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BUSINESS POLICY

In 1911, Harvard business school introduced a course based on interactive case studies to create and enhance general management capability among business executives. Business Policy tends to emphasize on the rational analytical aspect of strategic management. It presents a framework for understanding strategic decision making in organizations. Such a framework enables a manager to make preparations for handling general management responsibilities effectively.

CONCEPT OF STRATEGY

STRATEGY

Strategy is a comprehensive plan which includes:-

  • Determining long term objectives of an organization;
  • Adopting suitable course of action; And
  • Allocating resources which are considered essential for achieving those objectives.

SRATEGY IS PARTLY PROACTIVE AND PARTLY REACTIVE

A Company’s strategy is typically blend of:

  • Proactive actions on the part of managers to improve the company’s market position and financial performance.
  • reactions to unanticipated developments and fresh market conditions in the dynamic business environment.

In other words, a company uses both proactive and reactive strategies to cope up the uncertain business environment. Proactive strategy is planned strategy whereas reactive strategy is adaptive reaction to changing circumstances.

CONCEPT OF MANAGEMENT

WHAT IS MANAGEMENT?

Management is a process of designing and maintaining an environment in which an individual working together in groups, efficiently accomplish selected aims.

NATURE OF MANAGEMENT

  • Management as an ART:- An ART requires an application of professional skills and knowledge to achieve desired results. It involves Continuous practice and creativity.
  • Management as Science:- Science is a systematised body of knowledge, having logically observed principal and findings.
  • Management as Profession:-Profession is a well defined body of knowledge which can be acquired through training and instruction and it follows ethical standards.

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