Describe features of strategic decisions. - Scottish Highers Business Management - Question (b) - 2023
Question (b)
Describe features of strategic decisions.
Worked Solution & Example Answer:Describe features of strategic decisions. - Scottish Highers Business Management - Question (b) - 2023
Step 1
Sets the objectives of an organisation
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Answer
Strategic decisions are crucial as they define the direction of an organisation. They establish clear objectives that guide all further actions and resources towards achieving the organization's goals.
Step 2
Long term decisions
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These decisions focus on long-term success and sustainability of the organisation, rather than short-term profits or quick wins. They involve a commitment of resources over an extended time frame.
Step 3
Made only by top level managers/owners
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Strategic decisions are typically made by high-level management. This ensures that decisions align with the overall vision and mission of the organization, leveraging the experience and insights of senior leaders.
Step 4
Are high risk decisions
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Since strategic decisions often involve significant investments and resources, they carry a higher risk. The outcomes can significantly impact the organization, which necessitates careful consideration and analysis.
Step 5
Tend to be proactive
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Strategic decisions require a proactive approach, allowing organizations to stay ahead of competition and anticipate market changes rather than merely reacting to them.
Step 6
Affect the entire company and all stakeholders
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The implications of strategic decisions are far-reaching, influencing not just the company’s operations but also its employees, customers, and other stakeholders.
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