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What is the Difference between business policy and strategic management?
Wiki User
∙ 13y ago
Difference between Policy and Strategy
The 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.
Wiki User
∙ 13y ago
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