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: