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

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

@amiliedutoit_uajk

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55 Followers

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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.

7/25/2022

327

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

View

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.

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

View

Factors Affecting Quality Decisions

Several factors influence the quality of strategic business decisions:

  1. Human resources: The experience, training, and abilities of managers play a crucial role in decision-making.
  2. Technology: Tools like spreadsheets can improve calculation accuracy and facilitate quick communication.
  3. Time constraints: Limited time can restrict thorough analysis and implementation.
  4. 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.

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

View

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:

  1. Planning: Setting targets and strategies
  2. Organizing: Coordinating resources effectively
  3. Commanding: Issuing instructions and duties
  4. Coordinating: Aligning activities with overall objectives
  5. 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.

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

View

Evaluating the Effectiveness of Decisions

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

  1. Analyze qualitative information: Gather employee and customer opinions through surveys or interviews.
  2. Examine quantitative data: Review sales figures, profit rates, and productivity metrics.
  3. 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.

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

View

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.

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

View

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:

  1. Political: Government policies, legislation changes, and tax rates
  2. Economic: Inflation, disposable income, and overall economic conditions
  3. Social: Demographic changes and cultural trends
  4. Technological: Innovations and technological advancements
  5. Environmental: Climate change, sustainability concerns
  6. 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.

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

View

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.

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

View

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

View

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

View

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Subjects

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Business

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Overview

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Overview

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

user profile picture

Amilie du Toit

@amiliedutoit_uajk

·

55 Followers

Follow

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.

7/25/2022

327

 

S5/S6

 

Business

9

* 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.

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

Factors Affecting Quality Decisions

Several factors influence the quality of strategic business decisions:

  1. Human resources: The experience, training, and abilities of managers play a crucial role in decision-making.
  2. Technology: Tools like spreadsheets can improve calculation accuracy and facilitate quick communication.
  3. Time constraints: Limited time can restrict thorough analysis and implementation.
  4. 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.

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

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:

  1. Planning: Setting targets and strategies
  2. Organizing: Coordinating resources effectively
  3. Commanding: Issuing instructions and duties
  4. Coordinating: Aligning activities with overall objectives
  5. 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.

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

Evaluating the Effectiveness of Decisions

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

  1. Analyze qualitative information: Gather employee and customer opinions through surveys or interviews.
  2. Examine quantitative data: Review sales figures, profit rates, and productivity metrics.
  3. 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.

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

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.

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

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:

  1. Political: Government policies, legislation changes, and tax rates
  2. Economic: Inflation, disposable income, and overall economic conditions
  3. Social: Demographic changes and cultural trends
  4. Technological: Innovations and technological advancements
  5. Environmental: Climate change, sustainability concerns
  6. 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.

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

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.

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

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All of the key terms from unit 1-5 and 7 with there definitions. Can use theses for flash cards or just revision notes

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

Knowunity is the # 1 ranked education app in five European countries

Knowunity was a featured story by Apple and has consistently topped the app store charts within the education category in Germany, Italy, Poland, Switzerland and United Kingdom. Join Knowunity today and help millions of students around the world.

Ranked #1 Education App

Download in

Google Play

Download in

App Store

Knowunity is the # 1 ranked education app in five European countries

4.9+

Average App Rating

15 M

Students use Knowunity

#1

In Education App Charts in 12 Countries

950 K+

Students uploaded study notes

Still not sure? Look at what your fellow peers are saying...

iOS User

I love this app so much [...] I recommend Knowunity to everyone!!! I went from a C to an A with it :D

Stefan S, iOS User

The application is very simple and well designed. So far I have found what I was looking for :D

SuSSan, iOS User

Love this App ❤️, I use it basically all the time whenever I'm studying