3.4

Question 1

Corporate influences

Answer 1

These are factors that affect what managers should take into account when making strategies decisions

Question 2

Short terms

Answer 2

Where a business priortises short-term rather than long tem performance. Include: maximise short term profits, invest less in R and D and training, return profits to stakeholders, pursue external growth strategies.

Question 3

Long terms

Answer 3

Decision making is focused on achieving the long term visionand objective of the business. Include: investin r and D and training, cows on profitqualifystakingan ethical stance on decision making,persue interests of stakeholders. Advantages: focus on innovation and customer service investment into the workplace-more efferent/less mistakes, create stronger brand awareness and strength, employee skills

Question 4

Evidence based

Answer 4

Based on data and analysis
Advantages: scientific designs that are backed by research so it reduces risk to decision making so there’s a higher chance of identifying a likely outcome, outcomes can be simulated/tested.
Disadvantages: time consuming /costly and there’s no guarantee to right decision, sometimes data is outdated/unreliable.

Question 5

Subjective decision

Answer 5

Based on intuition, gut feel and experience.
Advantages: intuition might come from experienced managers which is good for qualitative decisions, quicker decisions can be made- fast moving environment which aroids missing opportunities.
Disadvantages: more risky as no data to back up