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Syllabus aims
the significance of information management the value of different approaches to decision making assessing influences on corporate decisionmaking. Influences on corporate decision-making include ethical position (real or perceived), Resources available and relative power of stakeholders. The range of management approaches to decision making from scientific to intuition.
Strategic Decisions
Strategy = a plan for meeting your objectives Strategic is far more than this! Strategic thinking Strategic decisions
Strategic v Tactical
Strategic decisions Long term view Visualising what you want to achieve SWOT analysis Carried out on a range of senior & junior staff Tactical decisions Short term issues, Concerns day to day issues taken by a manager.
Your go
Whiteboard Write on one side
Strategic decision
On the other
Tactical decision
To seize the opportunity to open the first chain of luxury ice cream outlets in China
Strategic: Part of a long-term goal, difficult to reverse and requiring substantial resources
To tackle sales weakness in the North with a major sales promotion based on Buy One Get One Free.
Tactical: This is a short-term fix to what may or may not be a long-term problem
To address a potential sales threat from an Italian firm by launching a complete range of Italian products.
Tactical launch until the Italian firm gives up, then perhaps withdraw your own product from the market Strategic though not necessarily sensible!
To focus the energies and resources of the business upon its strengths (not correcting weaknesses).
Strategic: would affect the long-term plans of all managers working for the business
Hunch/ Intuition
Scientific method
If you were to put 1000 on a horse would you study the form or go for one you liked the sound of?
Hunch/ Intuition
Colour Name Number
Scientific method
Look at the horses form Check the going ground, weather Check the jockeys form Watch the horse in training a few days before!
Of business tactics
Do you know the busines s story here?
Miss Williams, 26, met chairman Sir Stuart Rose, who revealed the company's response of cutting the charge has cost 3million.
M&S comment
"We've heard what our customers are telling us - that they are unhappy with the pricing on our DD-plus bras and that basically we've boobed. So from Saturday May 9 no matter what size you buy, the price is going to be the same. We're not going to cut the quality though - they'll still be made to the same high standards so you get the best support on the high street.
From Saturday, the chain is also offering 25% off the price of any bra in any size. The promotion will last until May 25.
Discuss the alternative strategies that M&S might adopt to protect itself from sharply worsening economic circumstance in the future.
Scientific methods
SWOT PEST-G CPA Investment appraisal Ratio analysis Break even analysis Scientific decision making Marketing research IT analysis
Resources available
Financial constraints Workforce Scarcity of materials
Wanted to expand into Europe Looked at a range of possible mergers. How did they raise the money 30m?
Article on Innocent
Decision-making
There are many techniques to aid decision-making
SWOT Cost Benefit Analysis
Six Thinking Hats look at decisions from different angles Pareto Analysis what is the most important problem to solve? Starbursting - analysing decisions by asking questions
Homework
Complete innocent exam style qs Due in next week (Monday)