1. A method for implementing policies for virtual heterogeneous entities in a managed systems environment by a processor device, comprising: organizing a plurality of the virtual heterogeneous entities into a system resource group (SRG) hosted on a virtual volume that is accessed via a virtualization machine, each of the plurality of the virtual heterogeneous entities visible to an application operable on the managed systems environment; wherein the system resource group: is subject to at least one membership requirement, defines a relationship between at least two of the virtual heterogeneous entities, contains at least one policy defining an operation as to be performed on the system resource group for a domain of the managed systems environment, and defines at least a portion of a policy framework between the system resource group and an additional system resource group organized from an additional plurality of the virtual heterogeneous entities, wherein all of the virtual heterogeneous entities in the managed systems environment are provided a level of service in the policy framework for tiered management; and performing an action for one of the virtual heterogeneous entities by the application, wherein the action takes into account at least one of the relationship, the at least one policy, and the at least the portion of the policy framework established by the system resource group, the system resource group expanding according to a context of the action.