Decision Making and Marketing Strategies
Table of Contents
In economics, decision making is important as it is applied in urgent issues such as identification of problems and resolving them. The latest trends in business and economy may also be seen through economic analysis of a decision making as it is used in the analysis of the current research topic. There are various economic models that allow managers and economists to choose the one that suits their objectives. The individual based decisions and the group-based decisions are all considered as they have their own contributions towards achieving a particular goal.
Each individual decision has a positive effect on the group decision, and groups also assist with self-control and productivity problems (Charness & Sutter, 2012). Joint-decision making also helps the group members to gain knowledge of the main operational definitions that may promote negotiation and avail viable solutions to a specific problem. Group members should, therefore, be concerned with being pro-active thinkers and ready to change so as to enable greater performance and productivity. Four stages are involved in joint-decision making which are proposal, access, agreement and commitment. The proposal stage is when the members share a common opinion regarding its scope. The proposed ideas should then be agreed to illustrate the team’s commitment to accomplish the aimed goals. The issue concerning an individual who is entitled to determine the action and the individual who should carry out the action are also brought out in addition to the four-stage decision making (Peltola, 2013).
The technological progress in decision-making facilitates working progress and provides managers with a competitive edge over other companies. Alternative possibilities for developing a decision-making process within an organization should thus be considered. The researchers specifically support the team-based decision as it has greater potential and resources for managing specific problems. The effectiveness of group-decision making and the relations between members have been greatly enhanced by the newly introduced technological tools (Dennis, Renecker & Hansen, 2010).
Decision making regularly relies on psychological, social and cultural factors that describe the nature of probable conflicts and also the extent to which people are ready to resolve them. The correct skills, achievement and knowledge move managers into their careers. Higher performance and good reputation could, therefore, be attained through outstanding quality of the process of decision making. There are four realities in which decisions are made. First, the decision-making process cannot be carried out successfully even when done by skilled and highly qualified managers. The second reality is that leaders fail to put into consideration cognitive misconceptions while in this process. Thirdly, group rationality is undermined because of cognitive misconceptions. The fourth reality regards a decision-making process that is rational, and that is not always corresponds with the manager’s opinion (Mather & Lighthall, 2012).
In addition to recognizing the four essential realities, the scholars concentrate on behavioral economics theory that has been regarded as a managerial force as it avails an explanation for persons making decisions that are irrational. Financial managers and economists regularly use this model for discovering the limited nature of human rationality (Strutton & Carter, 2013). It is also emphasized on systems that ought to be applied to organize the process of decision making that is also based on behavioral patterns. Psychological and social attitudes to decision making are useful as they profoundly contribute to the performance and productivity of the organization.
In conclusion, emphasis should be put on the fact that decision-making process is more effective when carried out in groups. Self-interest is better pursued in groups as each member can participate in the final decision. Having knowledge on the main stages and realities through which negotiations are carried out helps in enhancing strategic management. It also helps in achieving the goals of the organization. Additionally, effective teamwork depends on the rationality of the decision made and also the degree of each individual’s readiness to cooperate.
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Small and Medium Sized Heavy Industrial Enterprise in Taiwan, their Advertising and Promotion Strategy
In the research paper, the author briefly outlines and discusses the main topics for the future research. Certain aspects of FDI promotion are highlighted for a country such as Taiwan, and particular aspects of heavy industrial outsourcing are mentioned.
The Small and Medium Sized Heavy Industrial Enterprise in Taiwan are experiencing changes with reference to the changing environment and development in technology. The environment resources, however, together with the managing capabilities have been applied to maintain the managing strategy with reference to the industry.
Taiwan promises better infrastructure and proper regulation, governance and political stability to the image of lower-middle-income countries (Wilson & Baack, 2012). This opens a niche for FDIs from the higher-income states. They make major focus on availability of knowledge resources while the latter lower-middle-income states can only provide natural resources and some created-asset advantages that are scattered. Statistical breakdown shows that Jig/Dies hold 12.52%, Intermediaries, 35.34% and Final Assembly 35.25%, followed by R&D and customer support services. R&D‘s rate of offshoring this type of activity is very low for all industries and is 3.4% for General Machinery. R&D in most cases is concentrated on improving the plant site operations, not other research types or the laboratory. Offshoring is generally done as it cuts on cost for wage differentiation for low-paid and unskilled laborers.
For sophisticated industries, such process of relocation may be slower, and other factors play significant roles in the development of trade patterns. It is more significant for companies to get into the short and long lists more regularly, which strategically increases their chances of being chosen later from a virtual zero to some significant value. State bureaucracy, domestic business groups and multinational corporations are the three essential aspects that govern FDIbased industrialization of any country. A better comparative advantage can be achieved across nations with more global incorporation of business activities.
This study is aimed at evaluating the Small and Medium Sized Heavy Industrial Enterprise in Taiwan, their Advertising and Promotion Strategy.