Strategic Management and Business Policy

Strategic Management and Business Policy is the comprehensive process by which top management guides an organization to achieve its long-term objectives and secure a sustainable competitive advantage. It involves a continuous cycle of environmental scanning, strategy formulation (defining the mission, vision, and corporate goals), strategy implementation (allocating resources and designing organizational structures), and evaluation and control. This field provides the overarching framework and policies that direct the functional areas of a business, ensuring that all decisions and actions are aligned to navigate the complexities of the market and steer the entire enterprise toward its desired future state.