Business Policy and Strategic Management

Business policy & strategic management Business 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.Those people in the organization who are fully responsible for the failure r success of the organization are referred to as strategists. Strategies are formed by strategists. Examples of strategists include chief executive officer, chair of board, chief executive officer, president & owner, entrepreneur or dean etc.The information is gathered, analyzed and organized with the help of strategists. They identify industry & competitive trends, establish scenario analysis & forecasting model, evaluate corporate & divisional performance, and point out new marketing opportunities, highlight new threats for the organization & preparation of potential action plans. They further assist in supporting or staffing role. The decision making at the top level of management in the organization is mostly taken by these strategists.