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Decision making is a managerial process. It is the function of choosing a particular course of action out of several alternative courses for the purpose of accomplishment of the organisational goals.
Decisions may relate to general day to day operations. They may be major or minor. They may be strategic, tactical or operational in nature.
Major dimensions of strategic decisions
The major dimensions of strategic decisions are as follows:
1. Strategic issues require top-management decisions:
Strategic issues involve thinking in totality of the organization's objectives in which a considerable amount of risk is involved. Hence, problems calling for strategic decisions require to be considered by the top management.
2. Strategic issues involve the allocation of large amounts of company resources:
It may require either a huge financial investment to venture into a new area of business or the organization may require a huge amount of manpower with new skill sets.
3. Strategic issues are likely to have a significant impact on the long term prosperity of the firm:
Generally the results of strategic implementation are seen on a long term basis and not on immediate terms.
4. Strategic issues are future oriented:
Strategic thinking involves predicting the future environmental conditions and how to orient for the changed conditions.
5. Strategic issues usually have major multifunctional or multi- business consequences:
As they involve organization in totality they affect different sections of the organization with varying degree.
6. Strategic issues necessitate consideration of factors in the firm's external environment:
Strategic focus in an organization involves orienting its internal environment to the changes of external environment.
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What is managing extrapolation in strategic management?
what is mean of extrapolation in management practise?
What are the management issues in Strategic management?
It is controlled in the symbolic places. they get reperesented differentley to everything else though.
Difference between strategic marketing and strategic management?
Strategic management is the process of specifying an organization's objectives, developing policies and plans to achieve these objectives, and allocating resources to implement the policies and plans to achieve the organization's objectives. It is the highest level of managerial activity, usually performed by an organization's Chief Executive Officer (CEO) and executive team. Strategic management provides overall direction to the enterprise. Strategic management is a combination of strategy formulation and strategy implementation. "Marketing is the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to satisfy customers." Marketing management is a business discipline focused on the practical application of marketing techniques and the management of a firm's marketing resources and activities. Marketing managers are often responsible for influencing the level, timing, and composition of customer demand in a manner that will achieve the company's objectives.
Importance of strategic management in business?
Strategic management used to play a different role in more predictable times after the Second Word War. Strategic plans of the past usually range 3 to 5 years. Some companies could even have plans for 10 good years. That's not possible today given rapid evolution of our society. What still matters in strategic management lies in the value of planning ahead. There's an old saying that if you fail to plan, you are planning to fail. By acting on this, strategic management actually gives the organisation direction, a sense of identity and unity towards what the business goal. Therein lies the continued importance of strategic management towards business success. Every business has a vision and a mission. Strategic managemet takes into consideration both of these. Strategic management helps in achieving the organizational goals in an effective and efficient manner. Improved strategic management processes may also facilitate the development of the more complex management structural that are needed as firms grow. It also helps firms to articulate,communicate and monitor the implementation of strategy using a system interlinked with the longterm vision of the corporations.
What are the functions of supply chain management?
strategic function: channel design: and network strategy tactical function: warehousing design and operation : transportation management: materials management operational function information system: policies and procedures :change management
What is strategic management plan list and explain the steps you strategic management process?
steps process strategic management
What is the difference between global strategic management and strategic management in the domestic context?
Strategies are formulated based on environmental forces. Diversity management is more apt in Global context than domestic context. On the face of it formulation of strategies may appear to be same for all markets but the implementation component is impacted by diversity. Thus the domestic Strategic Management differs from Global Strategic Management in several dimensions, the critical of them being being diversity (of all types), Scale, Distances, Exchange Rates and National Policies.
What are differences between strategic management and strategic management accounting?
Strategic management uses strategy, including strategic thinking to make all decisions, often through the lens of a strategic plan. Strategic management accounting is strict focused on fiscally related decisions, also as aligned with the organization's strategic direction.
Objective of Strategic Management?
Main objective of Strategic Management is to increase profitability
Evolution of business policy and strategic management?
evolution of business policy and strategic management?
Advantages and disadvantages of strategic management?
Strategic management has many advantages and disadvantages. One advantage of strategic management is being able to expect whatever comes up.
What is the Prerequisites for successful strategic management?
the prerequisites for successful strategic management is finance and human resources
Why are the functional areas of both marketing and management important to the four phases of strategic management?
importance of an organization's functional areas to the strategic management process and why they must be integrated during the four phases of strategic management
How strategic management is growing in India?
plz give me one Q. ans. strategic management in india
Strategic Project Management?
Strategic project management is used to grow the business. Project managers choose projects that align with the strategic objectives of the company.
what are THE SUCCESS FACTOR OF STRATEGIC MANAGEMENT IN AN ORGANIZATION?
management
How strategic management is different from other type of management?
Strategic management enables managers to evaluate the organization's internal and external situation and decide future actions to take.
