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Decision making and its consequences
Decision making
Decision making process in management
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Hewlett Packard – Recommendations An important phase in the decision making process is evaluating the decision-making process. This process involves collecting information pertaining to how well the decision is working and if the targeted outcomes are being hit. Many indicators to analyze this data need to be quantifiable goals. Quantifiable goals such as sales targets, profit and loss data, order fulfillment data and other important metrics will help indicate weaknesses and strengths when measuring whether or not the desired outcomes are being met. Other criteria such as qualitative information can be useful when measuring a positive or negative conclusion to the decision. Consumer feedback is one of the most powerful forms of qualitative …show more content…
Sears reported overwhelming losses during the 2015 holiday season in which is the sensitive period when many retailers count on making large enough sales to offset the slower business months. However, the retail sales did not materialize for Sears and this terrible disappointment does not bode well for their future as a player in the retail housewares industry. While the company is still making positive statements to vendors of their ability to stay liquid, many analysts highlight a much more serious problem for its future; consumers have abandoned Sears as destination store. I have a hard time envisioning Sears recapturing their momentum as a major hardline retailer. Sears undoubtedly has many tough decisions regarding its future. Aside from closing stores, reducing costs and trying to restructure their retail market strategy, they need to change consumer perception of what it means to be a Sears customer. Like Hewlett- Packard, Sears is losing touch with their consumer is this rapidly changing market. So to start, here are my recommendations to Sears Inc. o Invest in market research and collect data prior to entering the decision-making phases. Collect vertical market data, consumer trend data and differing target demographic data that details what consumers are looking for, what consumers want to buy, what is important to them individually as …show more content…
Tesla Motors Inc., a leading electric car manufacturer led by CEO Elon Musk, is a gleaming example of a company that prioritizes constant product innovation while staying in touch with consumer demand. Traditional product innovation methods like focus groups and formal market research can be time consuming and financially burdening because of the large amount of strategic planning involved and the large amount of expended resources needed. While Tesla faces many contrasting decisions when compared to the previous companies mentioned, Tesla’s decisions surround developing a sustainable growth strategy, reinvesting into product innovation and maintain their position of a recognized market leader in the electric vehicle industry. While Tesla still is taking risk in bringing high end (and high expense) vehicles to market the must still employ an Incremental model of making decisions. An Incremental model of decision-making occurs when decision makers make small decisions, take little steps, and move cautiously toward achieving a much larger solution. An example of an incremental model is related to accounting principles and budget creation. The budget process in which typically begins with financial reports based off of the previous period are used to make incremental decisions. Allocating enough money sustains
These data affect the consumer decision-making process through alternative evaluation, the consumer compares the different choices to best meet their individuals need. The consumer decides the criteria for judging the alternative products or services by evaluative criteria. Consumers use tangible and intangible criteria, and when evaluating alternatives, determine qualities that are important and evaluate the alternatives.
One of SHLD’s main strengths is its proprietary brands such as Diehard, Kenmore, Craftsman, and Lands’ End because these brands have a great amount of customer loyalty and repeat customers. Another one of our strengths is our vast pool of valuable real estate assets. These assets enable SHLD to generate continuous revenue through leasing agreements and a safety net in a liquidity crunch. Additionally, “mygofer” and “Shop Your Way” programs account for more than 60% of revenues for Sears and Kmart stores. These loyalty programs have created a strong and loyal member base who provide repeat business for SHLD. Lastly, Sears Holdings’ has been around for over a hundred years and thus has an established brand name within the discount retail sector.
SUN Microsystems Case Analysis Sun Microsystems had an extremely tough decision to make in regards to its procurement strategy. They had to decide if they were going to take on an “E-sourcing” or “dynamic bidding” auction-type strategy with making purchases from their suppliers. Taking on this type of procurement strategy would benefit Sun with cost-savings on procurements, but may jeopardize their supplier relationships and quality of inputs for Sun products. After reviewing the enclosed financial data for Sun from 1996-1999, it is apparent that some trends are consistent. Sun’s cost of goods sold has consistently been around half of their revenue for prior fiscal years, resulting in an approximate gross margin of 50%.
The consumer decision process consists of these six steps. First, problem recognition: Awareness of an unmet need. Second, information search: Search for alternatives that will meet your needs. Third, alternative evaluation: Evaluate the alternatives. Forth, purchase decision: Decide on the best alternative for you based on your criteria. Fifth, post-purchase behavior: Determine if you are satisfied with your choice. Sixth, disposal of product: Determine if you will keep it, upgrade it, or get rid of
Our Strategic Issue for SHC is, "How can Sears Holdings Corporation strengthen Kmart's position and regain its competitive advantage? Our recommendations are as follows: 1. Differentiation Strategy: Appeal to low and middle income families with children, Quality clothing and decorating store. 2. Stable & Effective Management: Retention, Value Chain Analysis: Supply Chain, Inventory Control (Product Selection), Technology (Reserve), Overall Consistency, Continue Value Adding Strategic Alliances, Similar to alliance with Joe Boxer. 3. Continue to Evaluate Store Portfolio, Focus on owning more/ Premium space. 4. Meet Customer Expectations, Customer Service, and Continuous Research & Development.
Conduct research. The first step is to review the marketplace in which the company wants to sell products. The design team
Poor organizational management, failure to innovate and adapt to the environment, and an outdated brand image have all contributed to Sears massive decline. By not setting a clear organizational strategy, executives of Sears strayed away from innovation, allowing for competitors to attract Sears loyal customers to their organization. In addition, the outdated brand image of Sears has failed to meet the ever changing customers of today’s society. Overall, there are many reasons that have led to the downfall of a once powerful retail giant.
In turn, demand will drive leads to the Tesla sales team (Andrade, Holloway, Payne, Roy & Sheffield, 2015). Tesla will continue to build long-term brand awareness, in addition to continual management of corporate reputation (Andrade, Holloway, Payne, Roy & Sheffield, 2015). Tesla Motors will expertly manage the existing customer base to create loyalty and increase customer referrals (Andrade, Holloway, Payne, Roy & Sheffield, 2015). Additionally , Tesla Motors hopes to enable customer input into the product development process (Andrade, Holloway, Payne, Roy & Sheffield, 2015). Corporate strategy.
Before we start, we would like to briefly introduce the definitions of Supply Chain and Supply Chain Management (SCM).
My report is on the company Hewlett – Packard (HP) which was founded in 1939. I mainly focused on the Personal Systems Group (PSG): business and consumers PCs mobile computing devices and workstations which is one of the major industries of HP. In order to succeed in the business industry a company needs to understand its customer’s needs and create wants for them. HP found out that the customer needed light weight, useful notebook PCs through its Research & Development (R&D) centre. Hence, it created a want; a New Commercial Notebook PC Compaq Evo Notebook N1015v which packs the power and performance necessary for mobility into a stylish design for only $899(US $). HP also finds out about its customer needs through online feedback forms and survey. Via that, HP was also able to understand that not everyone are able to use their products hence it has created this HP accessibility products which can be accessed by anyone including people with disabilities and age – limitations. Example of such product under the PSG industry is the Mobile Speak Pocket which was specially made for the visually impaired people. ( Refer To Exhibit 1a – 1c )
For years, Tesla has struggled to achieve and maintain profitability, despite a soaring stock price in recent years. That profit level would suggest that Tesla as a company is still in the Introduction phase of its life cycle, even though they’ve been around for almost 15 years. On top of their longevity, Tesla has become increasingly relevant in the automotive industry, most likely aided by a societal shift in thinking about conservation, and leading technological advancements. We believe that Tesla exists in a unique space between the Introduction and Growth stages of the textbook-defined product life cycle. More profitable results in a foreign market like Japan may not require a drastic shift in distribution strategy, however. As we’ve covered,
Sears has gotten a good start on their Internet venture. They do have a lot of competition in this regard and a “new” business does take a while to get off the ground. Therefore it’s not surprising that they have had a slow start but they are beginning to pick up with the alliances and partnerships that they have entered into to boost their exposure. Their e-commerce trade could become as big as their chain of retail stores. All-in all, I believe that Sears is on the right road to recovery.
In regards to business practices, incentives are common tool used in negotiations. With that being said, Intel, a technology conglomerate, gave huge incentives to its customers for using computer-chip. Many would argue that Intel was wrong, while others would say Intel business practices were fair game. Below is a detailed report, discussing Intel actions.
Consumer Decision Making Process A key factor in successfully marketing new/existing products or implementing a product Extension is a thorough understanding of the motivation, learning, memory, and decision Processes that influence consumers purchasing behavior. Consumer purchasing behavior theories have found their way into managerial decision making to help companies more effectively develop and launch new products, segment the market, determine market entrance and in brand management. Therefore, a better understanding of how consumers decide what to purchase is critical to the success of a product. There are numerous theories and models describing the consumer purchasing decision process.
The Ford Motor Company has been in business since the nineteenth century, and it has enjoyed a rather successful run as one of the top automobile-making industries in the United States. Ford Motor Company is a prosperous business because of strategic planning and changes that it was willing to take a risk on developing and implementing. Successful corporations have to adapt to the constantly changing environment or the company will be doomed to failure. In other words, customer shopping habits change as new products are introduced to the market or when other factors beyond Ford Motor Company’s control affect which vehicles are sold. For example, there is an increased demand for fuel efficient cars when the average price per gallon