A business policy is a formal statement outlining the guiding principles and procedural framework an organization follows to achieve its objectives and manage its operations.
Business Policy ensures consistency and fairness, while strategic management ensures that the organization is moving in the right direction to support the organization’s overarching goals.
The strategy implementation process is a complex process that involves turning strategic plans into actions and then measuring the effectiveness of those actions in achieving the organization’s goals.
A strategic alliance is an agreement between two or more parties to pursue a set of agreed-upon objectives while remaining independent organizations.
A logistics strategy is an approach adopted by a company to organize, coordinate, and manage all the business’s logistics functions, including storage, transportation, delivery, inventory management, and order fulfillment.
Performance management strategies are techniques or methodologies businesses use to monitor, review, and improve the effectiveness of their employees.
In Mintzberg’s 5Ps of Strategy, strategy can be seen as a Plan, Ploy, Pattern, Position, and Perspective. The 5Ps highlight the complexity of strategic management and the many facets of strategy.
Strategic decision-making is making choices related to an organization’s overall, long-term direction, including objectives, resources, and capabilities to be developed and the key actions needed to achieve these objectives.
Strategic alignment is the process that ensures all aspects of an organization — including its departments, teams, and resources — are properly arranged and working together to achieve its defined strategy or objectives.
A strategic vision is an aspirational description of what an organization wants to achieve or accomplish in the mid-term or long-term. It serves as a guide for understanding what the organization stands for and where it’s going.
