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  •  The term strategy has originally come from Greece around 400 BC and it refers to the technique of directing a military force in the light of the enemy force’s action. 
  •  In management, it has the same competitive implications. It is also regarded as interpretative planning. 
  •  Strategy is related to the environment and its impact on the organization.


Policies are guidelines to action. 

  •  They are the basic statements serving as guides to the thinking and action of subordinates in repetitive situations. They provide broad guidelines. 
  •  According to Alford and Betty, “the mode of thought and the principles underlying the activities of an organization or an institution”. It is a regular decision which is applicable to repetitive situations.
  • Policy statement must be definite, clear and easily understandable.
  • Policies made by the management should be reasonable and stable, flexible, based on proper and correct information and sound judgment, and, to accomplish their purpose, be communicated. Policies should be in writing.

Planning Premises

  • A plan is based on certain assumptions called premises.
  • The assumptions or premises are for a future setting or happenings.
  • Premises are made about market conditions, price trends, tax policy, government policy, business cycles, etc.
  • Premises represent the plan environment.
  • Planning premises, their choice, evaluation and usefulness depends upon the abilities of the planner.
  • Planning premises are,
  1. External and Internal
  2. Tangible and intangible

Controllable, semi-controllable, and Uncontrollable