1. Mak ing 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)

2. Mak ing strategic decisions A business strategy is Tactical decisions refer to meeting short-term targets, require fewer r____________ and may be e_________ to reverse.

3. Mak ing strategic decisions Information management refers to the

4. Mak ing strategic decisions A Management information system (MIS) is a computer system designed to help m_______ plan, take decisions and c_________ business operations.

5. Mak ing strategic decisions Effective MIS provides managers with:

6. Mak ing strategic decisions There are three main stages in making strategic decisions: 1. strategic a_____ 2. strategic c______ 3. strategy i_______________

7. Mak ing 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

8. Mak ing 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

9. Mak ing strategic decisions Strategy implementation involves

10. Mak ing strategic decisions Scientific-decision making can refer to the above process (data analysis, choice and implementation) or it could mean the marketing model:

11. Mak ing strategic decisions The opposite method is using a h_______ In other words base decisions on the manager’s e_____________ and i___________.

12. Mak ing strategic decisions Advantages of scientific decision making:

13. Mak ing strategic decisions Advantages of using hunches:

14. Mak ing strategic decisions Factors influencing strategic decisions: