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Decision-making process

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Give examples for each of the six steps in the decision-making process.

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There are six steps in the decision making process. These are: to recognize the need for a decision,, generate alternatives; assess alternatives, chose among alternatives,, implement the chosen alternative and learn from the feedback.

The first step is that the decision maker needs to recognize the need for decision making. Consider the case of Target Corporation. It was faced with competition from Wal-Mart and K-Mart. It had to make a decision. What strategy it should undertake to compete. It had the choices, either it could go in for differentiation, it could go in for a specialty store or go in for cost leadership. Each of these three alternatives were assessed by Target. Cost leadership was already a position taken by Wal-Mart. And becoming a specialty store would reduce the scope of ...

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