Business Policy and Strategy Implementation and Its Effect on Organizational Effectiveness
Imo State University/Business & Finance Journal, Vol. 11, No. 2, June 2020
14 Pages Posted: 9 Dec 2020
Date Written: November 9, 2020
The study was designed to examine the relationship between business policy and strategy implementation on organizational effectiveness. Organizations of all sizes strive to adopt business policies and strategies to enhance operational survival but frequently such dreams are frustrated at the crucial implementation level. In the circumstance, there is need to refocus attention in these areas in the face of growing business failures despite the evolution of such management languages as strategic business units, strategic thinking, strategic balancing, experience curve, industry-wide strategy, strategic competitive advantage among others, that fail to reverse the trend. There is evidence in business and management academic research that organizations spend time on paper work, brainstorming, strategic planning and strategy formulation, only for such documents to find their way as mere pieces of ordinary paper in the CEOs waste basket, without implementation, and without any effect on the organization. The exploratory research design was adopted for this study and the result showed a positive correlation between business policy and strategy implementation on organizational effectiveness. The study was constrained by lack of current relevant literature and it was suggested that further research could examine the relationship between public policy and business policy to redress any significant differences to enhance economic and sustainable development. It was also recommended that business policy formulation should not take too much time at the detriment of implementation that would lead to organizational productivity and effectiveness.
Keywords: Critical implementation, Waste basket, Strategic business units, Strategic thinking, Strategic balancing, Experience curve
JEL Classification: M10, M12
Suggested Citation: Suggested Citation