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Strategy is a plan, or method of approach developed by an individual, group, or organization, in an effort to successfully achieve an overall goal or objective.
Policy refers to a definite course of action adopted by an individual, group, or organization in an effort to promote the best practice particular to desired results.
Wiki User
∙ 10y ago
Wiki User
∙ 9y agoThere is a great difference between strategy and policy. A strategy is a method of approach or a plan which is developed with the objective of achieving a certain goal. Policy, on the other hand, is the scope within which decisions are taken by the subordinates in a company.
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Business policy and strategy?
Business policy is dependent on consumer satisfaction and gathering information regarding merits/demerits so as to introduce timely modifications on products. If this strategy is followed and policies are made, the organization will prosper.
What is difference between policies and objectives?
An appropriate strategy should depict something that an organization"executes." It probably should relate to a set of goals that are "achieved"and objectives that are "met", and maybe even "mega-process" steps to meet them for a particular company, organization, or individual. A policy doesn't have to be time-bound, but it should set expectations for the people involved in the execution of a strategy. For instance, the policy may be that employees are not to focus on ANYTHING but meeting a specific objective.For instance a company may have a goal to dominate the market in software for calibrating automobile engines. Their strategy for achieving that goal may be to 1) buy up all of the competition; 2) combine all of the best features of the software; 3) send every customer a $10,000 check. Their objectives could be 1) purchase all of the competitors close to home in year one, then the rest in North America in year two, and rest of world after that. They may also have and objective to raid the pension funds of the companies they buy so they have enough money to send each customer $10,000. If they meet objective 1 and 2, they have partly executed on the strategy,but not completely. They may or may not achieve their goals. It's possible they didn't meet their objectives because SOMEONE didn't adhere to the policy that they should ONLY work on meeting a specific objective. A lot of the employees, feeling a bit ethical and ashamed, decided that instead of raiding the pension funds of the competition, they helped each employee setup a IRA to help them with their retirement. The employees didn't adhere to the policy, therefore the objectives were not met, the goal was not achieved, and the strategy could not be executed.
Importance of the tax policy?
The tax policy plays an important role in the economy of a country. Institutions, interests and ideas are also important in shaping the tax policy.
Who invented Chinese one child policy?
China's one child policy was established by Chinese leader Deng Xiaoping in 1979 to control population.
What office enforces fiscal policy?
it is enforced by congress
What are the differences between planning strategy and business policy?
that strategy is long term and planning could be a short term.
Differentiate between marketing policy and marketing strategy?
Differentiate between marketing policy and marketing strategy
What comes first Strategy or Policy?
Strategy comes first
Interaction is a key characteristic of politics-power-policy-or-strategy?
strategy
Similarities between policy and strategy?
Generally speaking, the text views policies as the link between strategy formulation and implementation. They are the broad guidelines to be used in the implementation of strategy. The text takes the position that the dividing line between formulation and implementation is the difference between the planning activities of formulation and the action-oriented activities of organizing, directing, and controlling. Since the development of policies primarily involves planning, not action, they more properly belong within strategy formulation.
National security strategy?
National security strategy policy guidance document with WMD guidance it provides
What is the Difference between business policy and strategic management?
Difference between Policy and StrategyThe term "policy" should not be considered as synonymous to the term "strategy". The difference between policy and strategycan be summarized as follows-Policy is a blueprint of the organizational activities which are repetitive/routine in nature. While strategy is concerned with those organizational decisions which have not been dealt/faced before in same form.Policy formulation is responsibility of top level management. While strategy formulation is basically done by middle level management.Policy deals with routine/daily activities essential for effective and efficient running of an organization. While strategy deals with strategic decisions.Policy is concerned with both thought and actions. While strategy is concerned mostly with action.A policy is what is, or what is not done. While a strategy is the methodology used to achieve a target as prescribed by a policy.
Examples of strategy and policy of an organization?
STERF
What are some synonyms for the word policy?
Some synonyms for the word policy are strategy, approach, guideline, and plan.
Key steps involved in formulating treasury policy of a firm?
One of the key steps in formulating a treasury policy is establishing the strategy for the business. The strategy will determine the monetary policy for the business.
What is the 6 letter word for strategy?
Policy, scheme
What is the relationship between strategy and policy?
A business establishes policies to align with strategy. Businesses must have a strategy in place in order to create policies.
