Marketing Manager Course - Chapter 06

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Marketing Manager Course - Chapter 06

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  1. McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
  2. Chapter 6 Decision Making McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
  3. Learning Objectives After reading this chapter, you should be able to: Know how to implement the six stages of management decision making. Apply the criteria of quality and acceptance to a decision. Recognize the characteristics of management decisions: programmability, uncertainty, risk, conflict, and decision scope. Reap the advantages and avoid the disadvantages of group decision making. Develop the skill of time management to allow adequate time to make decisions. Know when to delegate, and do so wisely. McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
  4. Introduction Making decisions under conditions of risk and uncertainty is one of the most important activities that managers engage in. Generally, there is a lack of information and a limited amount of time available to make the decision. Procrastinating and not making a decision sometimes has greater risk than making it. McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
  5. Decision Making The process of identifying problems and opportunities and resolving them. Management decisions can be made by managers, teams, or individual employees, depending on: The scope of the decision, and The design and structure of the organization. McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
  6. Characteristics of Management Decision Making Program m abiiy lt D eci on Scope si U ncert nt ai y C onfi lct Ri sk Crisis McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
  7. Characteristics of Management Decision Making (Cont) Programmed Decisions Programmability Non-programmed Decisions Certainty Uncertainty Uncertainty McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
  8. Characteristics of Management Decision Making (Cont) Risk – occurs when the outcome of management decision is uncertain Risk has both positive and negative aspects Decision environment for risk vary depending upon company culture and size Conflict – occurs when there are opposing goals, scares resources, or differences in priorities Crisis – a situation that involves small amounts of time to make a decision that can impact the survival of the organization McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
  9. Characteristics of Management Decision Making (Cont) Decision Scope – the effect and time horizon of a decision Strategic Decisions – long term perspective of 2-5 years and affect on the organization Tactical Decisions – short term perspective of 1 year or less and focus on subunits Operational Decisions – shortest time perspective, generally less than a year, often measured on a daily or weekly basis McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved. © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
  10. Stages of Decision Making Identifying Generating Selecting and alternative Evaluating the best Implementing diagnosing solutions alternatives alternative the decision the problem Evaluating the decision McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
  11. Typical problems that require decisions A high level of employee turnover. A reduction in firm profits. Unacceptable levels of “shrinkage” in a store. Lower than planned quality of finished goods. An unexpected increase in workplace injuries. The invention of a new technology that can increase the productivity of the workforce. McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
  12. Evaluating Alternatives Decision criteria should be related to the performance goals of the organization and its subunits. Decision criteria can include: Costs Profits Timeliness Whether the decision will work Fairness McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
  13. Evaluating Alternatives (continued) A practical way to apply decision criteria is to consider: Decision quality – aspect of decision making based on such facts as costs, revenues, and product design specifications. Decision acceptance – aspect of decision making based on people’s feelings. McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
  14. Approaches to selecting the best alternative Optimizing – selecting the best alternative from among multiple criteria. Satisficing – selecting the first alternative solution that meets a minimum criterion. McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
  15. Key factors for successful implementation Providing resources (staff, budgets, office space) that will be needed for the activities that are required for successful implementation. Exercising leadership to persuade others to move the implementation forward. Developing communication and information systems that enable management to know if the decision alternative is meeting its planned objectives. Recognition and rewards for individuals and teams that are successful with implementation. McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
  16. Assumptions of the Rational Decision Making Process The problem is clear and unambiguous. There is a single, well-defined goal that all parties agree to. Full information is available about criteria. All the alternatives and their consequences are known. McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
  17. Assumptions of the Rational Decision Making Process (continued) The decision preferences are clear. The decision preferences are constant and stable over time. There are no time and cost constraints affecting the decision. The decision solution will maximize the economic payoff. McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
  18. Factors That Limit Rational Decision Making O rgani i Poltcs zaton ii Em otons and Personal i Preferences Il on ofC ont lusi rol McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
  19. Nonrational Decision Making Models Satisficing Model Bounded rationality – the ability of a manager to be perfectly rational is limited by factors such as cognitive capacity and time constraints Therefore, decision makers apply heuristics , or decision rules, that quickly eliminate alternatives By using the heuristic known as satisficing, a manager seeks out the first decision alternative that appears to be satisfactory Satisficing is an accurate model many management decisions.
  20. Nonrational Decision Making Models (continued) Garbage Can Model This model suggests that managers have a set of preestablished solutions to problems located in “garbage cans.” The garbage can model is likely to be used when decision makers are undisciplined and have no clear immediate goals. The decision making process lacks structure This can lead to serious difficulties
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