Strategic Management: Business Policy and Business Strategy by: pinoypartnership Strategy and Policy Strategy An external orientation that the firm’s management should practice staying competitive in the industry or sector it belongs Policy Internal matters that guide the operation of the business organization Business Policy and Business Strategy Business policies are a set of rules that guides the decisions and actions of the members of the organization or company Business Strategies refers to the top management’s plan and tactics to achieve the organization ’s mission and goals with consistency The Paradigm Shift of Strategic Management Source: https://www.citeman.com/11768-evolution-of-business-policy-course.html First Phase : Paradigm of Ad Hoc Policy (till the mid 1930s): AD Hoc policy (generally single solution to a single plan) making necessitated by the expansion of American firms in terms of product markets and customers and the c...