The class objective is to help us understand thing we need to know about the business and the important areas of decision making. Critical thinking is necessary in making decisions. There are several theories of how management decision works. Then we need to understand the principles of quantitative or qualitative research and what are the best way to go in search for answers of an area as management we would need to know to help make a healthy decision. Learning communication techniques that will help us help people to see the vision and what it is going to for the company. Along with communication learning the roles of how to be fair and the emotions that apply to the decision-making process or this could also hurt the company also. We need to know decision making and how technology play a big role in research and the putting together the ideas of implementing a new product or service that would be new to the company or a new product that is in line with the products already made. To understand and be able to express the role of decision making so we are not using a common bias in the decisions we are making. We must be able to see potential problems and to analyze if there needs to be a change or to ride it out.
Question two was the difference from strategy and the vision. Strategy is the how we implement a program. It tells how we need to put it all together or a master plan that helps us see the vision coming to life. It also sees potential problems that might arise. Without strategy we would be in the dark on how to deliver a new or old vision. A vision is a new line of products or moving in on a new market. What the company going to look like these are vision.
There are several areas of strategic planning assessments identifies the strength and weakness helps the company move towards goals. This helps the company see the areas that need to be worked on to make them better. Strategy formulation means to choose which process they see heading them in the direction of their goals. The best direction to go for the company and its goals if that means stopping a product or they approach they have used to sell the product. Implantation of a plan is the process that the company strategy has decided to go and putting it into action. To evaluate the plan is to look over the process and monitoring how well the process is working and if any change is needed. A micro environment has a direct impact on the business activities. These are competitors, suppliers, markets are an example of a few things. Macro is a general business environment. These are thing like population, Economics Environmental are just a few of the thing in the macro things that can affect a business and it functions.
In the process of implementing a strategy we need to understand that all the information gathered helps in making a healthy company environment, because it gives the management team information that will help the company make changes as needed. It helps the communication process of being ethical with the decision by letting the people of the company know the plan. Initiate is to begin the process or action strategic planning begins at this process and put in action. Strategic planning is vital to the process of the implementation of any change with in a company. It allows the company to make these changes in a timely manner with too many hitches. It is known that there are problems in every change, so this also has an idea of these problems and how to work them out. Without this planning the company would have many hurdles and it could lead to the failure of the company.