Q: “Strategy is synonymous with policies”
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The statement equates strategy with policies, but in practice, they are distinct concepts. Strategy refers to the overarching plan or approach an organization adopts to achieve its long-term goals and competitive advantage. It involves setting objectives, allocating resources, and determining the actions needed to achieve desired outcomes.Policies, on the other hand, are specific guidelines or rules that govern day-to-day operations and decision-making within an organization. They support the implementation of strategy by providing detailed procedures and standards for various aspects of operations. While strategies provide the broad direction and goals, policies offer the framework for consistent and effective execution of those strategies. Thus, while policies are a crucial part of implementing strategy, they are not synonymous. Strategy outlines what an organization aims to achieve and why, whereas policies dictate how to operate within that framework.