elsewhere in the text Murdick Moor and Eckhouseemphasize the the creativity into the strategic direction commitment of the company tocreativity and innovation to E R general E are increasingly complex the authorssuggest productivity Short-term productivity gains such as may be realized bynot of the workforce with an resource manager Conditions of employment Murdick Moor and Eckhouse suggest three personnel matters Three with keeping records and whichthe human resources manager is either directly or indirectly act on potentialproblems Murdick Moor and Eckhouse question of how to associate problemsand people To given problemarea Two the analyst can start with the A detailed chart is presented behind establishing the human resource needs Work design and are also areas thatshould be effect of government on humanresources important enough to information systems and computers The authorsrecognize that computers have revolutionary changes in businessoperations structure withmanagement information systems computer systems and data processing a computer system the authors warn the readerto begin by physical computer equipment p Softwareis defined as the isencouraged to consider and they also suggest that systems artificialintelligence AI office automation OA and information centers IC chapter to analyzing multinationalbusiness This is necessary according but the authors are confident that their suggestions areequally applicable a multinational system of subsidiaries working under that an American company can undertake Here the authorspresent a government of themarket in which the American also consider the effect of socioculturaland economic forces and authors have already identified asdifficult for American ofpayment problems in the host country may greatly affect address the issues of trade own industries The General Agreement on Tariffs and Trade tradingblocs designed to give their companies thatproduce similar or substitute company In addition since thecompanies that comprise offer seven major areas that made toindividual companies within the industry To prepare an industrial the number andcharacteristics of companies within the industry most successful and least successful companieswithin the industry in the book and presentscase structure ofthe case However each case may Murdick Moor and Eckhouse identify the problem into parts determining whichfacts are material to each creative structuring of dataand the development of goals and format and a clear writing style p Chapter is Murdick Moor and Eckhouse go through the case step by because the financial data is summary in nature However Vogue Creations Inc This case is not straightforward and makes intend toconduct the analysis then case analysiscan become in complicated situations This chapter with its how to achieve it Theinclusion of the authors' own aunified strategy This unity extends managers with the tools theyneed to stick to that purpose within an organization are dependent on other functionalareas and functional areas within a company theyhelp ensure point Those who are already familiar with diagrams are well chosen to represent theinformation exists in the s However the book itself would stand as amuch stronger learning exist among the many functional areaswhich undergraduate students real-worldexperience is combined with educational theory to provide as chapter Business Failure Business Success examines strategicmanagement chapter and the struggle not only to survive but of managing human resources chapter reader'sattention to how to conduct an industry those who evaluatereports and a general index to foradditional research The book is readersto make notes Key concepts of concepts that the studentshould learn as in the book states exactly where the authors stand onthe authors go intogreater detail in the text Fundamentally the authors these shortcomingsare many but the authors find that remaining chapters One they present the they give a brief accountof policies and problems in the helping the student to understand the importance of strategicmanagement in this field of action with chapter looking suppliers competitors governments and special interestgroups p or to support itsoperation even during general business downturns Because Moor and Eckhouse also suggest that monitoring andforecasting the factors social and demographic features technologyand physical are of theopinion that they cannot forecast in the present This chapter concludes with a discussion of in manufacturing and new and improvedcustomer service p Threats demand legislation inflation recession and technological breakthroughs In addition to full implications Legal constraints are oftenobvious businesssystem which is the second field of action Here they the business system begins with tothe general manager to balance conflicting objectives of subsystems differing development of a set of visions goals values law sole proprietorships partnerships limited partnerships corporations and joint-ventures organization requires careful analysis As businesses change andstrategies are and Eckhouse identify small firms as those that Instead small companies work best with loose organizational teach the individuals whoare already areas in which the company first acknowledge that there are no clear-cut rules fordifferentiating functional manager for each functional ones Medium-sized companies are best servedby flat usually have complex organizational structures thatmay There are increased layers of managementin large function or phaseof activity p Large companies are likely to components guidelines for position titles functionaldescriptions of components course of action p Chapter major tasks that form thestrategic management process formulation of the concerned with what the firm strivesto firm undertakes The authorsdefine strategy as a statement of strategic pursued for one long-range cycle money-makers Companieslacking strategic management are likely long-term written strategic plan for theorganization including strategic goals open and frankdiscussions Two analysis of to theexternal opportunities p Murdick Moor greatly enhance implementation byleaving few variables not be running according to their strategicplan Total company control strategic vision of top management p The authors include three the complex issue ofsurvival and prosperity scene In order to better understand why some firmssurvive while with small firms Murdick Moor and Eckhouse suggest professional advice andtake advantage of large companies are grouped together in the remainder ofchapter internal and externalenvironment p Companies in this size not have goodcontrols or may try to implement too functional areas with adiscussion of company and its marketingstaff must be able to real world The authors first present the idea of a competitive edge and focusing onprofits pp Murdick the future and who can create outstandingstrategies based art and ascience and they to establish that a company is following itsmarketing concept by top managers workingfrom top level promotion p The authors then turn work to maintain present market share In suggestingways to analyze the marketing of an organization the Advertising andsales promotion policies must be considered in light efficiency The authors conclude this chapter with a andfinance is the longest chapter in The authors concentrate onthe basic aspects of finance and they are lacking in some area The appendices discuss why it is important to understandfinancial analysis Chief though it may not always establish what the root causeof this type of analysis For example there can be a in expecting past trends to accurately High technology companies or those in rapidly expandingindustries reflect the true position of the discussion on the limitations offinancial analysis the methods for spotting them Financial analysis can managers would do well to keep afinancial picture and perhaps most importantly the authors suggest that weighing Moody's and Standard Poor's are Murdick Moor and Eckhouse favor comparing performance acrossdepartments to comparelike industries and like companies within the industries Eckhouse suggest that financial accounting should answer fivebasic as effectively as it can inits environment pp Anticipating that overthis period are likely to trend Two what is the trend of sales is up but thetrend in profits considering any otherpertinent questions that the relative merits of decreasing prices to Murdick Moor andEckhouse is dividing costs into the valuation method or changing valuation for projects and the possible sourcesof those funds firm has performed in thepast They well as areas thatbecame problems in the past newly acquired skills They also emphasize this chapter are designed to assist goods as well as that in mind Murdick Moor and Eckhouse find that the most prevalent problemfacing small companies is small market share their employees must the productionactivities of a company is the type a piece of machinery Industry practices or labor unions the manufacturingmanager are often decided upon by top management Examples manufacturing problems that they expect systems for identifying problems within productionpolicies the manufacturing organization production givenorganization Chapter covers the last functional area a a search for new knowledge or developingperformance specifications Design engineering is manufacture a specific product Process Murdick Moor and Eckhouse move forecasting is one area that should occupy much of The authors suggest that any one or improved product Three E R makes a the creativity fromthese two areas run unchecked present five systems that can assistthe reader relationships between the E Rorganization and other components The authors resource policies and problems Recognizing that the legislative and competitive Eckhouse also findthat the underlying principle behind Eckhouse present factors that they believe have ledto the increasingly workforce Social changes including drug and alcohol abuse have also the increased complexity in personnel relations Having for increasing productivity Two with keeping areas of concern Murdick Moor and Eckhouse set out people problems Managers failed torecognize well as the policies and interviews can be conducted with keyindividuals within the individual executives including successes and typicalof a good analysis of as should individual training and development also subject to the authors'scrutiny In large companies with regard to human resources Chapter at greater levels of accuracy than managers should becomputer experts they do believe database andcomputer are identified Rather than making subsystems hardware software and people Hardware is defined as if the hardware and softwarecannot The authors identify a number theirmanagement information systems in the future Among the management information strategy of a givencompany Recognizing that the business foreign competition here in the that amultinational business might take on States are alsoexamined certainly American foreign policy turn their attention to the nature andeffects how the hostgovernment views international business and theauthors provide specific areas within both these realms many countries greatlyoutpaces inflation in the to be less attractive as markets in whichmultinationals and non-tariff controls may be put in place and not all countries are in agreement withGATT studies Murdick Moorand Eckhouse begin companies withinthe same industry Therefore it is necessary to anticipate performance ofindividual companies against the industry as a whole for evaluating the status growth and future of the industry and the industry on each other Find the to the industry Evaluate thepotential growth of the company relative considered when preparing an industry study thecase analyst which the authors and other casesdemanding that the againstrestating information that is already clearly stated in the facts by drawing conclusions The case analyst take the time to prepare an Landscape Company isstraightforward with only they developedthroughout the book In-depth case solution is then presented The second executives As with Shaft Nursery theauthors use a step-by-step for Shaft and is wellorganized in the text It gives the reader a clearunderstanding before turningto see how the authors proceeded Throughout the adherence to a single strategy that enables result in the eventual demise of theorganization Murdick By providing the reader with the tools necessaryto contain information which may be to learn The realworld examples are well-thought out and for those interested in the dynamic Had the authors taken their own advice policy and strategy An action guide H Eckhouse attempts to tie together strategy p ix Situational analysis is It is possible however to group the chapters into chapters focuson the field of action including the business environment areas marketing accounting finance production andengineering situations Multinational businessanalysis is the subject case analysis respectively The text concludes andother graphic techniques to illustrate their points Each book's value as a teachingtext Visually the book is crowded chapter has a summary they do nothave an introduction or enhance the learning experience of readers Chapter examines why small can bothhave relatively short successful life spans p Reasons or are unable to implement the necessaryaction manage one or more businesses Murdick Moor and Eckhouseidentify andsolved in order for firms to prosper Three they present the reader's abilityto identify complex business problems Chapter to consider the field of action orthe arena in which stakeholders each of which providessome However any one of these groupsmay be powerful of individual organizations todetermine the proper two distinct parts remote andimmediate The remote environment pool suppliers creditorsand government agencies p that by being mindful of what the futuremay hold the and long-term for thepurpose of analysis Immediate anticipation of potential problems Environmentalthreats Constraints may require careful and thoughtful of naturalresources declining productivity and deteriorating transportation systems p In interrelationships proved short-sighted and thesource of many general manager whois responsible for profit emphasis and conflicting proposals for criteria in allareas The general suggest that organization provides thestructure dictatewhich form is appropriate for a well in order to maintain the and large companies on small companies can bedeath for well-advised to avoid hiring managers fromother medium-sized cases the goal is to the owner-manager time to focus on strategic thatmedium-sized firms can be differentiated from some or treasurer may also be found a span of management of at personnelproviding support services to line personnel who are one large parentorganization Organizations may follow one of the six to be followed inorganizing the are identified as situations that require action based which the authors have not formulation of strategy evaluationof strategy implementation of strategy inprevious chapters Developing strategy is along with implementingstrategy the organizationfrom its present position to a position defined Such companies lackprocedures for developing strategies and plans and strongly disagreeabout the direction the firm is taking or should helpformulate strategic directions for business One might be realized orovercome Three internal analysis is necessary to the beginning ofimplementation Strategic plans involve writing down what is thatthe best-made plans do no good unless PerformanceAreas KPAS and the monitoring system that will keep value-based planning and adiscussion of discounted cash out that old establishedfirms such as Packard Motors causes for failurethan can be covered to focus on facts rather than hunches cash planning and managerial problems firms have written objectives and functional areas or have peopleproblems with an international mentality may well find themselves beingmarketing-oriented p They also find that it is not enough approach to marketingin order to provide the reader with the organization p Specific characteristics of themarketing concept include treating can identify the key factors a long period of time at leastten years position of a company it is necessaryto analyze the broadpolicies Finally marketing operations must be carried by these strategic marketing policies morality and public expand sales into newclasses of customers increase penetration in existing to discuss plans andtactics for prime importance in order that the company base itsdirection must bereviewed and modified on a regular basis be symptomatic of companiesexperiencing marketing authors placeon accounting and finance and also the trepidation benefit when taking a strategic approach hesitation and a general lack ofcomfort among business when a company may beexperiencing difficulty Financial analysis can be bekey in understanding companies they are also careful the historical figures may indicate about the financial analysis canbe overlooked if there actually performing There is alsothe possibility that figures may not for it to be considered the ultimate analysis is the idea that trends do exist and financial analysis into thebusiness find that potential investors consider financial can help point up whereproblems The authors then provide information on how authors they devote fourpages of a chart most accurate comparison Theynote that when authors shift their focus from finance toaccounting and is goingwrong Where How can it be fixed Four how they begin by taking financialinformation from the that the reader consider four questions whenexamining the profit as a percentage of sales Four what is the trend this point the authorsidentify four key areas to examine profitability beimportant when deciding whether to increase sales or increase capacity and when evaluating office automation The first valuation methods may have whenconsidering a company's financial position introduced to the funds flow evaluating a company's managerial performance Budgetsassist can also be used tospot andaccounting the authors end the chapter toimprove his financial analysis skills and the chapter by stating that the concepts they are puttingforth with of product or service into theactual relegated to lesserprominence although not in all companies Murdick Moor be able torealize economies of is less than optimal use of resources a life insurancepolicy is very different and has these reasons the authorsstrongly suggest that an industry study goods Murdick Moor and Eckhouse are orders To help the reader analyze the production process of p The chapter concludes with adetailed checklist for and Eckhouse begin thischapter by introducing their specific product line or individual product Development is Production equipment engineering is defined as designingunique engineeringis defined as a broad area encompassing the technical and is to providetechnical support to the development and implementation of as much as years into thefuture This is a luxury firm may indicate a specificneed Two marketing need for a unified sense of direction among the thatthe company is taking the organization reaps greater benefit and the E R organization itself the planning R problems and a detailedchecklist for analyzing E that it is imperative that line managers work closely withprofessional providing a good physical workplace or poor rewards are increased proportion of workersemployed in services and an increasing labor management relations legal aspects productivity areas with which a human resourcemanager should be concerned One preparing reports related to staffing andother involved p The authors are of the opinion that strongly recommend that when thereader undertakes case analysis he is assist the reader the authors symptoms of the problem and workbackward to the individuals to illustratethis last technique pp The jobanalysis should be given careful consideration as should looked at carefully Career management include a four-page chart on recentgovernment legislation The chapter greatly transformed the business environment procedures and human skills Murdick Management information systems monitor and retrieve data establishing an MIS The computer system instructions that tell the computer what to do Peopleare the integrated flexibleinformation systems are the key The chapter concludes with a discussion to the authors because eitherAmerican to American firms doing business in America againstforeign-based a singleparent company The nature and chart showing how government policy both helps and hindersexporters p company plans to operate To betterunderstand this relationship American managers identify some common areas where mistakes arelikely firms operating in American markets is the financialhealth of the American barriers andinternational agreements that may help or hinder American companies GATT provides the primary international agreement members economic advantage and limitcompetition from products p The policies strategiesand actions of one company an industry are likely to operate in should b If this paper is not what you are looking for, you can search again: Search for: or Click here to request an essay written just for you.