5 To learn that the problems in real business are unique and should be handled

5 to learn that the problems in real business are

This preview shows page 133 - 137 out of 188 pages.

5. To learn that the problems in real business are unique and should be handled with experience and solutions and hence it is possible to deal with wide variety of situation.
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6. To survey the literature and learn about the researches taking place in the field of business and to attain knowledge. OBJECTIVES IN TERMS OF SKILL 1. The attainment of knowledge should lead to the development of skills and thereafter apply the same in Business planning. 2. The study of business policy should enable a student to develop analytical ability and understand the situation in any case of incident. 3. The skills of identifying factors, relevant in decision making. The analysis of strengths and weaknesses of an organization, the threats and opportunities present in the environment. 4. The suggestions of appropriate strategies and policies form the core of content of general management decision making. 5. The above objectives, in terms of skill, increase the mental ability of learners and enable them to link theory with practice. Large no. of factors have to be considered and appropriate action is taken. 6. Case analysis, as a part of business policy study, leads to the development of oral as well as written communication skills. OBJECTIVES IN TERMS ATTITUDES :
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The most important attitude, developed through the course, is that of generalist. The generalist attitude enables the learners to approach and assess a situation from all possible angles. Dealing in a comprehensive matter a generalist has to function under condition of partial ignorance by using his judgment and intuition. To posses a liberal attitude and be receptive to new ideas, information and suggestions is important for general manager and has to act as professional. An important attitude is to go beyond and think when faced with a problematic situation. Developing a creative and innovative attitude is the hallmark of a general manager who refuses to be bound by precedents and stereotyped decisions. The objectives of business policy , in terms of knowledge, skills and attitude could be further extended to the areas of behavior and performance.
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Plan Your New Product Concept Test One of the biggest bets a company can make is to launch a new product. It takes incredible planning, timing, work, investment, and even faith when the payoff is uncertain. Some of the smartest global marketers have failed at launching new products. This is why the upfront market research you conduct on new product concepts is like an insurance policy on future events. Concept testing helps to reduce the risk of launches by spotting problems early. Concept testing is how people, without prompting, interpret a idea for a new product or service. (Smith and Albaum, Fundamentals of Marketing Research, Sage Publications, 2006) Concept testing is most often used in concept development to test the success of a new product idea before it is marketed.
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