Business policy is essentially the study of knowledge, skills, and attitudes constituting general management (Andrews, 1987, pp 1).

See policy for a discussion of policy vs. strategy, resources, and tactics.

Business Policy as Strategic Management --
Strategic management is about charting how to achieve a company's objectives, and adjusting the direction and methods to take advantage of changing circumstances. It was taught in the 1950s and 1960s under the title of Business Policy (Faulkner (Editor), 2006, pp 3)