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Factors That Effect Decision Making Commerce Essay

I am assigned on an internship program with a Singapore nature's farm company with procedures in china. so my team is tasked with making the decision on moving one of company's product to either china and analysis decision making for company. The nature's plantation company will distributing the merchandise is Norwegian Seafood Oil in to china market. Which state the company will operations market for product enter. The business for decision making is administrator.

2. Background

Since 1982, the farm of characteristics - in Singapore's first professional health products retail string to provide a full selection of high-quality healthcare products ideal for modern Asians affordable price, great convenience. In Singapore, we have 23 outlet stores islandbwide.

Natural farm, focused on providing the best quality nutrition and health food supplements, the cost effective to our customers.

Natural farm offers modern Asian idea of one-stop health food and health supplement retail, to provide customers with a broad selection of products and brands, are a great convenience. Farm in characteristics, we think that medical food retail is not only a sales exchange. It addresses the concerns of consumers and consumer in the correct healthcare products. We specially trained, experienced staff, often to help customers understand how to enhance their health position.

Over the years, the plantation of mother nature has successfully positioned itself in the market leading company of high-quality health food at a realistic price. This situation has always been to ensure that their products will be the finest elements, and retain their natural nutrition when they leave the creation line to attain store shelves. Development of its brand by the famous American health care products companies current good making practice (CGMP) and quality of private brands.

3. Factors that influence Decision Making

For director to analysis in this case there are a number of important factors that impact the decision-making. Important factors, including administrator past experience, the determination of the various cognitive biases, up grade and sinking results, specific differences, including get older, socioeconomic status, and a notion in personal relevance. These exact things all the decision-making process the impact of your choice.

-- The director past experience can impact the future decision-making.

-- Addition to past experience, cognitive biases to affect decision-making, it is dependant on this observation and generalization of ram errors, inaccuracies wisdom error logical thought process could cause cognitive bias, cognitive bias, but not limited by: Perception Bias excessive dependence on prior knowledge to attain the decision-making, post prejudices, people tend to explain occasions are inevitable, events omission, deviation, generally, people have a tendency to ignore the information is considered to be always a risk of confirmation bias detected to meet their targets.

- Some individual differences may affect decision-making. Studies show that, age, social-economic status (SES) and cognitive ability to effect decision-making. Furthermore, older people may be overconfident with their decision-making ability, thus inhibit its program strategy

- Age is merely one individual difference that influences decision making.

4. Evaluation for decision making

In this insurance plan decision the manager making decisions is a huge part of doing business. When only one person involved with or damaged by the decision created by the impact of the decision is not too difficult. However, when colleagues or employees need to consider the decision of a group may be the best solution. Need to decide between the person and group decision-making methods, the impact of the Group's and the employer's standard management style decision.

4. 1 Specific Decision Making

Decision making with out a group's source or a choice made regardless of the group's opinion is, naturally, a person decision. This is actually the more traditional decision-making methods, and can effectively work input of the group, pointless or in some cases, the required one of the professionals.

4. 2 Group Decision Making

There are several models of group decision making, and you can put to use. You will discover two types of consensus and consultation. Consensus the several options group decision-making, and decision to work with the most popular choice. Advisory viewpoints when making a choice, taking into account the Group. Both these methods require the contribution of the Group, and needed admiration for the views and insight in the decision-making process of the Group's professionals.

4. 3 Advantages

A person can be compared, can also quickly decide, because only 1 person needs to talk to. Group decision-making, although it can be considered a difficult process, can help fortify the Group to permit all people of the insight group.

4. 4 Disadvantages

Sometimes when each decision making method is not appropriate. Your choice to avoid personal decisions directly influence the group. For instance, making a blanket decision everyone must work the weekend with opposition from spiritual to other personal arrears. On the other hand, the group decision-making should be averted, if there is a group consensus was possible opportunity. For instance, all members of your department must do an instructions best when the manager decided to action.

4. 5 Deciding Which Is Appropriate

If the decide the successful implementation requires the contribution of the Group, then some type of solution to achieve such consensus or appointment. In this type of decision will not involve the Group could cause harm to the Group's overall performance. Result of the decision, however, will not have an impact on the Group or the Group will not require participation is completed, you can make the non-public decision to interfere with the small group dynamic.

5. Analysis for Specific decision Making

Good decision making is an art that needs to learn and get good at, especially the leadership of the management team. Moreover, the individual must also practice good decision-makers, since it is not suitable, too reliant on others for personal decision.

Depend too much on the faults of others, you may have a difficult stand on their own two feet, you need to make a choice, with no help of anyone. An easier way to deal with this issue is to seek advice from a pal or a reliable person, that can tell you, you should make what decisions. They are able to give you tips, advice and warning, and then you understand it. Because of this, you still bought it reaches the ultimate decision.

5. 1 Pros and Cons of Individual Decision Making

When you make a decision of your own, you take satisfaction in, especially if their choice is prosperous and effective. However, there are some times when it's just hard not to seek the help of others. As an unbiased decision-makers to identify the advantages and negatives.

5. 2 Advantages of Specific Decision Making

You can take immediate action to quickly solve the problem or situation.

You are only accountable for what decisions, whether it is good or bad.

You take Full accountability system decision and its consequences.

You cannot take any guidelines on how to resolve a problem, your individual opinion.

You become productive use of commitment in making your choice.

There is you don't need to delegate jobs and responsibilities, which means you do not have to be reluctant to have responsibility.

5. 3 Intuition and Specific Decision Making

In personal decision-making, the probably way is through intuition. Personal decision-making related to anyone, but the decision-maker himself, the most common tendency is to appeal to the feelings induced by personal faith and belief. A person sometimes comes after the actual instinct says. For instance, whenever your gut sense toward that certain employer is bad, you decide never to join the business and choose another option instead. Whenever your instincts let you know, it is cheating, you might decided to leave the ultimate.

In most circumstances, although intuition is right, but it is still the best backup facts and information, to aid in the gut feeling. Relying exclusively on feelings may be considered a little dangerous, especially without any evidence to aid it. A little objectivity can lead to a far more effective decision-making

6. Other considerations impacting the decision

This chapter will uses "PEST"modus to research that is made for economic, culture and cultural to analysis china market, These factors to determine the impact of changes in medical products industry, the introduction of the tactical management process.

6. 1 In the economic point to analysis;

The more and more competitive market, multinational companies to become the industry innovator, the health care products market in the past 2 years, overseas multinationals has almost never set foot in the market by the local health care products companies firmly occupy, 20 years in the health care products industry at a minimal ebb, Amway but with a distinctive sales model meteoric rise, to accomplish twelve-monthly sales of 300 million yuan amazing results, regardless of the the Amway marketing model quite controversial in china. Because of the progressively more competitive healthcare products demonstrated significant polarization craze: functional needs based products, the use of treatments, surprise promotions to energize consumers to buy ever more high prices of such products; nutritional supplements for the demands of the practical foods or supplements, the price gets lower and lower, have become the trend of commodity healthcare products.

6. 2 Form the culture indicate analysis

China has always been known as the ceremonies, exchanges with European countries, increasing numbers of people began to simply accept European culture, and even themselves as traditional traitor. However, through this local appearance, we can still plainly see the mainstream of traditional culture in world. How popular no matter Western culture in China, Chinese language people's understanding of the family rather than much change in the quest for warm, happy family is still the typical of value for most people.

Humanism' and the 'golden mean' in the original ethnical characteristics are reflected in consumer tendencies in public goods market. Obvious social tendencies and other orientation of consumer tendencies, most consumer notion of the city to regulate their own ingestion behavior, prefer to follow the public, catch the craze.

6. 3 From a public point of view to analysis

the cultural life changes prompted the introduction of the health health care industry. Changes in the lifestyle of people, is an important base for the introduction of health care products industry. Accelerating the rhythm of life and use the public competition intensified, an enormous surprise to people's physical and mental working, broadening populations in sub-health point out. Various undesirable impact of the daily lives, people use healthcare products and then the development and development of healthcare products to become the financial life of the "hot spots".

Summary

Decision-making can be an important region of research in cognitive mindset. Knowledge of the individual's decision-making process, it's important to understand that there are several factors that have an impact on the decision-making, the decisions they make. These factors is the experience of the past, cognitive bias, time and individual dissimilarities, personal beliefs and commitment to upgrade. Inspired by the spirit of the shortcut, to consider a few of the decision-makers of cognitive overload. Heuristic There are plenty of ways, but important, commonly representatives, supply, and anchoring and modification. After an individual makes a decision, there are several differing final results, including regret and satisfaction. Decisions that are reversible will be more desired and people are prepared to pay a premium for the capability to invert decisions; though reversibility might not lead to positive or reasonable outcomes. Therefore, the business's managers to make decisions, so the idea of the manager will not employees interference. So managers will simply clear understand his own goal in the business case.

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