ABSTRACT
This chapter explores time frame decisions and business decision process modelling. It explains three strategic business decision approaches such as: limpet strategy, cautious strategy and innovative strategy, and how to link creativity, entrepreneurship and innovation. Taylor identifies four key types of business decisions: strategic decisions, tactical decisions, operational decisions and micro decisions. Business decision making in a predominantly buyers' market environment is difficult. Three macro-level elements, clearly differentiate decision making today, namely: information overload, shareholder, finance and government pressure, and shortening business life-cycle times. The concepts of efficiency and effectiveness provide important guidance for business decision makers. In sellers' market conditions value was essentially regarded by many businesses as being about cost reduction and production expansion, effectively placing a heavy stress on the concept of efficiency. In buyers' market conditions value is first a matter of providing what customers perceive to have value.
