ObjectivesPonder the common issues strategic issues in business.InstructionsRead BE 2.0 chapter 7, pages 192-216.What are common strategic issues that small businesses face and how do they make their strategic decisions?

Answered: Objectives Ponder the common issues…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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Objectives

Ponder the common issues strategic issues in business.

Instructions

Read BE 2.0 chapter 7, pages 192-216.
- What are common strategic issues that small businesses face and how do they make their strategic decisions?

Expert Solution

Step 1: Define the term strategic decisions:

Strategic decisions are significant choices made by individualities, associations, or realities to determine the long- term direction, pretensions, and objects they wish to pursue. These opinions are generally made at a high position within an association and have a substantial impact on its overall success and competitive position. Strategic opinions involve allocating coffers, setting precedences, and charting a course of action to achieve a asked unborn state.