Mak ing strategic decisions Candidates should be able to: Describe the significance of information...

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 decision-

making (ethical position (real or perceived), resources available and relative power of stakeholders)


A business strategy is

Tactical decisions refer to meeting short-term targets, require fewer r____________ and may be e_________ to reverse.


Information management refers to the


A Management information system (MIS) is a computer system designed to help m_______ plan, take decisions and c_________ business operations.


Effective MIS provides managers with:


There are three main stages in making strategic decisions:

1. strategic a_____2. strategic c______3. strategy i_______________


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


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


Strategy implementation involves


Scientific-decision making can refer to the above process (data analysis, choice and implementation) or it could mean the marketing model:


The opposite method is using a h_______ In other words base decisions on the manager’s e_____________ and i___________.


Advantages of scientific decision making:


Advantages of using hunches:


Factors influencing strategic decisions:

Mak ing strategic decisions Candidates should be able to: Describe the significance of information...

Documents

Transcript of Mak ing strategic decisions Candidates should be able to: Describe the significance of information...