Company law, financial reporting law, laws governing the particular business, environmental law. Business policy and strategic management central university of. It is a set of policies adopted by senior management, which guides the scope and. Managerial consensus customer segmentation and customer value. It is a comprehensive plan of action designed to meet certain specific goals. Business policy and strategic management learning objectives learn what business policy and strategy is all about. Difference between business policy and strategic management. Tactics and policy, strategic decision making, strategic managers and their roles. Concept based notes business policy and strategic management. On the surface, this notion appears to be similar to that of strategy.
Tactics is a scheme for a specific manoeuvre whereas strategy is the overall plan for deploying resources to establish a favourable position. Business policies are the guidelines developed by an organization to govern its actions. If an appropriate and effective business development strategy will be associated with the action plans of the business, there will be higher chances of corporate growth, sales improvement, operational. Business solutions for ecommerce the digital coasts leading ebusiness consulting firm, established on the belief that there is a critical need for objective and creative analyses of the strategic possibilities of ecommerce and internet technology. In an attempt to identify some common interpretationusage of the concept of strategic management in the much contested and somewhat fragmented field of. The fundamental elements of the definition of a business strategy business level projections advantage definition of strengths and weaknesses. The evolution of business policy to strategic management summaried below. Business policies are essential to every organization or corporation as it serves as a guideline to the organizations roles and responsibilities of every member that would lead to the achievement of the organizations goals and objectives. Know the framework and importance of strategic management. It offers guidelines for managers to take appropriate decisions. Business policy is the study of the roles and responsibilities of top level management, the significant issues affecting organizational. The notion of business model has been used by strategy scholars to refer to the logic of the firm, the way it operates and how it creates value for its stakeholders.
Mental model or cognitive structure that must condition how the organization reflects on its business project. The primary outputs of the business strategy process are. Corporate governance concept, issues, models, evolution and significance. This management process is a highinvolvement organizational activity and top management, department heads and the planning staff are involved and they perform a broad range of activities. Business policy also deals with acquisition of resources with which organizational goals can be achieved. Business policy is a general course of action with no defined time limits. We present a conceptual framework to separate and relate business model and strategy. They define the limits within which decisions must be made. A course or principle of action adopted or proposed by an organization or. Have an understanding of corporate vision and mission. A business development strategy plan mainly focuses on the identification of the business development strategy that the company can use.