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BUSINESS POLICY AND STRATEGIC MANAGEMENT

Business Policy
Business Policy defines the scope or spheres within which decisions can be taken Business policies are the guidelines Define the limits Business policy is the study of the roles and responsibilities of top level management

Features of Business Policy


Specific Clear Reliable Appropriate Simple Inclusive Flexible Stable

Differences
Policy is routine repetitive; SM is contextual Policy is top level responsibility; SM middle management Policy day to day org al running; SM strategic decisions Policy is thought leading to action; SM is direct action Policy just guidelines; SM is methodology

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