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    Business Policy and Strategy Importance

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    Why do you think strategy is important? Have you used strategy previously in business, personal, or in sports? Explain.

    © BrainMass Inc. brainmass.com November 30, 2021, 4:32 am ad1c9bdddf
    https://brainmass.com/business/competitive-advantage/business-policy-strategy-importance-369281

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    Strategy provides long term direction to the organization. It helps the organization in achieving the competitive advantage to the organization. It also tells about the organization about its market, values and the way to handle the resources in order to meet the objectives of the organization.

    Process of strategic management is as follows:

    1) Screening of Ideas
    2) Development of Mission and Setting of Objectives
    3) SWOT analysis
    4) Selection of Best alternative
    5) Strategy Formulation
    6) Implementation
    7) Control

    Thus Strategy is important because:

    1) Help in establishing ...

    Solution Summary

    The expert examines business policy and strategy importance.

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