Difference

-Policy is a blueprint of the firm activities which are daily tasks in nature. While strategy is
concerned with those firms decisions which have not been faced before.
-Policy formulation and establishment is responsibility of top level management. While
strategy formulation is done by mid-level management.
-Policy deals with activities essential for effective and efficient running of an organization (
like routine tasks). While strategy deals with strategic decisions.
-Policy is tied with thought and actions but strategy is concerned mostly with action.
-A policy is what shall, or what shall not done, however a strategy is the methodology used to
achieve a target as set by a policy.

Generally, I can say that strategy is the roadmap demonstrating how to move on the strategy
in short terms and long terms.