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)

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: