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BUSINESS POLICY AND STRATEGIC MANAGEMENT
Business Policy as Discipline The origin of business policy can be traced back to 1911, when Harvard Business School introduced an integrative course in management aimed at the creation of general management capability. This course was based on interactive case studies which had been in use at the school for instructional purposes since 1908. The course was intended to enhance general managerial capability of students, the introduction of business policy in the curriculum of business schools/management institutes came much later. In 1969, the American Assembly of Collegiate School of Business, a regulatory body for Business, a regulatory body for business schools, made the course of business policy, a mandatory requirement for purposes of recognition.
Basically business policy is considered as a capstone, integrative course offered to students who have previously been through a set of core functional area courses. The term “business Policy” has been traditionally used though new titles for the course have begun to be introduced in recent years.
According to William F. Glueck, development in business policy arose from the development in the use of planning techniques by managers. Starting from day-to-day planning in earlier times, management tried to anticipate the future through preparation of budgets and using control system like capital budgeting and management by objectives. With the inability of these techniques to adequately emphasize the role of future, long-range planning came to be used. Soon, long range planning was replaced b y strategic planning, and later by strategic management, a term that is currently used to describe the process of strategic decision making.
Business policy, as defined by Christensen and others, is “the study of the functions and responsibilities of senior management, the crucial problems that affect success in the total enterprise, and the decisions that determine the direction of the
Business Policy as Discipline The origin of business policy can be traced back to 1911, when Harvard Business School introduced an integrative course in management aimed at the creation of general management capability. This course was based on interactive case studies which had been in use at the school for instructional purposes since 1908. The course was intended to enhance general managerial capability of students, the introduction of business policy in the curriculum of business schools/management institutes came much later. In 1969, the American Assembly of Collegiate School of Business, a regulatory body for Business, a regulatory body for business schools, made the course of business policy, a mandatory requirement for purposes of recognition.
Basically business policy is considered as a capstone, integrative course offered to students who have previously been through a set of core functional area courses. The term “business Policy” has been traditionally used though new titles for the course have begun to be introduced in recent years.
According to William F. Glueck, development in business policy arose from the development in the use of planning techniques by managers. Starting from day-to-day planning in earlier times, management tried to anticipate the future through preparation of budgets and using control system like capital budgeting and management by objectives. With the inability of these techniques to adequately emphasize the role of future, long-range planning came to be used. Soon, long range planning was replaced b y strategic planning, and later by strategic management, a term that is currently used to describe the process of strategic decision making.
Business policy, as defined by Christensen and others, is “the study of the functions and responsibilities of senior management, the crucial problems that affect success in the total enterprise, and the decisions that determine the direction of the