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Chapter 1 (influences on a business mission (the value of the founders of…
Chapter 1
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strategic decisions
management involves making many decisions. What to do, how to do it, who will do it and when to do it all have to be decided.
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a mission statement sets out a business's overall purpose to direct and stimulate the entire organisation
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A strategy is the long-term plan to achieve the business's vision through attaining it's corporate objectives
Tactics are short-term decisions, usually involving relatively few resources, that are made to implement a strategy
A functional decision is a judgement taken by managers responsible for one aspect of a business's activities, such as marketing or human resources
SWOT analysis is a management technique used to identify a business's strengths and weaknesses, as well as the opportunities and threats to which it will be exposed
SWOT analysis is a low-cost and straight forward technique that can be used by managers in all types of businesses and may be very suitable to assist managers of small businesses in devising strategy
SWOT analysis , and especially the 'threat' part of the analysis, can help managers to recognize and assess risk which is an important part of making strategic decisions
SWOT analysis can be combined effectively with other management techniques, such as PEST-C analysis to help develop a business strategy