What is strategic decision-making? Strategic decision-making is the equivalent to strategic planning; it is the process of creating a purpose and/or vision for a business. The business sets goals and targets and pursues to achieve them. Strategic decision-making is essential for making a business strive because of the mass amounts of organization and long time plan production. The business I am currently researching on is Tumblr. Tumblr has a variety of different functional areas of business. Two of them are marketing and sales. Tumblr offers a free service of creating your own blog. Another functional area is finance.
Since Tumblr is a free service, some patches of the website are not free. For example, Tumblr offers a lot of free themes for your blog, some are not free though, these themes are advanced and more professional looking for companies or serious bloggers who are putting high grade / professional work on their websites. Tumblr also offers a lot of information about their products like widgets for other websites, like add-ons and even a very informative page about what Tumblr is that includes when it was created, who created it, and the daily count up of posts that are made in a day. Each area of Business requires different communication styles.
For example, the area of marketing uses a wide variety of communication styles like verbal, written, and web-based to advertise and pitch ideas for the company. The area of Financing may use written (in-voices, diagrams and graphs), web-based and verbal to examine the businesses finances and to compare and contrast from maybe last years to this years finance upturn or downturn. The effectiveness of each type of information while strategic decision-making is very beneficial. For instance, communicating verbally may lessen the possibility of misunderstanding. Verbal communication is more straightforward than an email.
Written information can be edited and read which is greatly effective but can also cause some difficulties with people that are blind in the business world. But a solution to that problem is the usage of Braille or auditory translators. Web-based information is highly effective in that it can be shared to any computer in the world or be sent to an email that can be accessed by a smartphone, iPod, iPhone or any technological device that has access to a web browser. In the area of marketing, the use of verbal and multimedia information are by far the most significant methods of information communication.
Marketing gathers information about different systems and from customers like customer feedback about sales pitches, and interests in available products. Adverts can be publicized in magazines and newspapers and can be shared to a large audience. Businesses use a variation of multimedia information to communicate sales and promotions to customer. Marketing is a basic and very important element of strategic business planning. In the area of finance, the utilization of written information is of importance for the suitability of financial information like costs, sales, budgets, past information about the company and cash flows.
The use of diagrams, graphs and charts entirely meets the usage of written information communication. Costs and budgets are most likely easier to put into a chart or graph than it is to verbally communicate. This is why written communication is crucial for finance. Finance mainly focuses on the strategies of managing money. Any type of communication is significant for a business. Communication is an essential skill for a thriving business and exceptional communication will lead a business to the top.