...Decision making is the process of choosing among alternative courses of action for the purpose of attaining a certain goal. In this paper I am going to scrutinise a number of courses offered in four different disciplines within a business school and identify how these courses relate with decision making. The conclusions are presented in tabular form. IVEY Business School and The University of Pennsylvania were my source of information. There school of Business offers many different courses all of them lying under or comprising of the different disciplines that are found in business school. Some of these include: i. Business, Economics and Public Policy Course Relation to Decision making Focus Computerized support Intro to Business Economics Explores the economics and politics of public policy to provide the student with an analytic framework. Policy issues relating to taxation, social security, low-income assistance. High Financing and Managing Government Covers cost-benefit evaluations which influence decision making. Role of public policy in affecting the efficiency of markets and the distribution of resources in society. High. Economic Analysis of Law Teaches students how to think as an economist about legal rules and evaluate alternative legal rules. Interpretation of legal rules Moderate Behavioural Economics, Markets, and Public Policy Applies insights from psychology to the study of economic phenomena and decision making. How psychology plays out in markets, where...
Words: 1275 - Pages: 6
...business type of seller. | | | | managerial approach of seller, capacity of seller to do the work, and ability of seller to make a reasonable make-or-buy decision. | | Instructor Explanation: | PMBOK® Guide, Chapter 12 | | | | Points Received: | 10 of 10 | | Comments: | | | | Question 2. | Question : | (TCO A) In industry, there are four processes one follows in the procurement area of project management. Describe and explain these four processes in the procurement management process for the buyer. | | | Student Answer: | | There are four processes in procurement management; plan, conduct, administer, and close procurement. Plan Procurement Process of documenting project purchasing decision, specifying the approach and identifying potential sellers. The first out of four procurement-related project management processes is in the Planning Process group, and is the process which creates the guidelines for all of the procurement activities on the project. It helps document the project procurement decisions, specifies the approach taken to identify potential sellers and carry out the procurement. Conduct Procurement Process of obtaining quotations, offers, information, and proposals from sellers, and then selecting a seller and awarding a contract. Administer Procurement Process of managing procurement relationship, monitoring performance and making changes and corrections as needed. The buyer...
Words: 1426 - Pages: 6
...Chapter 14 Managing Pricing Decisions Price is a core component of value. Value: ratio of the bundle of benefits a customer receives from an offering compared to the costs incurred by the customer in acquiring that bundle of benefits. Price or more specifically the customer’s perception the offering’s pricing – is a key determinant of perceived value. Elements of managing pricing decisions 1. Establish pricing objectives and related strategies 2. Select pricing tactics 3. Set the exact price 4. Determine Channel discounts and allowances 5. Execute price changes 6. Understand Legal considerations in pricing Establish pricing objectives and related strategies * Pricing objectives are the desired or expected result associated with a pricing strategy. Pricing objectives must be consistent with other marketing-related objectives as well as with the firm’s overall objectives for doing business. * Penetration pricing is a strategy adopted for quickly achieving a high volume of sales and deep market penetration of a new product. Under this approach, a product is widely promoted and its introductory price is kept comparatively low. * Price skimming: a product pricing strategy by which a firm charges the highest initial price that customers will pay. As the demand of the first customers is satisfied, the firm lowers the price to attract another, more price-sensitive segment. * Profit Maximization and Target ROI is the...
Words: 725 - Pages: 3
...Concept of Marketing Intermediaries The third P of the 4 Ps of marketing is place. Marketing intermediaries, also known as resellers, buy products to resell at a profit. Intermediaries include certain types of resellers such as wholesalers and retailers, who purchase products from manufacturers, then distribute them to consumers and other buyers. A channel of distribution includes the locations where sellers market their products to the final consumer. This could be a combination of institutions through which sellers deliver their product (i.e., wholesalers, retailers, agents). There are many marketing functions that are handled by these intermediaries, including buying, selling, sorting, financing, storage, and transportation. The conventional channels of distribution involve many methods of getting products to the final consumer. These methods may include distribution from the manufacturer directly to the consumer, distribution from the manufacturer to a retailer to the consumer, and several others. From a strategic point of view, the term "supply chain management" connotes a holistic, systems approach to viewing product distribution as an integral component of partnering with vendors, suppliers, and various intermediary marketers. When determining a channel of distribution plan for a company, the choice of channel may be influenced by the distribution coverage required, the degree of control the company desires, the total distribution costs, economies of scale, and channel...
Words: 1151 - Pages: 5
...inconsistency in entrepreneur spirit and increase in office expenses. Thus they are considering documenting a long-term company strategy, monitoring office costs and centralizing the control in order to address these problems. The purposes of this report are to: · Identify and analyze the issues raised from current operating offices. · Provide recommendations to address the problems and concerns that have been raised. To address the issues that have been raised, it is recommended that ASC: · Establish a long-term strategy to convey company goals, promote a unified entrepreneur spirit, and prevent future business practice conflicts, while maintaining the current level of autonomy assigned to office partners. · Implement a new pricing policy where the price is determined by the estimated expense plus a 20% markup. This helps eliminate the current practice of cross-subsidizing, provides partners with incentives in cost control, and helps offices shift from operating as revenue centres to profit centres. · Incorporate client based evaluations into the annual bonus system for partners, encouraging them to expand the client base through acquisition of new clients while maintaining current client relationships. · Introduce a Pool Staff Allocation Technique (PSAT) system to increase cost utilization, monitor office expenses, and expand office capacities. Introduction Automation Consulting Services (ACS) was founded by Clifford Reed, Jack Leland and Angela Goldberg...
Words: 2416 - Pages: 10
...revenues were slightly more than €3 billion. Zumwald manages ran the company on a highly decentralized basis. The managers of each division were allowed considerable autonomy if their performances were at least on plan. Performance was evaluated, and management bonuses were assigned, based on each division’s achievement of budgeted targets for return on invested capital (ROIC) and sales growth. Even though the company was partly vertically integrated, division managers were allowed to source their components from external suppliers if they so chose. In August 2002, a pricing dispute arose between the managers of 3 of the divisions of Zumwald AG: Imaging Systems Division (ISD), the Heidelberg Division (Heidelberg), and the Electronic Components Division (ECD). The case describes a transfer pricing issue that is common in decentralized, divisionalized firms. The case raises issues about internal pricing and, more generally, the operation of a decentralized management structure. Analysis 1: If we see the facts that came out in ensuing the discussion: [pic] It is obvious why ISD take Display tech as their supplier, a total cost difference of € 39,500. Thus, Heidelberg price would result in ISD negative gross margin. Even though if we look in terms of contribution margin, ISD will still get positive numbers if they took the display monitor from Heidelberg, but looking at the objective of having the X73 as the next best thing in a competitive market, longer term it...
Words: 1273 - Pages: 6
...products. Loretta Williams is hired from the finance department into a position newly created, as Director of Purchasing and Pricing to work toward the standardization of process and tries to implement change but ultimately encounters bitter resistance. This is because the proposal involved major changes to the organization’s purchasing and pricing processes and she did not use the right strategies for managing or communicating the change process. The change Williams wanted to install at Sunflower was a good one and necessary but she chose the wrong medium of email, which is comparatively a less rich means of communication for these kinds of issues with major consequences. The managers could have misunderstood why such policy was needed when they were all making profit and they did not know who was implementing these changes. Prior to William’s arrival the organization was running on a decentralized organizational structure where regional executives had freedom to make their own decisions but with the new change, their autonomy was decreased and decisions regarding pricing and purchasing were centralized. It is very difficult to uproot such a culture without a planned change management effort. The regional managers at Sunflower were used to the culture of autonomy and independence for a long time. They were comfortable with this way of doing business and managing their centers, hence it created an inertia that resisted change. Autonomy and...
Words: 814 - Pages: 4
...Working Order For Statistics Heroes Consultant 1. Chief Executive Officer (CEO) – 1 Person * The CEO has responsibilities as a director, decision maker, leader, manager and executor. The communicator role can involve the press and the rest of the outside world, as well as the organization's management and employees; the decision-making role involves high-level decisions about policy and strategy. As a leader of the company, the CEO advises the board of directors, motivates employees, and drives change within the organization. As a CEO presides over the organization's day-to-day operations. The term refers to the person who takes all the decisions regarding the upliftment of the company, which includes all sectors and fields of the business like operations, marketing, business Development, finance, Human resources, etc. 2. Chiefs Human Resources Officer (CHRO) – 2 Person (Internal and External) * Top CHRO concerns fall roughly into three broad categories: talent, capabilities and culture. i. Talent * Talent management includes building the quality and depth of talent, including a focus on succession and leadership or employee development. ii. Capabilities * Managing corporate capabilities includes dealing with rapid changes in technology, globalization, and the increasingly complex external context of government regulations and public policy (impacting union and employee relations, executive compensation...
Words: 942 - Pages: 4
...for less than ten years. Fellow, Young Scholars Program, Marketing Science Institute, 2005 Outstanding Reviewer, Journal of Consumer Research, 2003 Chair’s Core Course Teaching Award, Kellogg School of Management, 2002 – 2003 Dean’s Recognition of Teaching Excellence, Kellogg School of Management (based on student evaluations), 1998 – present McManus Research Chair, Kellogg School of Management, 1998 – 1999, 2001 – 2002 Kraft Research Chair, Kellogg School of Management, 2000 – 2001 Fellow, American Marketing Association Doctoral Consortium, 1996 Honorable Mention, Alden G. Clayton Doctoral Dissertation Proposal Competition, 1995 Alexander Chernev 2/2012 RESEARCH Focus Research Articles (Peer Reviewed) Consumer Decision Behavior 1. Brough, Aaron and Alexander Chernev...
Words: 3654 - Pages: 15
...Identification of Pricing and Distribution Issues For the Company, Country, and Product or Service You Chose For Your Course Project Pricing is one of the most important part of any particular business irrespective of the sector they operates in. It is one of the most vital component that impacts the operations of a particular company one way or the other. It determines the perceptions of the customers regarding a particular set of products or services. It also enhance the value of the products and services to a greater extent altogether. This aspect affects the brand, image and market positioning within the marketplace. This aspect is also relevant for the operations of the companies like Toyota operating on the global business environment. It has been learnt that companies must need to ensure the deliverance of quality products and services to the customers. In this context, the approach of Toyota is more or similar to an extent. However, it has been leant that the company is dealing with problems of building a firm pricing strategy owing to the prevalence of a fluctuating trend within the automobile industry of that very market (Smith, 2011). Are There Any Issues That Will Positively Or Negatively Affect Your Pricing Strategy? Why and How? It has been depicted that there are certain prevailing issues in the automobile market of China that is hindering the operations of the companies in various sector one way or the other in a negative manner altogether. It has been...
Words: 594 - Pages: 3
...the “right” action to take. When these dilemmas occur in the workplace the wrong decision could have damaging effects on the individuals involved and the company. I was lucky enough to develop good moral concepts, or ideas of “right” and “wrong” from a combination of my values and virtue. My virtue has allowed me to rise above ethical dilemmas in the workplace and apply my values to make the “right” decision when facing a dilemma. My Ethical Obligations I work for a third party energy supplier as an account manager, supporting salespeople in their roles of entering accurate customer information, requesting usage data for the customer’s accounts, pricing customers, running credit checks, generating contracts, and handling any issues that may arise during this process. I have many ethical obligations in my job; one is to ensure that the data entered into the system is accurate so that the information reported to shareholders is without error. Another obligation I have is to the customers, to provide them with accurate pricing information so that they can properly budget their expenses based on the pricing I present to them. Another obligation I have is to the salespeople I support; if a matter arises that requires their attention or requires them to be informed, I am responsible for conveying that information. An Ethical Dilemma One day at work a salesperson called and requested pricing for a customer who did not have current usage data in the system. I informed the...
Words: 1019 - Pages: 5
...intelligence Identifying the major forces The demographic environment The economic environment The socio-cultural environment The natural environment The technological environment The political –legal environment Scanning the marketing environment , Forecast demand, and conduction marketing research The Marketing Research System The Marketing Research Process Chapter No. 2/3 Chapter 1 4 11 18 24 Chapter 3 4 60 61 62 65 66 68 70 71 73 74 Chapter 3 5 82 84 2 6 Creating Customer Value and Customer Relationship Building Customer Value, Satisfaction and Loyalty Customer Perceived Value Total Customer Satisfaction Customer Relationship Management Analyzing Consumer Markets What influences consumer behavior The Buying decision process : the five stage model Analyzing Business Market What is organizational buying? Stages in the buying process Indentifying Market Segments and Targets Bases for Segmenting Consumer Markets Basis of Segmenting Business Market Market targeting Competitive Dynamics Product Life Cycle Marketing Strategies...
Words: 737 - Pages: 3
...FORM B: COURSE PLAN |Course Code & Course Title: ABDT3243 Services Marketing |Programme(s): 2DMK, 2drm | | | | |Semester: [ ( ] May [ ] September [ ] January |Academic Year: 2015/2016 | |(please tick “(”) | | |Hours/Week: Lecture __2__ , Tutorial __1.5__ , Laboratory/Practical ___-____ | |Week | |Topics |Reference Material |Remarks* | | | | ...
Words: 763 - Pages: 4
...| |UNIVERSITI TUNKU ABDUL RAHMAN (UTAR) | | | | | |FACULTY OF ACCOUNTANCY AND MANAGEMENT (FAM) | Unit Plan | |Unit Code & |UKTS2113 SUPPLY CHAIN MANAGEMENT | | |Unit Title: | | | |Course of Study: |Bachelor of International Business (Hons) | | | | | | |Year of Study: |Year 2 | | | | | | |Year and Semester: |201601 ...
Words: 2747 - Pages: 11
...Week 1 TCOs A, B, C Marketing, Strategies, and Research Chapter 1: Defining Marketing for the 21st Century Chapter 2: Developing Marketing Strategies and Plans Chapter 4: Conducting Marketing Research and Forecasting Demand, pp. 88-105 A. Given information gathered through applied business research, develop a Marketing Plan for a product or service of your choice consistent with its position in the market. Understand how this Marketing Plan would fit into a complete Business Plan for the product or service. Key Concepts: Define marketing and how it evolved and why marketing is important to our society. Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational goals. How it evolved has 5 phases on page 2 of notes. 1. Production concept of marketing, 2. Product concept, 3. Promotion selling concept, 4. Marketing concept, 5. Holistic marketing. A social definition shows the role marketing plays in society; for example, one marketer has said that marketing’s role is to “deliver a higher standard of living.” Here is a social definition that serves our purpose: Marketing is a societal process by which individuals and groups obtain what they need and want through creating, offering, and freely exchanging products and services of value with others. Explain the Marketing Concept as one of several company orientations towards the marketplace...
Words: 2360 - Pages: 10
