Try our Executive Dashboard and become an expert. Operating decisions are the ones that involve topics like deciding the best way to handle sales with a particular segment of customers or making decisions regarding selling products on credit. What businesses following are in? Diversification strategies can be of following types: Adding new, but related products or services is known as concentric diversification. Uploader Agreement. Characteristics/Features of Strategic Decisions. Strategic information management systems are typically customized to meet the unique needs of each individual company. Sometimes strategy formulation may suffer due to too much data but not enough information. strategic management and Key Characteristics of Strategic Management, Ø Analyzing customer needs Lot sizeWaiting and delivery timeSpatial convenience Product varietyService backup, Key Characteristics of Strategic Management. Thus to look different, strategy differentiation is a must. If your team is led and surrounded by happy and positive people, they will work harder and be happier themselves. Indian cinema industry always thought they were in cinema business until 1980 when VCR created a revolution and the industry lost huge business. Access controls can be as strict or as lax as the client wants, allowing for company-wide access to information databases or limiting information accessibility to key personnel. It entails strategic choices and is a systematic approach. Strategic decisions are the decisions that are concerned with whole environment in which the firm operates, the entire resources and the people who form the company and the interface between the two. c. Setting Long-term Quantitative Objectives or Goals: The results expected from pursuing certain strategies. History and Methods, Gamification Examples in Recruitment and HR, Health Administration for More and Better General Health. 2. After you read through the top characteristics key for a good leader, take this free leadership self assessment to learn your own leadership strengths and weaknesses and receive a report breaking down each of your leadership competencies (it only takes 10-15 minutes to complete!). Practice humility not only with other people, but with your planning and processes. Ask anyone who is manufacturing readymade garments, about his business and his answer will be readymade garments manufacturing. Market share & how to increase market share? Strategic management makes sure that strategies are effectively executed and implemented with the help of action-oriented plans.