Business Studies, asked by patelshaily2362, 1 year ago

Give the meaning of 'policy' and 'strategy' as types of plans.

Answers

Answered by ckroyofficial
1

Strategy

This obviously is the next type of plan, the next step that follows objectives. A strategy is a complete and all-inclusive plan for achieving said objectives. A strategy is a plan that has three specific dimensions

Establishing long-term objectives

Selecting a specific course of action

allocating the necessary resources needed for the plan

Policy

Policies are generic statements, which are basically a guide to channelize energies towards a particular strategy. It is an organization’s general way of understanding, interpreting and implementing strategies. Like for example, most companies have a return policy or recruitment policy or pricing policy etc.

Policies are made across all levels of management, from major policies at the top-most level to minor policies. The managers need to form policies to help the employees navigate a situation with predetermined decisions. They also help employees to make decisions in unexpected situations.

may this help u

Answered by kabhishek2203
0

Answer:

Policy is a general statement that guides thinking or channelises energies towards a particular direction.

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