Please read this initial memo before answering the questions at the bottom.
Bazerman & Moore's six steps
// In this paper, we will be discussing the self evaluation of the decision, as a part of the yearly evaluation with the help of Bazerman &Moore's six steps. Discussion will also be made on the problems encountered by the firm in implementing the decision, how the firm has implemented the decision and whether the decision is successful or not.//
Dear Sir/ Ma'am,
The Bazerman & Moore's six steps are used for self evaluation of the decision to set up a real e-state business, as a part of the yearly evaluation.
Define the problem: The firm is not able to provide best deals, discounts and best services to its customers in order to gain their trust, unlike other firms. The firm is the new player in the industry and does not have proper knowledge about the real estate business. Advertisements were not frequently presented, and they were not able to attract the attention of customers due to lack of funds available to the establishment. The overall rate of the firm is 3 at present on the scale of 1 to 10. The firm has to bear the loss for some time in order to survive in this industry (Basics of Problem Definition, 2003).
Criteria: The firm has decided the criteria to map out the strategy to run the business without incurring loss by doing proper research, gain knowledge by proper training and by interacting with other agents. The firm has to offer discounts, display considerable advertisement with reasonable prices that have the capacity to persuade customers and help in increasing the clientele of the firm. The firm has to take a risk and find new ways to reach an untapped market in order to gain competitive advantage over others, without degrading the quality of service rendered by it (Markgraf, 2012).
Weigh the Criteria: The firm should spend more money in advertising and build the clientele. It should also give a guarantee to its customers to offer the best quality services at reasonable rates in order to build trust in them. It will result in making the firm profitable and successful in the industry (Markgraf, 2012).
//In the below section, we will be discussing what alternatives are available with the firm and, which alternative is finally chosen by it. We will be also discussing the success or failure of the decision of the firm and the factors one should keep in mind to make a business decision successful. //
Generate Alternatives: There are many alternatives available to the firm. They are the following:
The firm will offer services on a 30 day trial period without any charge to its customers who are ready to do business with it. No penalty will be charged by customers, who are not satisfied with the services.
The firm will offer discounts on selling and purchasing of the house to its customers. The firm will pay the cost of maintenance and closing the deal to its customers until the seller or purchaser of the property is found.
Discounts will be offered to customers along with the cash prize of $1000, if they choose to sell/purchase their homes through the firm. The discounts will also be offered if customers refer their friends or other people to purchase or sell properties through the firm (Nutt, & Wilson, 2010).
Rate each alternative: If the firm provides free 30 day trials to its customers, then it has to bear the loss when the customer is not satisfied with the offered services. Similarly, if the firm will give a discount, as well as payment of the maintenance costs, this will become expensive for the firm. The business has to incur loss in order to execute the second alternative. The last alternative will help the firm to increase its customer base. This alternative will also give a cash bonus to customers for references and increase the business of the firm (Markgraf, 2012).
Compute the optimal decision: The firm should offer discounts and a cash bonus of $1000 to its customers for referring their friends and relatives to sell and purchase properties through the firm. This will help in increasing the customer base and market share of the firm in the industry. This decision will also help the firm to expand its operations geographically (Nutt & Wilson, 2010).
The business of the firm has become profitable and successful because of the proper research of the industry. Employees of the firm should also gain proper knowledge about the current scenario of the industry in order to make it successful in the near future.
I have to think about the business decision I talked about in that memo. My supervisor had asked that I expand on my self-evaluation by identifying at least two judgment issues to address.
Please address the following:
1. Write a memo to the supervisor describing these issues.
2. Explain how you addressed them and the degree to which your decision was based on expedience and/or reflection.
Make sure you include the following in your answer.
Potential issues include: bias, or ethical issues related to the availability heuristic, bias related to the representative heuristic, bias related to anchoring and adjustment, avoiding uncertainty, framing effects, positive illusions, egocentrism, and regret avoidance.
Decision making and problem solving are the key skills that play an integral part in establishing a successful business. The paper will discuss the various judgement issues in business decision-making and ways to resolve these issues. The paper also includes the various potential issues that may impact the business decisions and ways to address the potential issues.
Subject: Issues in business decisions
The effectiveness of the business decision depends on how efficiently management identifies and deals with the various issues in decision making. Decision-making issues refer to the various roadblocks or bottlenecks encountered while identifying and formulating the problem, determining the various alternatives for resolving the problems, selecting the most feasible alternative and implementing the alternative in order to resolve the problem. The firm was a new entrant in the market, i.e., it was new to the real estate market. The firm did not have much knowledge about the environment and the various other key factors of the market (Adair, 2010).
Due to lack of knowledge and experience, the firm faced a problem in effectively judging the market. One of the prime issues in the firm's decision-making was the lack of appropriate and relevant market research. Market research is exceedingly essential to gauging the changing market forces and various ...
The response addresses the queries posted in 860 words with references.
MGT600-0702B-03 Business Research for Decision Making.
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