Published: April 14, 2016 Show
A decision is the selection of a course of action (or decision) out of many available alternatives. The marketing manager may be arrived to a particular decision by analyzing, evaluating and carefully planning. The decision making is the basic and fundamental key of all managerial activities. It is the study of identifying and choosing best possible choice (or option) based on the values and preferences of the business organization.
Thus, the marketing decision making refers to decisions about marketing instruments that affect marketing activities like planning, organizing, directing, controlling, staffing, etc. Characteristics/ Nature of Decision-MakingThe process of decision making is to recognize and define the nature of a decision situation and select the best possible alternative from among the available alternatives and put it into practice Usually, a decision is expressed as a policy or as a rule or as an order or as a directive of the business enterprise. The elements of decision making can be expressed as follows: Selective ProcessDecision making is the selective process in which the best possible alternative is chosen out of many alternatives available. The best choice can be made only by evaluation of alternatives. If there is only one way of doing a particular act, there is no need of taking selective decision. Human and rational processThe decision-making is a human and rational process that involves the application of intellectual abilities like deep thinking and foreseeing things. Dynamic ProcessThe decision-making is a dynamic process. It involves time dimension and time lag. Depending upon the situation, a particular problem may have different decisions at different time intervals. Continuous ProcessDecision making is a continuous process which goes on through the life of an organization. It is a process of taking a decision, implementing it, following the variations and taking the actions to remove these variations. In other words, it is a never ending activity in business management. EnvironmentThere must be healthy atmosphere to achieve the corporate goals of the business enterprise. Thus, to implement the decisions regarding to it, the proper communication between the employee and employer is necessary. Goal oriented processDecision-making aims at providing a solution to a given problem before a business enterprise. It is a goal-oriented process and provides solutions to problems faced by a business unit. Effective communicationAfter a particular decision has been taken by the marketing manager, it should be communicated to his sub-ordinates in time in a gracious language, so that the quick implementation of task takes place. Thus, implementation of decisions can be ensured only when these are timely, clearly and properly communicated. TimingFor effective decision making, timing plays an important role. If the marketing manager takes decisions at right time and sets deadline for it to complete the task, then it be helpful in achieving the pre-determined goals of the business enterprise. Pervasive processDecision-making process is pervasive in nature. It means managers working at all levels have to take decisions on matters within their jurisdiction. Psychological FactorsThe decisions must be taken after a careful consideration of the psychological factors, situation and information. The habits, temperament, social environment, domestic life, personal likings and disliking of the marketing manager have impact on the decisions taken by them. Thus, experts and specialists must be consulted before making a particular decision, if necessary. Latest E-BooksWhat is the process of selecting a right and effective course of action from few alternatives?Decision making implies choice: Decision making is choosing from among two or more alternative courses of action. Thus, it is the process of selection of one solution out of many available. For any business problem, alternative solutions are available.
What is the process of selecting or choosing a particular course of action from two or more alternative course of action?The process of examining your possibilities options, comparing them, and choosing a course of action. A decision is a choice made between two or more available alternatives.
Is a process of choosing among two or more alternative courses of action for the purpose of attaining one or more goals?At the most basic level, decision-making is the process of choosing among two or more alternative courses of action for the purpose of attaining one or more goals.
What is the meaning and definition of decision making?Decision making is the process of making choices by identifying a decision, gathering information, and assessing alternative resolutions. Using a step-by-step decision-making process can help you make more deliberate, thoughtful decisions by organizing relevant information and defining alternatives.
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