Lecture notes
Different Approaches to Decision Making
- Institution
- CCEA
A look at how to approach decision making.
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By: montykaren • 3 year ago
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Different Approaches to Decision MakingThe process of data analysis, choice and implementation is often referred to as the scientific
decision making model.
At the other extreme the approach used is experience, intuition, gut feeling and not refer to any
data at all.
A good decision is likely to involve a combination of all 3 but will ultimately depend on:
Managers personality: e.g. risk takers - intuition or cautious - look at facts.
Extent to which data and time is available.
Availability of financial resources e.g. scientific can be expensive.
Capital invested + cost of failure - too high it may be wise to invest in a scientific approach.
Situation: Stable market with plenty of info and time - scientific. Creative market = not much
info available - intuition may be better.
• What are you trying to achieve?
Set marketing • e.g. maintain sales, increase sales, bran awareness.
objectives
• Internal (HR, finance) or external (PESTLE).
Gather Data
• Could be quantitative or qualitative.
• What does it mean?
Analyse Data
• Looks for trends, causes + effects + understand its significance.
• E.g. - market penetration,=/ development/diversification/niche vs. mass.
Develop a
strategy
• How do we make it work? - Market budget + Marketing mix.
Implement
• What exten did we achieve our objectives?
Review
• Were they appropriate + successful?
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