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Strategic decision making
Article By:
Rau, Devaki Department of Management, College of Business, Northern Illinois University, De Kalb, Illinois.
Bromiley, Philip Merage School of Business, University of California, Irvine, California.
Last reviewed:2012
DOI:https://doi.org/10.1036/1097-8542.YB120303
Strategic decisions are decisions that critically influence the performance and survival of a firm. These strategic decisions are typically made by the senior managers of a firm, and generally involve high levels of uncertainty and complexity, occur in dynamic contexts, and include many different stakeholders, often with conflicting interests. Examples of strategic decisions include deciding whether a firm should collaborate with another firm to develop an innovative new product or go it alone, and whether a company should diversify into a new industry or market as opposed to concentrating on its core businesses.
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