ADOPTION OF STRATEGIC DECISIONS AT THE ENTERPRISE

Abstract

The process of determining the best way to achieve goals and objectives is called strategic decision making. These are long-term goals and objectives, as well as strategic decision-making tools, that help describe the company's primary goals in order to achieve short-term goals with a broad mission. In the long run, the company gains clarity and consistency in achieving its goals.

Strategic decision-making is used in competitive companies to give the company a competitive advantage by changing its scale and the way the company manages its operations. The difference between strategic decision-making and other decision-making processes, such as administrative and operational decision-making, is that strategic decision-making is a long-term process that requires significant resources and is fraught with uncertainty. Administrative decisions are based on short-term goals. Unlike other decision-making processes, strategic decision-making considers the long-term future of the company.

Successful business managers do more than just make money and sell products. They not only perform day-to-day sales tasks, but also look at the big picture and make decisions that will lead the company to its desired goal. This is known as strategic decision making, and it occurs when decisions are made in line with the company's goals or mission. This type of decision-making directs the choices made, aligning them with the company's goals. This requires creative thinking as managers must consider future scenarios that may or may not occur. These scenarios will determine the direction of the company's development. Business strategy is a competitive advantage. Businesses need strategies to ensure that resources are allocated in the most efficient way. There has been much research on strategies and much literature outlining the importance of strategies for successful business management. The word "strategy" is probably one of the most used words in business and everyday life [26]. According to Schendel, there are many preparation strategies in the business world for almost every potential activity, from employee management strategies to knowledge management strategies. At first glance, we have the idea that strategy is something simple that refers to the use of resources to realize pre-planned goals. But in practice, strategies differ in terms of time, and its formulation and implementation cannot be perfect. When a firm earns earnings above the average for its industry, the firm is said to have a competitive advantage over its rivals.