WHAT IS BUSINESS POLICY? Business policy, called corporate strategy in the USA, may be broadly defined as long-term company planning. It is a problem child for business schools because there is apparently no clear consensus about what business policy is, let alone how a company might decide it. But it is also the darling of business schools because it can be presented as a body of knowledge and general principles. The message to the students seems to be: âThat is what it is all about. The business policy case studies represent the kind of problems that you will encounter in industry when you leave the place.â (Eilon, 1989) Eilon comments that this conceptual frameworkis invalid on two counts. First, it assumes that the realm of business policy is indeed the one in which a young manager would be expected to operate soon after graduation. âHeterogeneousâ groups of students from diverse backgrounds, including developing countries, cannot be expected to understand the burgeoning literature and are liable to becomevery confused.Second,however, the method of âteaching business policy in most business schools relies heavily, if not exclusively, on case studies, claimed [to be] the essence of simulated experienceâ. At best this is
Human Resource Management Journal – Wiley
Published: Dec 1, 1990
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