7.1c Strategy Flashcards
Business strategy definition
The direction and scope of an organisation over the long-term
Are strategic decisions short, medium or long term?
Medium to long term
How are strategies formed?
On results of comparing where the business wants to be (corporate objectives) to where it is now (SWOT analysis)
Are tactical decisions short, medium or long term?
Short to medium term
Who takes strategic decisions?
Upper management
Who takes tactical decisions?
Heads of functional areas
What do tactical decisions allow?
The business to achieve the functional objectives that have been set so that the business can achieve its corporate objectives
What are strategic decisions?
What an organisation is going to do
What are tactical decisions?
How an organisation is going to do something
