Meaning of strategic decision making and the scenario in which it takes place

Expert Solution

Strategic decisions are the decisions which are concerned with the environment a company is working in. These are the decisions made in order to ensure that the company or an organisation performs the task efficiently and effectively earning the desired response and the profits. These decisions are made in order to achieve the desired goals and aims of a company.

Strategic decisions are taken by the top level management. These are future oriented and are made for a long term basis. For the decisions to be made a proper plan has to be made and executed.

Such decisions are mainly made under the following scenarios-

1. To maximise profits

2. To reduce the cost overall

3. To expand the business

4. To bear the competition

5. To ensure smooth functioning of the company

6. To reach to the prospects customers

7. To effecient and effective results

And many other situations are faced under which these decisions are made. As future is unpredictable ,therefore, the scenarios are unforseen. As and when they are experienced, the company make strategic decisions accordingly.

Rahul Sunny answered 1 year ago

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