Opening Case-let “We received a huge response for our ‘Kay’ brand’. I think this is the correct time to introduce our new snack under ‘Kay’ brand”, suggested Hari, Marketing Head of ABC condiments. ABC condiments is the producer of sweets and savouries with an authentic Indian flavour. One of its brand ‘Kay’ Snacks is very popular among customers for its freshness and crispiness. Hari, Seema, Sudha and Virat are in a discussion to introduce a new variety of ragi snack under the brand ‘Kay’. “I too agree with Hari!” said Production Head, Seema. “Correspondingly, we have to decide about the lot size of production of this ragi snack”, she added. “We should know the sales and demand forecast for that first”, said Hari. “In our department, we should check the machine and labour capacity to produce and need to set up quality control standards”, said Seema. “I need to check whether it is possible to supply the raw materials on time. For that, I want to take a stock report and delivery schedule from our suppliers”, joined Virat, Inventory Head. “I would appreciate if each of you give a quotation for your department so that I get the budget sanction from the management”, said Sudha, Finance Head. “In the meantime, I …show more content…
The fast pace of improvements in technology, information and innovation expect the organisations to keep up with their speed. In this global business era, making a wrong choice deeply hurt the business. Such as producing wrong products, entering the wrong market, delaying services, wrong investments and more seriously affect the survival of the business. Since most of the business decisions are multidimensional in nature that impacts the whole organisation, decisions cannot be taken based on personal experience or intuition or judgment alone. While decision making, both quantitative and qualitative factors affecting the decisions are to be
Making decision is a concept that can identify in response to threats and opportunity to maximize the performance of the organization. First of all, a response to threats occurs when events inside or outside the organization are affecting organizational performance and manager are searching for a way to increase performance. In this case, the threat that facing BlackBerry is that all other company have an area to focus on and increase the performance efficiently, but Blackberry are lacking the knowledge to use this opportunity to make a good decision that are “ running hard to make things more efficient”(McDiarmid, 2015, p.1). “BlackBerry Ltd has made no secret of its intention to shift away from consumer devices and focus on its BlackBerry messenger and enterprise server products”, Moreover, Chen focus on the returning to basics approach that shift company attention and focus
The second major challenge that the Vadilal would have to face while expanding its operations in North India, primarily Uttar Pradesh is that it is often crippled by power problems — the stuff of nightmares for an ice-cream maker that doesn’t have reliable backups. Also supply chain is a major challenge for ice cream players. Ice cream is a product that requires constant cooling and proper
Strategic decisions require careful and purposeful skills of analysis, creativity, and informed problem solving. The best practice for decision making is identification, inventory, and intervention (Davenport, 2009). Identify the decision to be made for the organization, identify the factors that influence that decision (who, what, etc), and apply purposeful action to implement that decision. Decision-making tools can assist with the decision making process. Tools such as, Case-Based Decision Analysis, Information Aggregation Tools, cost-benefit analysis, gap analysis, or SWOT analysis. can help to evaluate the current state of the company and how to proceed with a decision for the future. Case-Based Decision Analysis tool focuses on data collection of past experiences, situations, and solutions. By tracking past results it can help to make more informed decisions in the future. Information Aggregation Tools uses external data that relates to a specific issue at hand, evaluates data that has served as solutions to such issues, selects supported alternatives, and, lastly, rates the compatibility of such proposed solutions to the issue at hand. A cost-benefit analysis is a type of strategic decision-making tool that assesses the cost and potential benefit associated with different courses of action and choosing
Decision-making is critical to a business helping mitigate risk and requires good judgment, considering social, humans, and ethical values before final decisions are made. Additionally, making good decisions enables organizations to identify and resolve problems, also providing organizations with the ability to identify and exploit opportunities.
Managers who struggle with these types of decision-making can avail themselves of opportunities to learn how to make and live with their right versus right decisions by studying the subject in greater depth. Badaracco’s book is one place to start, and it is a comprehensive yet concise point of departure. In addition, there is a large and growing body of research and popular literature on the subject of business
There are several different types of systems like Customer Relationship Management (CRM), and Enterprise Resource Planning (ERP), which are being used by organizations to make decision processes. These systems have progressed tremendously in the last few years by making large amounts of information accessible using data marts and data warehouses (Wixom & Watson, 2001). The above mentioned systems and many more that are not mentioned above allow managers to analyse data depending on the business requirements, to make better informed decisions. These systems have made the decision-making processes easy to a certain point, when used properly. If this system are not used effectively, they can prevent optimization of the decision making process. Humans are the once who make decisions in any organisation/industry and not
Change is the common and most consistent trend in the world. Everything in the world is getting changed with the passage of time. Globalization, modern science and many other factors are making the world much complicated and again in some respect, it is making the world wide process very simple. Similarly, business world is also getting changed. The main reasons are demand of customers, competitive atmospheres, market competitors, development of communication system etc. Now, it has been a very critical phenomenon for an organization to make certain decision regarding their
Kanti Sweets should be the name taken for Indian chats and sweets. We want to be the pioneer in the field of our products globally and to be number 1, leaving behind Haldiram’s.
Managers are constantly faced with critical decisions that will heavily impact on the company’s competitive ability and profitability. This report will analyse the critical decisions made in the case study The Change Story of Yellow Auto Company from a sociologic decision making perspective. The case study presents four main decisions which are: increase of market share, change in decision management style, clarify job description and invest greater time and money in human resources. The analysis of these decisions centres on the relationships between employees and managers and the
Thinking critically and making decisions are important parts of today’s business environment. It is important to understand how the decision making process works and the steps involved. The nine steps of the decision making process are: identifying the problem, defining criteria, setting goals and objectives, evaluating the effect of the problem, identifying the causes of the problem, framing alternatives, evaluating impacts of the alternatives, making the decision, implementing the decision, and measuring the impacts. (Decision, 2007.) By using various methods and tools to assist in making important business decisions an individual can ensure the decisions they make will be as successful as possible. In this paper it
Two variables that drive uncertainty are complexity and speed of change. Both contribute to the state of current and future business environments (Nonaka & Takeuchi, 1995). When practitioners apply academic decision-making theories and styles in
Many methods have been developed to simplify the decision making process. In this paper, the rational model of decision making will be discussed first. Then, some of the factors that cause deviation in the rational
A study published in the winter 1997 volume of Business Strategy Review suggests the major factor in a decisions success is the decision process itself. The study, by Paul Nutt, suggests that poor decision making
When people argue with decision analysis and its achievements they usually mention the story of DuPont, an American chemical company. It managed to successfully integrate risk and decision analysis functions to both operational and strategic levels. The company claimed that Desciison and Risk Analysis not only brought tangible benefits to the company, but also intangible, such as increased attention and commitment to actions (Krumm et Roll, 1992).
For marketing the “Health Protein Snack Foods” in Dubai market, we have to keep focus on taking the product into the people as a unique health product that can replace the unhealthy snack in the Dubai market. The product is not only sufficient in pricing, but helps to serve as a routine snack that can help in improving the health of people and having snack at the same time. The target market includes of males,