Strategic management and business policy pdf free download
Business Policy - Definition and Features; Difference between Policy and StrategyBusiness Policy defines the scope or spheres within which decisions can be taken by the subordinates in an organization. It permits the lower level management to deal with the problems and issues without consulting top level management every time for decisions. Business policies are the guidelines developed by an organization to govern its actions. They define the limits within which decisions must be made. Business policy also deals with acquisition of resources with which organizational goals can be achieved. Business policy is the study of the roles and responsibilities of top level management, the significant issues affecting organizational success and the decisions affecting organization in long-run. If it is uncertain, then the implementation will become difficult.
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A Business Policy is the statement of a well developed business philosophy of the general management or the top management to provide guidelines and directions to the decision making process in the organization. It visualizes the whole organization and its total business and provides directions to all tasks and targets accordingly. Business policy is, therefore, considered as guidelines for accomplishment of objectives and goals of the organization. Five basic elements of Business Policy projected by Melvin J. What is Business Policy Thus the top management policy guides, directs and facilitates the thinking and acting process of all managers and executives in an organization, since the policy is formulated in accordance with the mission and purpose of the organization. While it enables the general management to gain perception of the organization as a whole, it guides and directs the thinking and acting process of all the functional areas and departments, strategic business units and profit centres.
Strategic Management Mcq Pdf Download. His interest and studies in strategic management turned into SM Insight project, the No. This is the website that will give you alleviate of browsing book Strategic Management Multiple Choice Questions Ninth Edition to read.
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Tactics is a scheme for a specific manoeuvre whereas strategy is the overall plan for deploying resources to establish a favourable position. Strategy reflects a Companys awareness of law, where and when it should compete; against whom it should compete and for what purpose it should compete. Bryson defines strategy as a pattern of purposes, policies, programs, actions, decisions, or resource allocations that define what an organization is, what it does, and why it does it. From the above definitions, we can conclude that strategy: Is a plan or course of action denoting a pattern which evolves a direction for the organization. Relates to pursuning those activities which move an organization from its current position to a desired future state. Is concerned with the resources necessary for implementing a plan or following particular course of action.