Phl 320 Critical Thinking and Decision Making in Business Complete Class

Personally speaking, critical thinking is an undervalued and underutilized tool. When confronted by a problem with another person, most people just react. In these situations, I have learned to take a step back, take an objective look at the situation, and make an informed judgment/decision. By applying critical thinking to my personal life, friendships, marriage, and my relationship with my children will have a greater chance of success and less negative confrontation.

* The video clip “Thinking on the Job” in the Webtext this week illustrates the importance of critical thinking, especially in work contexts. Define the concept of critical thinking in your own words. Discuss a time in either your work or personal life in which you needed to be able to use critical thinking to either solve a problem or acquire a skill.

Goodrich, Ryan. “SWOT Analysis: Examples, Templates & Definition.” Business News Daily. Tech Media Network, 2014. Web. 28 February 2014.

For a company to create a SWOT analysis, they have to have a clear set objective so that they don’t face any serious problems such as wasting much needed time

Visiting competitors websites can reveal information about new products or projects, potential alliances, trends in budgeting, advertising strategies used, financial strength, and more

b) What changes or restructuring would you recommend? Develop a human resource forecast that correlates with your plans.

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Critical thinking is the questioning of ideas. It is the process in which you take an argument and analyze it in order to conclude whether that argument is valid. Thinking critically is a good skill that can help others make intelligent decisions and helps them understand what to believe or not believe. Critical thinking is involved in our daily life. For example, every day we make decisions and before every decision we think critically if that is the right decision. We take into consideration the possible consequences of such decision and from that we reach a conclusion. Critical thinking involves disciplined thinking and it teaches you to think for yourself. It is personal growth and confidence that results from learning to exercise your mind to its fullest potential.

The concepts of critical thinking and creative thinking are both gaining increasing importance in the world today. Critical thinking allows people to understand difficult concepts in a manner that is clearer and more defined. They can more readily understand those concepts if they employ critical thinking. In all portions of everyday life, a person is expected to make independent judgments. Those judgments are based on experience and knowledge. Without the ability to think critically, every situation that a person comes across would have to be considered in isolation from all other situations. When a person encounters a problem that is a new one, he or she may be able to use critical thinking to solve those problems.

In order for a company to gain a superior position in the market, the company needs to analyse their competitors’ products, prices and strategies and offer better benefits or products to the consumers.

It is important for companies to perform such things as a SWOT analysis to evaluate their positions with internal and external factors. They help managers to see how they are performing and where they should focus their efforts to stay in competitive advantage with their

This model looks at competitor analysis from the perspective of competitor’s current business portfolio, current strategy and its current capabilities in terms of strengths and weaknesses. For an insight into the future, the company needs to understand the competitor’s mind-set in terms of competitor’s future goals in its various country markets and for various businesses. It is also essential to understand the competitor’s likely assumptions about itself and the industry.

One main weakness we envisage to count against is that we are a new in the

Any organisation that wishes to succeed in their market, needs to analyse their competitor 's strategies. Competitor analysis is a vital part of the marketing planning process. A strong competitor can hinder business success, even lead to business failure. Competitor analysis helps firms to anticipate their competitor 's actions and exploit competitor 's weaknesses. It also helps firms to identify their firm 's unique selling points, so that these can be promoted in marketing campaigns. Competitor analysis is an ongoing task, as successful competitors will continuously develop their marketing strategies, in response to changes in the market place.

Knowing who your competitors are, and what they are offering, can help you to make your products, services and marketing stand out. It will enable you to set your prices competitively and help you to respond to rival marketing campaigns with your own initiatives. You can use this knowledge to create marketing strategies that take advantage of your competitors ' weaknesses, and improve your own business performance. You can also assess any threats posed by both new entrants to your market and current competitors. This knowledge will help you to be realistic about how successful you can be.