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What is the difference between business policy and strategy management?
Wiki User
∙ 13y ago
Strategy is a management's chosen path for the future. Whereas policy is the action plan for the same. For a single strategy, there can be multiple policies. Say for example, we are a construction company and our organization's strategy is to become a known brand in the minds of the rich consumers. So, our policy would be to build classy homes in upmarket locations, coupled with good amenities and of course premium pricing. Our policies regarding recruitment, compensation, branding, marketing also would be derived from the strategy of 'selling to rich consumers'. On the contrary, if our strategy is to appeal to masses, we will buy land in cheaper locality, would recruit low-cost labour and so on.
Wiki User
∙ 13y ago
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