BU288 Lecture Notes - Lecture 9: Strategic Management
Document Summary
Nature and importance of business policy & strategy. Business policy is considered as the study of functions and responsibilities of the senior management related to those organizational problems which could affect the success or failure of the enterprise. It deals with determining the future course of action that an organization needs to adopt and with mobilizing the resources which would help the organization to achieve its vision. Strategic management and the role it plays in the success of business has been a subject of painstaking research and study for a long period of time now. Strategic management makes sure that goals are set, crucial issues are outlined, time and resources are pivoted, internal environment is studied, outcomes and results are agreed upon, and the organization gets ready for any change if required. An organization is usually established with an objective in mind, and this objective outlines the purpose for its existence.
