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Benefits of Strategic Decision Making in Business

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Benefits of Strategic Decision Making in Business

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Questions and Answers

What is one of the benefits of strategic management according to the text?

Reducing revenue generation

Minimizing expenses

Increasing legal risks

Achieving goals (correct)

How does strategic management help with liquidity monitoring?

By reducing revenue generation

By aligning cash flow with long-term objectives (correct)

By maximizing short-term profits

By ignoring cash flow systems

What can senior management achieve through strategic decision making regarding operations?

Stagnate revenue growth

Generate more profitable ideas (correct)

Increase legal risks

Reduce customer satisfaction

How does strategic management approach benefit partners and board members in terms of policies?

Improves policies related to employees and stakeholders Signup and view all the answers

What are some of the goals that businesses aim to achieve through strategic management?

Brand recognition and improved customer service Signup and view all the answers

How does strategic management facilitate long-term benefits in terms of revenue?

By implementing innovative ideas strategically Signup and view all the answers

What is one of the benefits of consulting an attorney, insurance company, and other specialists?

Avoiding legal responsibilities Signup and view all the answers

How does participation in strategic decision-making by staff and board members help organizations?

Enables progress measurement Signup and view all the answers

Which tool is mentioned to offer secure choices for making informed decisions?

Power BI graphics tool Signup and view all the answers

What is a key advantage of implementing strategic decisions according to the text?

Increased company efficiency Signup and view all the answers

Why is it important for organizations to be aware of external threats?

To reduce the chances of failing significantly Signup and view all the answers

How does adopting strategic management aid in marketplace success and longer-term viability?

By helping understand competitor advantages and disadvantages Signup and view all the answers