Question

Identify and list in order of criticality the key issues facing strategic decision makers of the firm Polaris & Victory.

Answer 1

Answer-

A decision is said to be strategic if it affects the goals of a firm and therefore the success of the strategy.To identify the key issues affecting the strategic decision of a firm,the first step is to have an understanding of what a strategy its scope and all it entails. A strategy defines the direction and the scope of an organization over the long term that achieves advantage for the organization through its configuration of of resources within a challenging environment to meet market needs as well as fulfill stakeholder expectations.

Some of the major elements of a strategy are;

• Vision Statement
• Mission Statement
• Core values and standards
• Outcomes which should be clearly defined
• Key Performance Indicators.

Any issues that could affect the strategic decisions of a firm should revolve around or rather be based on the strategic elements of an organization.