Concepts in Strategic Management and Business Policy
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1. why are strategic decisions different from other kinds of decisions?
2. When is the planning mode of strategic decision making superior to the entrepreneurial and adaptive modes?
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Solution Summary
Definition of strategic decision making, description of the other organizational decisions and how strategic decisions are different from the other decisions.
Description of the planning, entrepreneurial and adaptive modes with more emphasis on the superiority of the planning mode over the other modes.
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When planning for the future of an organization, management use strategic decision making as a way to achieve their mission. Business leaders define the long-term goals of the company, analyse the market forces as well as the internal factors so that they can plan on creating their long-term goals which is the attainment of their mission which is obviously the primary reason for its existence. In the process of strategic decision making, management also consider the organization's strengths, weaknesses, the potential threats and the possible opportunities that are on hand. Managers create goals, plan, implement courses of action and consistently undergo an on-going process of evaluating the effectiveness of their plans and activities until they can attain their objectives. Strategic decisions are major decisions that can greatly affect the overall direction of the company. Among these are mergers and acquisitions, new products, alliances. Since these strategic decisions have a great impact on the future of the company, meetings that involve strategic decision making are usually handled and moderated by top business leaders such as the board of directors, CEO and presidents of the organizations. They initiate and manage the implementation of the processes that are expected to change some of the ...
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