Written Reflection Snehapriya Bharatha MBA 505: Foundations of Management Dr. Frear January, 26, 2017 Section One: Reflection Decision making is a challenging job which involves following rules and regulations to achieve exceptional results. Performance of multiple evaluations increases the success rate of the final outcome. Faulty decision-making leads to deteriorating results, dismissal from a company or business collapse. Overconfidence bias, hindsight bias, anchoring bias, framing bias and escalation of commitment are examples of faulty decision-making. Judgement on a certain idea relies on an individual’s knowledge rather than the accuracy of the given event, overconfidence bias. One’s presumption of their knowledge …show more content…
Certain television advertisements present framing bias to gain more customers to purchase their products. Advertisers invest a large portion of the time presenting the audience how beneficial their product is and at the end, with in five seconds, they announce all the side effects. Viewer might be “wowed” by the product itself and pays less attention to the flaws, helping the advertisers achieve their goal. Continuous dedication of time, money and energy towards a failing product, escalation of commitment. A company that was worth trillions of dollars in the year 1990 and drops to only thousand dollars in the year 2000 due to a major business failure. Yet, business officials make continuous effort to run the business that is at stake of being bankrupt. Not only the resources will be wasted, but also no one would want to invest in that the company resulting in no profits. Eventually, leading the company to be bankrupt in the near future. Section two: Article Comparison Faulty decision can be easily made when an individual is overly confident about themselves. They are intended to make an impulsive decision; hence, they search for minimal help in making major decisions (Chira, Adams & Thornton, 2008, p. 12). Chira et al. (2008) conducted a study on students in reference to overconfidence bias. The study states that students are supposed to imagine they failed the last exam and were given an opportunity to retake
Managers within organizations are faced with the challenges daily of making excellent decisions. In everyday life we are challenged in making sound decision, decision that will last for a life time. Folk often wonder after making a decision if it was the right choice, will it affect the people around me, was this a good choice for my family, and will the decision affect them. In order to be an effective manager you have to possess the skill of outstanding decision making skills. In order for one to be successful within their personal life they may also need to possess an understanding of effective decision making. The decision- making process should be one that makes a positive change. Can the decision making process work
When it comes to the topic of commercials, most of us readily agree that commercials are irritating. Where this agreement usually ends, however, is on the purpose of the commercial. Whereas some are convinced that commercials are meaningless, others maintain that commercials tell a story. Effective commercials are repetitive and illustrate a story. Marketers use rhetoric marketing, the art of persuasive speaking and writing, when persuading an audience to buy a product. Rhetoric marketing is especially effective through the illustration of a story. It is effective because the marketer is able to relate to the consumer with a story or message. Advertisers also use the appeals of logic, credibility, and emotions to intrigue interest in a company. Coca-Cola’s advertisement, “Falling,” depicts the product as a confidence building companion suitable for young love through a series of logical and emotional appeals that visibly promotes the brand’s credibility.
Decision-making in the workforce is a process of responsibilities used by upper management to implement, enforce rules, regulations, and maintain a successful environment. Decision-making implemented more effectively by making a plan, thinking it through, accepting more than one opinion and determining what is best. However, decision-making often utilized more effectively by opening doors of opportunities for a suggestion, question, discussion, and feedback. Although, more involvement helps improve understanding, utilize behavior skills and present opportunities for better communication. Everyday life consists of decision-making, the right decision may not always be applied, but ensure room for improvement and opportunity. Individuals approached decision-making in many different ways. As stated by (Jones, Graham, & Bateman, 2006) decision making is a procedure used to recognize a problem, weigh the alternatives and evaluate a solution in which, certain situations will require different approaches to become effective.
With the emerging technological innovation, several companies have adopted different marketing techniques to make themselves popular and gain ground in the competitive market space. The use of television commercials has been one of the most utilized technique to disseminate information about products and services that are branded by particular company or organization (Gass and Seiter 23). When one watches television, he or she is always bombarded by several commercials with many marketing messages which are repeated over and over during television commercial breaks. Most of these television commercials utilize several similar persuasive or rhetoric techniques aimed at luring one either to buy, vote, or to otherwise influence him
The average United States Citizen views about 5000 advertisements a day (Johnson). Advertising is everywhere. Billboards on the way to work, ads on the internet, and paper products such as magazines or newspapers display a sale or a promotion of a good or service. Usually, the ad will give a brand or company name, and uses the product’s merits to draw the consumer closer. This has grown exponentially as advertisements in media in 1970 were estimated to be 500 a day, a ten percent increase in the last 48 years. (Johnson). This is due to the rise of technology, as the computer has become a household gadget within the new millenium. These advertisements are meant to give a synopsis of the product or service’s purpose, quality, and efficiency. If a consumer views 5000 advertisements in a single day and assuming the commercials do not repeat, 5000 goods or services are introduced. With more options to choose from in such little time, the consumer has a harder time differentiating the quality and perhaps necessity of the product. The marketers rely on the quick, impulsive decision making of consumers. With the misleading nature of many infomercials or radio broadcasts, the people of American society are bombarded with constant propaganda, thus making seemingly harmless promotions more potent to filling industries’ pockets and lessening the common population’s
In terms of the anchoring bias, regularly revisit of the original decision based on the newly gathered data needs to be set up within the organization. Additionally, the decision maker should avoid the Confirmation Trap in which Bazerman and Moore (2009) argues that people tend to seek information that confirms their expectations and hypotheses. To recognize the bias, Mike Francis could
Society uses manipulation to divert people’s attention every day and oftentimes people do not realize that they are being manipulated. An advertisement through television is one of the many ways that people are manipulated. TV uses advertisements daily by incorporating subliminal messages to get people to do things that they would not otherwise be thinking about doing. The following articles “Can TV improve us?” by Jane Rosenzweig, On Sale at Old Navy: Cool Clothes for Identical Zombies!” by Damien Cave and TV’s War of Words” by Deborah Tannen exemplify instances where manipulation is being showcased at its best.
According to Robert Scholes, author of On Reading a Video Text, commercials aired on television hold a dynamic power over human beings on a subconscious level. He believes that through the use of specific tools, commercials can hold the minds of an audience captive, and can control their abilities to think rationally. Visual fascination, one of the tools Scholes believes captures the minds of viewers, can take a simple video, and through the use of editing and special effects, turn it into a powerful scene which one simply cannot take his or her eyes from. Narrativity is yet another way Scholes feels commercials can take control of the thoughts of a person sitting in front of the television. Through the use of specific words, sounds,
Over the last few decades, American culture has been forever changed by the huge amount of advertisement the people are subjected to. Advertising has become such an integral part of society, many people will choose whether or not they want to buy a product based only on their familiarity with it rather than the product’s price or effectiveness. Do to that fact, companies must provide the very best and most convincing advertisements as possible. Those companies have, in fact, done
When humans make a decision, it often turns out to be “predictably irrational” (Ariely, 2009). They always deviate systematically from expected decision rather show an inclination towards a certain way of thinking. This consistency of behavioral or decision bias can be very helpful to identify consequences or outcomes in a different
This brings me onto the next subject, appeals. Appeals are relating the audience with the product with a story and emotions. The positioning of the advertisements has to be put in spots where they will appeal to a certain audience. 40-50 year old males, teenagers etc. The can be a change from ugly to beautiful miraculously which would appeal to teenagers because at their age they are self-conscious. Statistics are also used to appeal to the audience. If the public hears statistics they are instantly drawn in. A perfect example of appealing to an audience is the notorious Nescafe advertisement. This consists of a man and woman who meet each other over a cup of Nescafe. There is emotion involved and this draws the audience in. There is a sequence of ads in this story and the audience is drawn in so much that when there is the nest sequence they are practically glued to the television to know how it ends. In thee and they get married, Of course every advertisement includes a cup of Nescafe but that’s what it’s there for
The average person will watch approximately 2 million commercials throughout their lifetime. In this technologically driven environment, it’s the most effective method of appealing to an intended audience. However, there is a lot more to an advertisement than meets the eye. There are numerous methods being used in order to appeal to the audience. Corporations and businesses focus on rhetorical appeal when it comes to creating a successful advertisement.
The viewer sits on the couch, nestled inside a cozy, warm blanket with a large bowl of buttery and salty popcorn on his lap. His heart starts racing as the movie reaches its climax. Just as his lungs stop breathing and his eyes grow wide with fascination, the channel changes to an old advertisement that he’s seen a thousand times. Ads like that one appeal to the three main techniques that have subliminal messages to viewers. These different techniques have proven to be effective with television watchers. Advertisers use these three techniques to target a certain audience.
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
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