Subjects

Business

Overview

400

•

25 Jul 2022

•

27 pages

Easy Peasy Guide to Strategic Decision Making and SWOT Analysis for Kids

Amilie du Toit

@amiliedutoit_uajk

Learn all about strategic decision making and SWOT analysis with simple examples! Discover the importance of smart planning, what a manager does, and how team decisions help at work. Explore what makes SWOT analysis cool, with strengths, weaknesses, opportunities, and threats. Perfect for young learners who want to understand how decisions are made and what roles team members play in strategy.

* Decision
making
• Strategic Decisions
0
~ Long term
define the
aims
the organisation
e.q. increase market share
by 20%. in 10 years.
outli

SWOT Analysis in Strategic Planning

SWOT Analysis is a valuable tool used in strategic business decisions. It examines an organization's Strengths, Weaknesses, Opportunities, and Threats, providing a comprehensive view of internal and external factors affecting the business.

Definition: SWOT Analysis is a strategic planning technique that evaluates internal strengths and weaknesses alongside external opportunities and threats.

Key components:

Strengths: Internal positives that can provide a competitive edge
Weaknesses: Internal negatives that need improvement
Opportunities: External factors the business can capitalize on
Threats: External challenges that may hinder success

Example: An opportunity might be a competitor going out of business, allowing the company to acquire their customers.

Highlight: SWOT Analysis helps businesses build on strengths, address weaknesses, exploit opportunities, and mitigate threats.

Factors Affecting Quality Decisions

Several factors influence the quality of strategic business decisions:

Human resources: The experience, training, and abilities of managers play a crucial role in decision-making.
Technology: Tools like spreadsheets can improve calculation accuracy and facilitate quick communication.
Time constraints: Limited time can restrict thorough analysis and implementation.
Information quality: Poor or outdated information can lead to suboptimal decisions.

Highlight: While SWOT Analysis offers many advantages, it can be time-consuming and may stifle creativity if used rigidly.

Vocabulary: "What-if" analysis refers to the process of changing variables in a spreadsheet to see how those changes affect the outcome.

The Role of Managers in Decision Making

Managers play a crucial role in the strategic, tactical and operational decisions of a business. Their responsibilities encompass five key areas:

Planning: Setting targets and strategies
Organizing: Coordinating resources effectively
Commanding: Issuing instructions and duties
Coordinating: Aligning activities with overall objectives
Controlling: Measuring and correcting organizational activities

Definition: Delegation involves giving subordinates the authority to carry out management-level tasks, helping to lessen the manager's workload.

Highlight: Modern managerial roles also emphasize delegation and motivation as key responsibilities.

Evaluating the Effectiveness of Decisions

To assess the impact of strategic business decisions, managers can:

Analyze qualitative information: Gather employee and customer opinions through surveys or interviews.
Examine quantitative data: Review sales figures, profit rates, and productivity metrics.
Monitor employee behavior: Track absence rates and workplace motivation levels.

Example: A decrease in employee absence rates might indicate improved motivation following a strategic decision.

Vocabulary: Primary research refers to first-hand data collection, such as conducting customer surveys or interviews.

PESTEL Analysis in Strategic Decision Making

The PESTEL framework is a valuable tool for analyzing external factors that impact strategic business decisions. It considers:

Political factors: Government policies and legislation
Economic factors: Economic conditions affecting business operations
Social factors: Cultural trends and demographic changes
Technological factors: Technological advancements and their impact
Environmental factors: Environmental concerns and regulations
Legal factors: Laws and regulations affecting the business

Example: A political factor could be changes in minimum wage laws, while an economic factor might be fluctuations in disposable income due to tax changes.

Highlight: Understanding PESTEL factors helps businesses anticipate and adapt to external changes, improving the quality of their strategic decisions.

PESTEL Analysis in Strategic Planning

PESTEL analysis is another crucial tool in strategic decision-making processes. It examines external factors that can impact an organization:

Political: Government policies, legislation changes, and tax rates
Economic: Inflation, disposable income, and overall economic conditions
Social: Demographic changes and cultural trends
Technological: Innovations and technological advancements
Environmental: Climate change, sustainability concerns
Legal: Employment laws, health and safety regulations

Example: A change in minimum wage laws $Political factor$ could significantly impact a company's labor costs and pricing strategy.

Highlight: PESTEL analysis helps organizations anticipate and adapt to external changes that may affect their strategic decisions.

Strategic Decisions and Business Management

Strategic decisions are long-term choices that define an organization's aims and overall direction. These decisions are typically made by senior managers and align with the company's mission statement.

Key points:

Strategic decisions focus on long-term goals, such as increasing market share
They help communicate the organization's purpose to stakeholders
Tactical and operational decisions support strategic objectives

Definition: A mission statement outlines the overall aims and objectives of an organization, serving multiple purposes including attracting quality staff and informing potential investors.

Example: A strategic decision might be to increase market share by 20% over 10 years.

Highlight: Tactical decisions, made by middle managers, focus on medium-term goals and resource allocation, while operational decisions, made by supervisors, deal with day-to-day issues.

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Google Play

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Android user

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iOS user

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Sudenaz Ocak

Android user

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Android user

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iOS user

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iOS user

This apps acc the goat. I find revision so boring but this app makes it so easy to organize it all and then you can ask the freeeee ai to test yourself so good and you can easily upload your own stuff. highly recommend as someone taking mocks now

Paul T

iOS user

Stefan S

iOS user

Samantha Klich

Android user

Anna

iOS user

Best app on earth! no words because it’s too good

Thomas R

iOS user

Basil

Android user

David K

iOS user

Sudenaz Ocak

Android user

In school I was really bad at maths but thanks to the app, I am doing better now. I am so grateful that you made the app.

Greenlight Bonnie

Android user

Rohan U

Android user

Xander S

iOS user

Elisha

iOS user

Paul T

iOS user

Subjects

Business

Overview

Business

•

400

•

25 Jul 2022

•

27 pages

Easy Peasy Guide to Strategic Decision Making and SWOT Analysis for Kids

Amilie du Toit

@amiliedutoit_uajk

Sign up to see the contentIt's free!

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SWOT Analysis in Strategic Planning

Definition: SWOT Analysis is a strategic planning technique that evaluates internal strengths and weaknesses alongside external opportunities and threats.

Key components:

Strengths: Internal positives that can provide a competitive edge
Weaknesses: Internal negatives that need improvement
Opportunities: External factors the business can capitalize on
Threats: External challenges that may hinder success

Example: An opportunity might be a competitor going out of business, allowing the company to acquire their customers.

Highlight: SWOT Analysis helps businesses build on strengths, address weaknesses, exploit opportunities, and mitigate threats.

Sign up to see the contentIt's free!

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Improve your grades

Join milions of students

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Factors Affecting Quality Decisions

Several factors influence the quality of strategic business decisions:

Human resources: The experience, training, and abilities of managers play a crucial role in decision-making.
Technology: Tools like spreadsheets can improve calculation accuracy and facilitate quick communication.
Time constraints: Limited time can restrict thorough analysis and implementation.
Information quality: Poor or outdated information can lead to suboptimal decisions.

Highlight: While SWOT Analysis offers many advantages, it can be time-consuming and may stifle creativity if used rigidly.

Vocabulary: "What-if" analysis refers to the process of changing variables in a spreadsheet to see how those changes affect the outcome.

Sign up to see the contentIt's free!

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Improve your grades

Join milions of students

By signing up you accept Terms of Service and Privacy Policy

The Role of Managers in Decision Making

Managers play a crucial role in the strategic, tactical and operational decisions of a business. Their responsibilities encompass five key areas:

Planning: Setting targets and strategies
Organizing: Coordinating resources effectively
Commanding: Issuing instructions and duties
Coordinating: Aligning activities with overall objectives
Controlling: Measuring and correcting organizational activities

Definition: Delegation involves giving subordinates the authority to carry out management-level tasks, helping to lessen the manager's workload.

Highlight: Modern managerial roles also emphasize delegation and motivation as key responsibilities.

Sign up to see the contentIt's free!

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Evaluating the Effectiveness of Decisions

To assess the impact of strategic business decisions, managers can:

Analyze qualitative information: Gather employee and customer opinions through surveys or interviews.
Examine quantitative data: Review sales figures, profit rates, and productivity metrics.
Monitor employee behavior: Track absence rates and workplace motivation levels.

Example: A decrease in employee absence rates might indicate improved motivation following a strategic decision.

Vocabulary: Primary research refers to first-hand data collection, such as conducting customer surveys or interviews.

Sign up to see the contentIt's free!

Access to all documents

Improve your grades

Join milions of students

By signing up you accept Terms of Service and Privacy Policy

PESTEL Analysis in Strategic Decision Making

The PESTEL framework is a valuable tool for analyzing external factors that impact strategic business decisions. It considers:

Political factors: Government policies and legislation
Economic factors: Economic conditions affecting business operations
Social factors: Cultural trends and demographic changes
Technological factors: Technological advancements and their impact
Environmental factors: Environmental concerns and regulations
Legal factors: Laws and regulations affecting the business

Example: A political factor could be changes in minimum wage laws, while an economic factor might be fluctuations in disposable income due to tax changes.

Highlight: Understanding PESTEL factors helps businesses anticipate and adapt to external changes, improving the quality of their strategic decisions.

Sign up to see the contentIt's free!

Access to all documents

Improve your grades

Join milions of students

By signing up you accept Terms of Service and Privacy Policy

PESTEL Analysis in Strategic Planning

PESTEL analysis is another crucial tool in strategic decision-making processes. It examines external factors that can impact an organization:

Political: Government policies, legislation changes, and tax rates
Economic: Inflation, disposable income, and overall economic conditions
Social: Demographic changes and cultural trends
Technological: Innovations and technological advancements
Environmental: Climate change, sustainability concerns
Legal: Employment laws, health and safety regulations

Example: A change in minimum wage laws $Political factor$ could significantly impact a company's labor costs and pricing strategy.

Highlight: PESTEL analysis helps organizations anticipate and adapt to external changes that may affect their strategic decisions.

Sign up to see the contentIt's free!

Access to all documents

Improve your grades

Join milions of students

By signing up you accept Terms of Service and Privacy Policy

Strategic Decisions and Business Management

Key points:

Strategic decisions focus on long-term goals, such as increasing market share
They help communicate the organization's purpose to stakeholders
Tactical and operational decisions support strategic objectives

Definition: A mission statement outlines the overall aims and objectives of an organization, serving multiple purposes including attracting quality staff and informing potential investors.

Example: A strategic decision might be to increase market share by 20% over 10 years.

Highlight: Tactical decisions, made by middle managers, focus on medium-term goals and resource allocation, while operational decisions, made by supervisors, deal with day-to-day issues.

Sign up to see the contentIt's free!

Access to all documents

Improve your grades

Join milions of students

By signing up you accept Terms of Service and Privacy Policy

Sign up to see the contentIt's free!

Access to all documents

Improve your grades

Join milions of students

By signing up you accept Terms of Service and Privacy Policy

Sign up to see the contentIt's free!

Access to all documents

Improve your grades

Join milions of students

By signing up you accept Terms of Service and Privacy Policy

Students love us — and so will you.

4.9/5

App Store

4.8/5

Google Play

Stefan S

iOS user

Samantha Klich

Android user

Anna

iOS user

Best app on earth! no words because it’s too good

Thomas R

iOS user

Basil

Android user

David K

iOS user

Sudenaz Ocak

Android user

In school I was really bad at maths but thanks to the app, I am doing better now. I am so grateful that you made the app.

Greenlight Bonnie

Android user

Rohan U

Android user

Xander S

iOS user

Elisha

iOS user

Paul T

iOS user

Stefan S

iOS user

Samantha Klich

Android user

Anna

iOS user

Best app on earth! no words because it’s too good

Thomas R

iOS user

Basil

Android user

David K

iOS user

Sudenaz Ocak

Android user

In school I was really bad at maths but thanks to the app, I am doing better now. I am so grateful that you made the app.

Greenlight Bonnie

Android user

Rohan U

Android user

Xander S

iOS user

Elisha

iOS user

Paul T

iOS user

Easy Peasy Guide to Strategic Decision Making and SWOT Analysis for Kids

SWOT Analysis in Strategic Planning

Factors Affecting Quality Decisions

The Role of Managers in Decision Making

Evaluating the Effectiveness of Decisions

PESTEL Analysis in Strategic Decision Making

PESTEL Analysis in Strategic Planning

Strategic Decisions and Business Management

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Easy Peasy Guide to Strategic Decision Making and SWOT Analysis for Kids

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SWOT Analysis in Strategic Planning

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Factors Affecting Quality Decisions

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The Role of Managers in Decision Making

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Evaluating the Effectiveness of Decisions

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PESTEL Analysis in Strategic Decision Making

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PESTEL Analysis in Strategic Planning

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Strategic Decisions and Business Management

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Sign up to see the contentIt's free!

Sign up to see the contentIt's free!

Similar content

business calculations

Understanding Business-Outcomes

Business

Can't find what you're looking for? Explore other subjects.

Students love us — and so will you.

4.9/5

4.8/5