Business Policy and Strategy

Ribdi N R M Alsaedi

Overview of the Research Article on Business Policy

The research article published in the International Journal of Sciences: Basic and Applied
Research (IJSBAR) focuses on the importance of business policy and strategy in the
success of businesses. It traces the origins of business policy back to 1911 and highlights
its evolution as a mandatory course in business schools. The article emphasizes the
significance of business policy in guiding senior management in making strategic decisions
that shape the future of the organization.

The article outlines the four key processes of business policy, which include environment
scanning, policy formulation, policy implementation, and evaluation and control. It delves
into the details of each process, such as defining the corporate mission, setting achievable
objectives, developing strategies, and monitoring performance.

Furthermore, the article discusses the role of business in environmental policy, highlighting
the influence of businesses on environmental policymaking and the factors affecting their
success in shaping policies. It also touches upon the stakeholder view, the resource-based
view of the firm, and the emergence of the stakeholder approach in strategic management.

The research article also addresses the dynamics of competitive strategy, effective
strategic planning, and knowledge management for an effective sales and marketing
function. It concludes by emphasizing the importance of adapting to environmental forces,
being proactive in creating opportunities, and leveraging organizational resources for
competitive advantage.

Overall, the article provides a comprehensive overview of business policy and strategy,
emphasizing the importance of strategic decision-making, environmental scanning,
stakeholder engagement, and resource management in achieving organizational success.