Strategic Mgmt

STRATEGIC MANAGEMENT. line of business policy may be define as specific guides to managerial action and termination in the implementation of strategy. A policy is a rehearsal or a commonly accepted understanding of decision making criteria or formula prepared or evolved to secure economy in operation by making germane(predicate) decisionâ€"Earnest. Features of Business policy: 1.policies act as guidelines to task executive to resolve recurring problems. 2.Policies help management to arrogate duties to subordinates and have control of decision making. 3.They are both limiting and permissive by nature. 4.Policies are subject to alternations and changes. 5.Aims to achieve maximum utilization of tender and material resources. Importance of Business policies: exit business policies are capable of making an organization more than power charged to attain certain benefits to the organization. 1.Policies provide a definite framework within which decisions are taken by subordinates. 2.It helps to solve business problems. 3.Policies provide stability in administration. 4.Paves slipway to well-knit coordination 5.Policies helps in enhancing managerial skill. 6.Optimum utilization of human and material resources is possible 7.Policies serve as yardstick for measuring performances. 8.

policies helps in creating positive good-will and image building. physical objects of Policies: Policies are formulated to achieve long goals and objectives of the organization: 1.Knowledge sharing and knowledge generation. 2.Skill mental institution 3.Attitudinal change to cope with business situation. Essential of Business policies: 1.Objective based. 2.Clarity and Simplicity. 3.Written form. 4.Stable yet flexible. 5.Complementary /supplementary. 6.Comprehensive 7.Consistency 8.Pro-ethical 9.Individualistic. Business policies are influenced by the following factors: 1.Vision, goals, and objectives of the enterprise. 2.Managerial... If you want to get a full essay, order it on our website: Orderessay

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