Decision Making and Business Strategy

Brainstorming;-
Select all that apply

Brainstorming;-
Select all that apply

SWOT analysis deals with some internal factors so usually analyses a business unit, a proposition or idea. It is often used in competitor analysis.

Brainstorming is often credited with producing creative, radical ideas. It provides an open environment with no preconceptions so can build on unconventional ideas.

Probably the most important role of the executive today is to ensure the business strategy considers new technological developments and positions the company to use or exploit the new technology.

A PEST analysis deals with external factors so usually analyses market potential, considering factors such as growth or decline, strategy, market attractiveness, business potential, business and strategic planning, marketing planning, business and product development

PEST analysis, an acronym for
Political
Economic
Social
Technological

A PEST analysis can be quantified to facilitate selection between several alternatives. This can be done by scoring and weighting the items in each of the sections and adding the score for each box.

Strategic management is an ongoing process that evaluates and controls the business in which the company is involved.

SWOT is an acronym for
Strengths
Weaknesses
Offers
Treats