STRATEGIC DECISION-MAKING PROCESS: AID TO BETTER DECISIONS
1. Evaluate current performance results in terms of (a) return on investment, profitability, and so forth, and (b) the current mission, objectives, strategies, and policies.
2. Review corporate governance—that is, the performance of the firm’s board of directors and top management.
3. Scan and assess the external environment to determine the strategic factors that pose Opportunities and Threats.
4. Scan and assess the internal corporate environment to determine the strategic factors that are Strengths (especially core competencies) and Weaknesses.
5. Analyze strategic (SWOT) factors to (a) pinpoint problem areas and (b) review and revise the corporate mission and objectives, as necessary.
6. Generate, evaluate, and select the best alternative strategy in light of the analysis conducted in step 5.
7. Implement selected strategies via programs, budgets, and procedures.
8. Evaluate implemented strategies via feedback systems, and the control of activities to ensure their minimum deviation from plans
