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Comprehensive Guide to Strategic Decision Making and Management Process

Gain insights into the various types of strategic decisions different managers handle and learn a detailed model for strategic decision-making. Explore the significance of strategic management and examine recent corporate decisions. Understand corporate, business, and functional levels of strategy, decision structures, and processes. Delve into strategic decisions at each level and the phases of the strategic management process. Discover the SWOT analysis model for strategic assessment and planning.

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Comprehensive Guide to Strategic Decision Making and Management Process

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  1. Learning Objectives • Understand the types of strategic decisions for which different managers are responsible • Describe a comprehensive model of strategic decision making • Appreciate the importance of strategic management as a process • Give examples of strategic decisions that companies have recently made

  2. Corporate level: board of directors, CEO & administration [Highest] Business level: business and corporate managers [Middle] Functional level: Product, geographic, and functional area managers [Lowest] Three Levels of Strategy

  3. Alternative Strategic Management Structures

  4. Strategic Management Decisions: Corporate • Domain Definition: Where to Compete? • Defines Scope of Firm • In Which Industries Will We Compete? • Must Be Reflected in Mission • Choice of businesses, entry (diversification) and exit (divestiture) decisions, resource allocation/ priorities for growth • Corporate Financial: Dividend Policies, Sources of Long-term Financing

  5. Strategic Management Decisions: Business • Domain Navigation: How to Compete? • Competitive Strategy • Help bridge decisions at the corporate and functional levels • Less costly, risky, and potentially profitable than corporate-level decisions • More costly, risky, and potentially profitable than functional-level decisions • Include decisions on plant location, marketing segmentation, and distribution

  6. Strategic Management Decisions: Functional • Implement the overall strategy formulated at the corporate and business levels • AKA Tactics • Involve specific action-oriented and operational issues • Relatively short range (typically within the coming year) and low risk • Modest costs: depend upon available resources • Relatively concrete and quantifiable

  7. Strategic Management Process • Businesses vary in formulation and other processes • The basic components of the models used to analyze strategic management are similar • Strategic management is a process—a flow of information through interrelated stages of analysis toward the achievement of some goal

  8. Phases of Strategic Management Process • Formulation • Implementation • Control

  9. Strategic Management Model

  10. Word (Acronym) of the Day SWOT ANALYSIS Strengths Weaknesses Opportunities Threats

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