Making strategic decisions

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Making strategic decisions
Candidates should be able to:
 Describe the significance of information
management
 Assess the value of different approaches to
decision making from scientific to intuition
 Assess the influences on corporate decisionmaking (ethical position (real or perceived),
resources available and relative power of
stakeholders)
Making strategic decisions
A business strategy is
Tactical decisions refer to meeting short-term
targets, require fewer r____________ and may
be e_________ to reverse.
Making strategic decisions
Information management refers to the
Making strategic decisions
A Management
information
system (MIS) is
a computer
system
designed to
help m_______
plan, take
decisions and
c_________
business
operations.
Making strategic decisions
Effective MIS provides managers with:
Making strategic decisions
There are three
main stages in
making strategic
decisions:
1. strategic a_____
2. strategic c______
3. strategy
i_______________
Making strategic decisions
Strategic analysis involves trying to
understand the current situation and future
changes. It involves:
• competitor analysis
• market research data
• PEST analysis
• SWOT analysis
• test market results
Making strategic decisions
Strategic choice involves evaluating and
choosing between strategic options.
A__________ matrix can be used to assess
the risk of different strategies.
Data will be used to calculate:
However most of the figures will be
Making strategic decisions
Strategy
implementation
involves
Making strategic decisions
Scientific-decision making can refer to the
above process (data analysis, choice and
implementation) or it could mean the marketing
model:
Making strategic decisions
The opposite method is using a h_______
In other words base decisions on the manager’s
e_____________ and i___________.
Making strategic decisions
Advantages of scientific
decision making:
Making strategic decisions
Advantages of
using hunches:
Making strategic decisions
Factors influencing
strategic decisions:
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