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Unethical Business Practices

In: Business and Management

Submitted By suyogk
Words 2743
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Strategic management analyzes the major initiatives taken by a company's top management on behalf of owners, involving resources and performance in internal and external environments It entails specifying the organization's mission, vision and objectives, developing policies and plans, often in terms of projects and programs, which are designed to achieve these objectives, and then allocating resources to implement the policies and plans, projects and programs. A balanced scorecard is often used to evaluate the overall performance of the business and its progress towards objectives. Recent studies and leading management theorists have advocated that strategy needs to start with stakeholders expectations and use a modified balanced scorecard which includes all stakeholders. What Is the Difference between a Policy and a Strategy? Policy is the spheres or scope within which decisions are taken by the subordinates in a company or organisation. Strategy is an action that managers and directors take to achieve one or more of the company's goals. The difference between strategy and policy is that policy is a set of guiding rules intended to influence decisions and actions that reflect agreed practice in terms of power while strategy is a high level of approach to an issue that is designed to deliver change by implementing policies. The major difference between Policy and strategy is that Policy refers to a guide to the thinking and action of those who make decisions while strategy is more of the direction in which human and physical resources will be deployed and applied with the aim of maximizing the chance of achieving desired objectives especially in the face of difficulties.

VISION (examples)
BRITISH AIRWAYS: To have a significant presence in the world greatestgeographic markets, generating an added value higher than the average in each and all of the segments in

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