Business Strategy and Policy.

Continued business success is the result of systematic planning, the process of developing strategies to increase the organization's market share and policies to promote this goal and meet other requirements placed on the firm. The first step in strategic planning is to develop sound objectives for the organization based on a rigorous analysis of available data about the marketplace, the competition, and the resources of the organization. These must be specific with measurable outcomes so that success can be objectively determined. Supporting plans and budgets can then be developed to provide a practical guide for carrying out the budget strategy and meeting its objectives. Although much of corporate strategy revolves around the "bottom line," not all approaches to strategy and policy are about marketing support. Total Quality Management and Six Sigma strategies help better position an organization in the marketplace by emphasizing quality.