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Answer:

Definition:

Business policies are guidelines-statements (guide to plans & decision making) to facilitate predetermined objective on the mode and manner in the structural & functional aspects to achieve the objective formulated as plans at all levels of management in the business organisation.

As per the definition given by Christensen et. al. and steiner and others

" the study of the function and responsibilities of senior management, the crucial problems that affect success in the total enterprise, and the decisions that determine the direction of the organisation and shape its future.

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