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www.gyaniversity.com96Managerial Processes-I How does mission, objectives, goals, strategy, policies play an important role in an organization? Discuss with examples.Policies are the guidelines and rules that govern how the organization operates on a day-to-day basis. These policies ensure consistency in behavior, decision-making, and operational processes across the entire organization. They act as a framework within which employees can make decisions that align with the organization%u2019s values and strategic direction. By establishing such policies, organizations create a structured environment that supports both short-term operations and long-term strategic goals, reducing uncertainty and fostering trust among employees and stakeholders.Taken together, mission, objectives, goals, strategy, and policies create an integrated framework for effective management. The mission provides visionand direction; objectives and goals break down this vision into tangible units; strategy outlines the approach to meet these targets, while policies ensure that every action taken adheres to the organization%u2019s overall philosophy and standards.The company might set objectives to increase customer retention and market penetration, with goals such as achieving a 10% increase in repeat customers within one year. The strategy could involve enhancing the quality of service through staff training and technologicalimprovements, while policies related to returns, exchanges, and customer feedback would support consistent and predictable service standards. This integrated approach not only directs internal efforts but also communicates to external stakeholders the company%u2019s commitment to excellence and reliability.