Managing A Business Involves Making Decision

Acer has a degree of control over its prices and a considerable amount of non-price competitions exists, which ultimately leads to price discrimination (University of Phoenix, 2011). As such, Acer should focus on attaining and retaining loyal customers. Their non-pricing strategy should be focused on the development of products that are unique

The initial strategy was to maintain a competitive presence in each segment by keeping our prices aligned with the average for each target market, while maintaining costs low. Specifically, it was our goal to become the leader in Traditional and low-end segments of the sensor business by allocating significant resources to R&D, marketing and promotions for these products. Our differentiator would be the result of a high investment in R&D to ensure our products were the best available.

Based on your Week 3 collaborative learning team discussion, submit, individually, a 350- to 700-word summary of the work completed by your team.

All segments are critical for the implementation of our company’s strategy because we chose to be broad cost leaders. Cost leaders maintain a presence in all market segments by focusing on low production costs and competitive pricing. With that in mind, one segment is considered to be slightly more important than the others: the low end segment. We will compete in every market segment, but this is one of the most important due to the fact that price is the main consideration of the buying criteria at 53% importance. Our costs will be much lower than our competitors which translates into a lower market price for this product, which is ideal for our customers.

Erie Corporation has been founded in 2011 with the mission is to provide both reliable products for low-technology customers including Traditional and Low End segments; and premium- technology oriented customers including High End, Performance and Size segments. This business plan is written so as to provide the board of directors a detailed picture about the company’s strategies as well as the direction how we can implement these strategies. The plan consists of three parts.

Managers’ decisions can affect, negatively or positively and directly or remotely, every stakeholder in each stakeholder group. Presentation of correct budget estimates is vital in order to not mislead members of those groups. Managers’ Marge Atkins and Peter Granger failed to do so by overestimating expenses and underestimating sales, which had an affect of Grangers’ adjustment of production levels.

After analyzing the results from the previous quarter, it was determined that the prices set for each segment were not sufficient. Product sales priority were also not properly adjusted. With the R&D investments, sales priorities needed to be changed for the main focus to become the most profitable market segments. Prices were not competitive which in turned decreased revenue, market share, and profitability. To become more competitive we altered the prices in each market segment. The Workhorse product was the first to change, the price was lowered to $2500 in an attempt to increase sales; at this price Team 4 was still making a profit on this product, as well as making the price much more competitive. The Workhorse sales priority was also lowered to 3rd in Americas and 4th in APAC and EMEA. This product was not selling as well as we had hoped, and was no longer as profitable as it once was which led to this decision. Next, the Innovator product’s price was adjusted; this involved a price increase to $4100. This price was adjusted to include the new

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

Strategic Decision making involved business level choices. It influences complete or a major part of the organization. It’s a step towards the long term goals of the business as well as in the achievement of the common goals of the business enterprise. They are generally unstructured in nature and come from a top down approach. Therefore a manager has to break them down into smaller structured decision making and short term goals.

Decision-making is very vital in the study of administration. Decision-making is the act of deciding the best choice or alternative that brings success or advantage to a situation that will ensure maximum benefits and least risk. Probability can be applied to decision-making in public administration because it is possible to estimate the probability of occurrence of specific events. A part of decision-making in relationship to public administration has to do with goals. The probability of you meeting those goals depends on decision-making. For example a restaurant owner has received more revenue on Thursdays than on any other day And less Revenue on Saturdays than any other day. The owner has looked at everything that could have influenced his sales. The owner realized that the only things that were different on Thursdays than any other day was the chief special and the drink special. According to the receipts of the last four Thursdays the probability that a customer orders a drink special is 60%. The probability that a customer orders the chief special is 50%. The probability of them ordering both is 42%. This shows the restaurant owner that Thursdays drink special should be considered on both Thursdays and Saturdays.

Investing in research and development to create new product line or enhance current products adds considerable expenses. Development costs will need to be re-cooped. This will keep competitors in check, but will be challenging to keep pricing competitive.

In today’s ever changing economy, society’s idea of management is becoming increasingly more difficult to sustain with the continuous demands of the position. A successful manager must have a certain level of expertise and problem solving techniques to carry out the daily tasks required. Over the years, there have been various ideas on what management is, such as planning, organizing, leading and controlling.

In McGregor's Theory XY, I learned it is likely that people need structure even if they are motivated. For example, working together as one is important in order to ensure productivity along with new ideas for companies. This is because I feel that a team will create a concept that suits the diverse needs of the company by providing products to a broad customer base. The design of groups is important so that the team will know exactly what to do. However, in working in groups may seem challenging because there are so many different personalities working together as one. Even though this is true, people want to belong to groups in order to be a part of something to avoid being ostracized. From a Theoretical Standpoint, social support from others is critical to psychological and physiological well being. People have evolved as social beings, working for the group secures membership. Therefore, working in groups brings employees together, which enhances new ideas for the company. With that, by letting employees work in groups, it would bring the company much success in the long run.

I still remember the days in my universities as if it were yesterday. In those days I worked with lot of national and international organizations, which are working in varied sectors and bringing change by modern methodologies. In second year of my under-graduate, I founded a Non-Governmental Organization named Fep-Si (Forum for Empowering people through Social Innovation and Entertainment) and worked with another organization named Alexis Foundation as research associate for designing public policy driven by Big-Data. From the experiences of working in these organizations I learnt about the importance of making valid decision and strategizing on business, polity and market front by providing accurate and up-to-date information and performing data-driven decision making at minor level. On the other hand exposure of working with United Nations Envoy on Youth also helped me in evolving as a leader who has the quality of thinking analytically towards global problems. During these days I have felt many times that a lot of these problems can be solved by integrating computer technology into data collection and management of resources, energy, capital and various other things which are generally done by old methodologies. These instances motivated me to believe that in the complex and interconnected world of international business and its strategizing, the science of information management is ever more important.

Business is loosely defined as buying and selling. However business is both an economic and social activity which is done to acquire wealth and serve the society through the provision of goods and services which the society needs.