23. Strategy Vs. policy Guide for ideas and decision making Directs the use of human & physical resources 4. Guide Not necessary to be based on competitors move. Formulated in view of the activities of the competitors 3. Role of Competitors Standing plan, used time and again Adhoc plan and is formulated new every time 2. Type of Plan To tackle repeatedly appearing problems of the same nature Formulated for unforseen problems 1. Need Policy Strategy Basis of Differentiation