1.5.5 Business Choices

• Business choices involve strategic, operational, financial, and ethical considerations
• What is an example of a strategic decision in business?

  Entering a new market
• Operational decisions focus on day-to-day activities and processes.
• Financial decisions involve managing and allocating funds
• What is an example of an ethical decision in business?

  Implementing fair labor practices
• In marketing and people management, what is an example of a business choice?

  Deciding which marketing channels to use
• Match the type of decision with its description:

  Strategic Decisions ↔️ Long-term plans and direction

  Operational Decisions ↔️ Day-to-day activities and processes

  Financial Decisions ↔️ Managing and allocating funds

  Ethical Decisions ↔️ Balancing goals with responsibilities
• Strategic decisions involve plans for the long-term direction of the company
• Operational decisions focus on optimizing day-to-day activities.
• What is an example of a financial decision?

  Investing in new equipment
• Order the categories of business decisions:

  1️⃣ Strategic Decisions

  2️⃣ Operational Decisions

  3️⃣ Financial Decisions

  4️⃣ Ethical Decisions
• Business choices involve strategic, operational, financial, and ethical considerations
• What is an example of a strategic decision in business?

  Entering a new market
• Operational decisions focus on day-to-day activities and processes.
• What is an example of a financial decision in business?

  Investing in new equipment
• What is an example of an ethical decision in business?

  Implementing fair labor practices
• In marketing and people management, what is an example of a business choice?

  Deciding which marketing channels to use
• Match the type of decision with its description:

  Strategic Decisions ↔️ Long-term direction of the company

  Operational Decisions ↔️ Day-to-day activities and processes

  Financial Decisions ↔️ Management and allocation of funds

  Ethical Decisions ↔️ Balancing goals with social responsibilities
• What is an example of an internal factor influencing business choices?

  Organizational culture
• External factors influencing business choices are aspects outside the company's control
• What is the purpose of a cost-benefit analysis in decision-making?

  Compares costs and benefits
• A SWOT analysis helps identify competitive advantages and potential risks.
• What technique visualizes possible outcomes and their probabilities?

  Decision tree analysis
• Scenario planning develops multiple future scenarios
• What does a cost-benefit analysis compare in business decision-making?

  Costs and benefits
• A SWOT analysis evaluates strengths, weaknesses, opportunities, and threats
• Steps involved in a decision tree analysis

  1️⃣ Visualize possible outcomes

  2️⃣ Assign probabilities to outcomes

  3️⃣ Evaluate potential results
• Decision-making techniques improve strategic clarity and decision quality.
• What insights do case studies provide into business decision-making?

  Practical view of factors
• Match the case study with its industry and key decision:

  TechNova ↔️ Tech: Launching a new AI product

  GreenCycle ↔️ Recycling: Investing in a new plant
• What type of benefit did GreenCycle leverage in its decision-making?

  Regulatory compliance
• Ethical considerations in business ensure fairness, transparency, and responsibility
• Transparency in business operations means operating openly and honestly.
• Match the ethical approach with its description:

  Utilitarianism ↔️ Maximizes overall happiness

  Deontology ↔️ Adheres to ethical duties

  Virtue Ethics ↔️ Focuses on moral character
• What does the fair trade coffee industry ensure for farmers?

  Fair compensation
• Business choices encompass strategic, operational, financial, and ethical aspects
• What is an example of a strategic decision in business?

  Entering a new market
• Factors influencing business choices can be classified as internal and external
• What is an example of an internal factor influencing business choices?

  Organizational culture
• What is an example of an external factor influencing business choices?

  Legal regulations