Strategic choices and decision-making procedures are important parts of strategic management that entail identifying and evaluating several courses of action to achieve organizational goals. These strategies assist in making educated decisions that are in line with the goals, resources, and external environment of the firm. Let's look at the concepts of strategic options and some popular decision-making techniques:

Strategic Alternatives:

Strategic alternatives are the numerous techniques or paths that an organization might follow to attain its strategic goals. These alternatives derive from a review of the organization's internal capabilities and external surroundings. Here are some frequent strategic alternatives:

a. Market Penetration: Targeting existing markets to increase market share through aggressive marketing and sales methods.

b. Market Development: Extending existing products or services into new markets.

c.Product development is the process of creating and introducing new products or services into current markets.

d. Diversification: Introducing new items or services into new markets. Diversification can be linked or unconnected.

e.Horizontal Integration: Purchasing or merging with competitors in the same industry.

f. Vertical Integration: Integrating the supply chain backward (acquiring suppliers) or forward (acquiring distributors/retailers).

g. Cost Leadership: Concentrating on being the industry's lowest-cost producer.

h. Differentiation: Developing a unique and different product or service in order to stand out in the market.

i. Concentration Strategy: Concentrating efforts on a certain market segment or niche.

Techniques for Choosing:

Choice approaches aid in analyzing multiple strategic choices in order to choose the best course of action. Among the most prevalent selection procedures are:

a. SWOT Analysis: Examining an organization's strengths, weaknesses, opportunities, and threats in order to find strategic choices that leverage on strengths and opportunities while addressing weaknesses and threats.

b. Cost-Benefit Analysis: Examining the costs and advantages of each strategic option to determine which one provides the highest returns.

c. Decision Matrix: Developing a matrix that evaluates several strategic options based on criteria such as feasibility, impact, resources necessary, and so on.

d. Scenario Planning: Creating and assessing several future scenarios in order to build resilient solutions that can adapt to various probable situations.

e.Real Options Analysis: Using financial option theory to assess the flexibility and worth of various strategic options.

f. BCG Matrix: A portfolio analysis tool that categorizes a company's business units based on market growth rate and market share, assisting in determining which units need to be invested in and which should be disposed.

g. Ansoff Matrix: A matrix that analyzes market penetration, market development, product development, and diversification to assist find growth plans.

h. Decision Trees: A graphical depiction of actions and their potential implications used to aid in strategic decision making.

It is vital to highlight that the specific strategies used are determined by the decision's complexity and the available data. Strategic management is an iterative process that requires ongoing examination and adaption to remain competitive.