Find the attached answer😃 . Thanks
Running head: BUSINESS THEORIES
1. The concept of Business Strategy
In business, strategic management is the process of planning, monitoring, and assessing
various activities in an organization continuously. This process is important in ensuring that the
goals and objectives of the firm are met, within a certain period (Moutinho & Vargas 2018).
There are different strategic management models, and in all of them have common components
which include strategic analysis, strategic choice and implementation. For the strategic
management to be successful, it is always important to have measurable consequences, in order
to have well-defined goals and objectives of the organization.
Strategic management is important since it acts as a foundation for all major decisions
expected to be made by the organization. It prepares the organization for future challenges,
making it come up with proper strategies to deal with them. Through management strategies
opportunities are also identified, and ways to achieve them are also figured out. A company
having effective strategic management has increased chances of meeting its objectives, with a
higher competitive advantage.
2. The concept of Business policy
Business Policy is the study of roles and responsibilities of the top level management, the
issues affecting the success of the organization as well as decisions affecting the organization in
both long and short term. Business policies are normally created to provide guidelines that help
in governing all actions or activities in the organization. In other words, business policies also
allows workers to come up with their decisions, without necessarily asking for guidance from
their managers. Provided hey understand all the policies, they can easily do various activities.
There is also a concept of policy formulation, which is the development of effective and accepted
actions which are used in addressing various aspects included in the policy agenda. There are
five stages involved in policy formulation, which include agenda setting, policy formulation
adoption, implementation and evaluation.
We also have several things which must be considered in the process of policy
formulation. One of them is proper participation. When creating policies, it is important to
ensure that every member of the company gets involved to come up with more favourable
policies for each person. The policies should also be in lin...
Sign up to view the full answer