۱٫ Introduction

۲٫ Literature Review

۳٫ Methodology

۴٫ Results

۵٫ Conclusion

References

The crucial role in strategic decision-making process has strategic analysis. It often brings the important information about evaluation and development of environment inside and outside the company and reveals possible opportunities and threats that need to be consider in strategic decision-making. In this paper we will discuss strategic decision-making process and possibilities how companies can improve their approaches in this process. We examined companies operating in Slovak Republic and evaluated their approaches to strategic decision-making, especially from view of application of strategic analysis and strategy formulation. Article presents the level of the application of strategic analysis and brings insights to current state of usage of analytical tools used in strategic management.

Introduction

Strategic decision-making belongs to the one of the most important areas of current management and plays a crucial role in achieving success and survival of the company. In this connection, many researches are pointing out two important areas: the role of top management (Balta et al., 2009; Mussoa & Francioni, 2012) and the process of making strategic decisions (Rajagopalan et al., 1993; Papadakis, 2006). There is always an interest to improve strategic decision-making among both managers and researchers. Interest in improving the strategic decisionmaking is related to changes in current environment and to the difficulty that managers have to face in decisionmaking nowadays. The environment is constantly changing and is much more dynamic and less predictable than in the past. Changes in the environment have an exponential trend. In the past, changes were slower and much less marked by the dynamics. Today, changes are much faster and bring trends, which previous generations of entrepreneurs and managers did not know about. We can look at the tempo of innovation, tempo of globalization, ongoing changes in legislation, in culture and in other parts of environment. These changes can bring new opportunities for companies’ development, but also at the same time, they mean threats. Monitoring, researching and predicting the development of environment has become increasingly difficult, and these difficulties affect also decision-making of managers.