BUSINESS POLICY

BUSINESS POLICY

• 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 among business executives. 
• This course was based on interactive case studies which had been in use at the school for instructional purposes since 1908. However, the introduction of business policy in the curriculum of business schools / management institutes came much later.
•  In 1969, the american assembly of collegiate Schools of Business, a regulatory body for business schools, made the course of business policy, a mandatory requirement for the purpose of recognition of business schools/management institutes. during the next few decades, business policy as a course spread to different management institutes across different nations and became an integral part of management curriculum.
•  Basically, business policy is considered as a higher level integrative course offered to students who have previously been through a set of courses in core functional areas. the term ‘Business Policy’ has been traditionally used though new titles for the course sprang up later. 

According to William FGlueck, evolution of business policy arose  from  the developments in the use of planning techniques by managers. Starting from day-to-day planning in earlier times, managers tried to anticipate the future through preparation of budgets and using control systems 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 by strategic planning, and later by strategic management, a term that is currently used to describe the process of strategy formulation, implementation and control. 

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 organization and shape its future. the problems of policy in business, like those of policy in public affairs, have to do with the choice of purposes, the moulding of organizational identity and character, the continuous definition of what needs to be done, and the mobilization of resources for the attainment of goals in the face of competition or adverse circumstance”.

Business Policy tends to emphasise on the rational-analytical aspect of strategic management. It presents a framework for understanding strategic decision making in organisations. Such a framework enables a manager to make preparations for handling general management responsibilities effectively.

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