BU288 Lecture 1: Bu288 lesson 1
Document Summary
1. 8 nature and importance of business policy & strategy 1. 9 comparison between policy and. After reading this chapter, students should be able to: understand the concepts of business policy and strategy, explain the differences between strategy and policy, describe the features of business policy, explain characteristics of strategy. In the present day, the main goal of businesses is developing strategy and methods which present the best service and production in a most productive and effective way. That is possible with having a long-term mission to be able to adapt their business in the fast changing world. So, the necessary strategies need to be identified, formulated and properly implemented in order to succeed. Therefore, gradually there was a demand for a critical outlook towards the fundamental concept of business and its relationship with rest of the environment. Strategy is important for the long term survival of business firms in this competitive marketplace.
