Strategies are relatively informal and inflexible and help employees handle uncertain situations. Strategies are associated with the organizational moves and decisions for the situations and conditions which are not encountered or experienced earlier.

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According to azhar kazmi corporate level strategies are basically about decisions related to allocating resources among the different business of a firm transferring resources from one set of business to others and managing and nurturing a portfolio of business in such a way that the overall corporate objectives are achieved 84 are producing profitable results in the past.

Business policy and strategy. However relaxations can be made for unexpected situations. The term business policy comprises of two words business and policy. Creating a strategy and drafting the policy can help you make the policy option you selected actionable.

Business policy refers to the roles and responsibilities of top level management the significant issues affecting company wide performance and the decisions affecting companies in the long run. Policy may be defined as the mode of thought and the principles underlying the activities of an organization or an institution policies are general statements of principles which guide the thinking decision. A distinguish between mission and objectives b strategic business units sbus 2.

Policies are formal fairly inflexible and guide employees regarding known problems. A strategic vision is typically set by top management to provide an overall plan for the company moving forward. The difference between policy and strategy can be summarized as follows policy is a blueprint of the organizational activities which are repetitive routine in nature.

Business policy and strategic management are highly intertwined. Policy and strategy are both methods organizations use in decision making. Business strategy and policies have a strong relationship.

The strategy is a plan of action while the policy is a principle of action. Conversely policies are uniform in nature. Business as we know means exchange of goods and services for increasing utilities.

Businesses must possess sound knowledge of strategic management. Business policy as a discipline the origins of business policy can be traced back to 1911 when harvard business school introduced an integrative course in management aimed at the creation of general management. While strategy formulation is basically done by middle level management.

While strategy is concerned with those organizational decisions which have not been dealt faced before in same form. Once written policies are meant to be used by everyone in an organization. Why is strategy and policy development important.

This process may look different depending on the policy you selected. A benefits of strategic planning b differences between policy and strategy 3. A swot analysis b approaches to strategy formulation 4.

Strategies can be modified as per the situation so they are dynamic in nature. Strategy and policy development involves planning how to develop draft and prepare for enactment of your policy. Policy formulation is responsibility of top level management.

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