Business Policy - Definition and Features
Definition of Business Policy
Business Policy defines the scope or spheres within which decisions can be taken by the subordinates in an organization. It permits the lower level management to deal with the problems and issues without consulting top level management every time for decisions.
Business policies are the guidelines developed by an organization to govern its actions. They define the limits within which decisions must be made. Business policy also deals with acquisition of resources with which organizational goals can be achieved.
Business policy is the study of the roles and responsibilities of top level management, the significant issues affecting organizational success and the decisions affecting organization in long-run.
Features of Business Policy
An effective business policy must have following features-
Difference between Policy and Strategy
The term policy should not be considered as synonymous to the term strategy. The difference between policy and strategy can be summarized as follows-
- Business Ethics
- Business Communication
- Business Negotiations
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Authorship/Referencing - About the Author(s)
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