Page 42 - Introduction to strategic management

9- Business Policies

Features of Business Policy (2)
An effective business policy must have following features:

Flexible: Policy should be
Stable: Policy flexible in
should be stable operation/application.
else it will lead to This does not imply that a
Inclusive/Compreh indecisiveness and policy should be altered
ensive: In order to uncertainty in always, but it should be
have a wide scope, minds of those who wide in scope so as to
a policy must be look to it for ensure that the line
Simple: A policy comprehensive. guidance. managers can use it in
repetitive/routine
should be simple scenarios.
and easily
understood by
all in the
organization.

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