Strategic Decision Case Study

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Recommended: Importance of strategic decision making

Strategic decision making is a word that is very commonly and widely used in the field of business. Strategic decisions are long term decisions that are required to achieve the goals and objectives of the organization. They are an important factor in the growth of an organization. They conform to the mission and vision of the organization. The success of an organization is determined by strategic decisions. If the outcome of these decisions is not really satisfying, the organization has failed to conform to the strategic decisions and to explore into the details of the objectives of the organization.

DIFFERENT DEFENITIONS OF STRATEGY

Game theorists were the first to study strategy as a formal discipline.
Von Neumann, Shubik and Morgenstern …show more content…

It deals with various factors both internal and external to the organization like services, markets, choice of products. It is determined by the activities of the organization along with the market creation of the organization. Scope of the firm is of great importance as it deals with concepts of how and where the value creation of organization takes place. The scope of the frim can be expanded or contracted by altering activities and market creation of the organization. Organizations manage their scope by managing both markets and organizations. The markets can be managed by managing business models, products and services and relationships. The organization can be managed by people, policies and processes of the firm, culture of the …show more content…

Tactical decisions are of importance as they are the most important determinants of value creation and capture. Tactical decisions are such that they user-friendly, convenient and value adding for both the customers and organization. The making of tactical decision is really challenging as they deal with rapid changes in business environment like change in consumer preferences, policy changes. Tactical decision is to be taken for hard problems where finding a solution is very tough. Decision makers often take tactical decisions under stress or rapidly. Creativity and agility are essential ingredients of a proficient tactical decision making. The role of decision support system in tactical decision making is

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