This document outlines the process of strategic choice for a firm. It involves 4 steps: 1) Focusing on strategic alternatives by using gap analysis to identify feasible strategies for stability, expansion, or retrenchment. 2) Analyzing alternatives using objective market data and subjective management perceptions. 3) Evaluating alternatives by setting objectives and comparing each alternative. 4) Choosing the best strategy and developing contingency strategies to deal with uncertainties. The strategic choice process helps a firm select a strategy that aligns with its objectives.
To select the best strategy among the Selected strategy the process adopted is known as strategic choices and there are some factors to be kept in mind before selecting the strategy they are known as subjective factors.
To select the best strategy among the Selected strategy the process adopted is known as strategic choices and there are some factors to be kept in mind before selecting the strategy they are known as subjective factors.
Pom unit-ii, Principles of Management notes BBA I Semester OUBalasri Kamarapu
BBA notes, Osmania University, I sem, Principles of Management, PPT of Principles of Management, Osmania University BBA Notes, POM notes by NET qualified faculty
This step involves bringing together analysis carried out on the basis of subjective and objective factors. Successive iterative steps of analyzing different alternatives lie at the heart of such evaluation.
Planning means looking ahead and chalking out future courses of action to be followed. It is a preparatory step. It is a systematic activity which determines when, how and who is going to perform a specific job. Planning is a detailed programme regarding future courses of action
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Chapter Two
Decision Making
Decision Making: is defined as the process of selecting or choosing the best course of action from numbers of alternatives based on the criteria. Because managers are continually confronted with opportunities and problems, they must constantly analyze the effect of different decisions on their organizations and select the alternative that will move the firm toward its stated objectives.
Types of Decisions: Several authors believe that there are two types of decisions: programmed & non-programmed decisions.
A. Programmed decisions: These decisions are "programmable" because of a specific procedure can be worked out to resolve them based on experience in similar situations.
• Once a standard procedure has been established, it can be used to treat all like situations.
• They usually involve an organization's every day operational and administrative activities
• They are primarily found at the middle and lower levels of management.
• Data used in making a programmed decision usually are complete and well defined.
• Participants know the details and agree on how to resolve the problem.
B. Non-programmed Decisions: are used to solve nonrecurring problems/Non-Repetitive problems.
• No well-established procedure exists for handling them, primarily because managers do not have experience to draw upon.
• In contrast to programmed decisions, available data are usually incomplete.
• Non programmable decisions are commonly found at the middle and top levels of management and often is related to an organization's policy-making activities such as whether to add a product to the existing product line, to reorganize the company, or to acquire another firm, are examples
The steps in decision making process include the following:
1. Ascertain the need for a decision/Identify the problem:
The decision making process begins by determining a problem exists; that is, there is an unsatisfactory condition.
2. Establish decision criteria:
Once the need for a decision has been determined, there comes a need to establish decision criteria which requires identifying those characteristics that are important in making the decision.
3. Allocate weights to criteria
The identified criteria should be weighted based on their importance and arranged in priority. This is because some are obviously more important than others and we need to weight each criterion to reflect its importance in the decision.
4. Develop Alternatives
This involves developing a list of the alternative that may be viable in dealing with the stated problem.
5. Evaluate Alternatives
Once the alternatives are enumerated. The decision maker must critically evaluate each one and identify the strong and weak points when compared against the criteria and the weights established. In evaluating each alternative, we not only consider things that can be measured in numerical terms such as time and various types of fixed & operating costs,
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2. STRATEGIC CHOICE
Continuous challenge of exercising choice among the alternatives
Selection among the alternatives is a DECISION-MAKING PROCESS.
STRATEGIC CHOICE can be defined as the decision to select from the grand
strategies while taking into consideration the firm’s objectives.
3. PROCESS OF STRATEGIC CHOICE
1. FOCUSING ON STRATEGIC ALTERNATIVES
2. ANALYSING THE STRATEGIC ALTERNATIVES
3. EVALUATING THE STRATEGIC ALTERNATIVES
4. CHOOSING AMONG THE STRATEGIC ALTERNATIVES
4. STEP 1: Focussing on strategic alternatives
To reduce the no. of alternatives to a manageable no.
of feasible strategies.
It can be done with help of GAP ANALYSIS.
It is done by visualising the future state and working
backwards.
Narrow the gap – stability strategy is feasible.
If gap is large due to expected opportunities then
expansion strategy otherwise retrenchment.
When the scenario is complex go for combination.
In case of business level strategy firm need to define
CUSTOMER GROUPS, CUSTOMER FUNCTIONS and
TECHNOLOGIES, which will enable the decision maker
to find out their feasible alternatives
5. STEP 2 : Analysing the strategic alternatives
The selected feasible alternatives have to undergo thorough analysis and such an analysis rely
on certain factors
OBJECTIVE FACTORS
Based on analytical techniques
They are hard facts or data to facilitate a strategic
choice
e.g Market share , market demand, cost etc.
SUBJECTIVE FACTORS
Based on personal judgement, collective information.
e.g Top level management perception.
6. STEP 3 : Evaluating the strategic alternatives
It basically involves bringing together the analysis done on the basis of selection factors.
There is no set procedure and strategist may use any approach according to circumstances.
We usually follow strategic decision making process
1. Setting up of
objectives to be
achieved
2. Identify the
alternative ways
3. Each alternative
is evaluated in
terms of objectives
4. Best is choosen
7. STEP 4 : Choosing among the strategic alternatives
Evaluation leads to clear idea which alternative is most suitable under the existing conditions.
One or more strategies are chosen and a blue print is prepared under which those strategies are
operated.
CONTINGENCY STRATEGIES are also formulated in order to deal with unforeseen situations.
