The Steps in Decision Making

Decision- Making Case Study
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Abstract
The importance of decision making in any business venture cannot be overestimated. Every aspect of business requires decision making be it from the managing team or the subordinates. It is crucial for business managers to follow the right process of decision making so as to come up with viable decision which aid in achieving the stipulated goals of the organization in the long-run. In order to come up with the right decision, the managers should have enough knowledge on the matter on which decision is being made. Having experience on the matter is also essential as is the ability to consult from the others. It is also important for one to be able to admit whenever they have made the wrong decision. This paper examines the process of decision making in a company that intent to add a different brand in their products
The process
Business leaders are always out to look for means of maximizing the profits of the enterprise. They rightfully do so because; the intention of any business enterprise is to make the maximum profit possible. In order to maximize those profits, the leaders need to always come up with the right decisions. Decision-making is not a onetime occurrence, rather it is a process which involves steps that can be analyzed. However, it is important to bear in mind that, although there are the suggested well researched steps in decision making; they cannot always be in a similar in every single process of decision making.
Each decision requires unique consideration and selection of the best approach in order to arrive at the best decision for the matter at hand. In this view, then, it is noted that, some decision may require consultations while others may not. For instance, in making decisions that will affect the employees in an organization, it is always advisable to consult them first, and especially those who will be directly affected by the decision to be made. However, in making decisions for sensitive matters of the business and also during critical times like during emergency; there is no logic in making consultations rather, quick decisions are made. In such circumstances, evaluations should immediately follow to see whether the right decision has been made in order to rectify on any mess.
Identifying the problem
This is the initial step in decision making in all areas of life. It is a very crucial step in making decisions in business enterprises. At this stage, the manager is bound to ask himself several critical questions which lead to proper identification of the problem. In this case, if the manager intents to add a new brand in the market, he needs to ask himself whether such brand will impress the customers and if it is really necessary to have that new brand added in the first place.
Kownatzki (2013) maintains that; in order to come up with viable answers that can lead to proper decision, enough knowledge and experience on the existing brands and the preferences of the customers are required. At this stage, the manager needs to think critically and in an objective way so as not to be influenced by his own subjective desires. For example, if it is only a few people who have shown interest in the new brand, then it would not be wise to consider introducing the new brand in the business.
The manager needs to examine the interests of the customers and sharply identify if really there is need for introduction of the new brand. Identification of the need for the new brand could also emanate from the suggestions of the other employees. If they come up with suggestions, the manager should not blindly implement them. He will need to examine such suggestions critically in order to identify the need for the new brand.
Identification of such a problem could also emanate from wide reading of the managers. In their reading they could come across the wishes of customers expressed in different publications. The manager would then need to evaluate on whether to implement such needs as introduction of a new brand.
Gathering information
After the manager has identified the problem, in this case, the need for a new brand, then he needs to get as much information on the matter as possible. He should make deliberate efforts to get crucial information on the viability of such a decision. The manager should get information on what exact brand is needed in the market and to what degrees it is needed. It would not make sense to make a decision to introduce a new brand in the market because two or three customers have shown interest in it, because such could be from intuitions and not sustainable willingness.
Akdere (2011) acknowledges that; in order to gather the correct information that is required, the managers, need to explore many avenues. Information could come from the customers. They could give the information from their own volition or the managers can make deliberate efforts to gather the information from them. Also, the subordinates could also give their information on the need for a new brand in the market. Different methods of getting the information could be used, such as; questionnaires and interviews. The managers need to make efforts to ensure that the information given is viable. For example, asking the employees on their views when they are complaining about little payment could lead to giving out misleading information.
The managers can get more information from published materials and also from the media. Thus, the managers could get information from postings in their mails and websites regarding the need for the new brand and the exact brand that is needed. Published materials could also give information on the preferences of the customers
Analyzing the situation
Analyzing the situation is a step in decision making whereby the managers make critical analysis of the available options. From the information gathered from different sources and at different times, the managers can draw viable conclusions on the available options. Kownatzki (2013) asserts that; this is a cr...