Business Decision Making Assignment Sample

Introduction of Business Decision Making Assignment

The decision-making method concerns determining a plan, conveying the appropriate and required knowledge, and considering the options in charge to create a judgment. The idea sounds easy, yet multiple people ignore some of the essential phases and threats that arise at the time of constructing judgments. Wherever achievable, it is essential to create the most suitable judgments underneath the possibilities. At the time of establishing a new business the most important thing is what decision is taken to establish that business. Here discussion will be on the 7-step decision making process, decision-making framework, SWOT analysis and problem-solving technique.

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The decision-making model for a new business is the rational model. This model's problem is that it is costly or time taking and it cannot be used in minor decision making. The intuitive Model problem is unknown with the assignment or contains small knowledge, they cannot arrive at a resolution outwardly.

Business decision-making model

The decision-making method is the process of collecting data, evaluating options and finally, creating the last preference. The ensuing seven step method is planned for contesting judgments that concern a considerable partner.

Step 1: Recognize the judgment that must need to make

When a company remembers the judgment, ask them a few questions:

• What is the issue that must be solved?
• Need to decide on a goal and a plan for executing these judgments.
• What will be the success rate after the execution of judgments?

These inquiries are all standard objective setting strategies which eventually assist “Space for Rent” company in arriving at potential explanations (Sniazhko, 2019). At the time the issue is absolutely described, then they contain more additional details to reach up with the most suitable decision to crack the issue.

Step 2: Collect appropriate data

Collecting data connected to the judgment standing created is a crucial phase in constructing a knowledgeable determination (Husen et al. 2019). This is even important to find data outside of their company. It's also important to look for information outside of your team or company. Useful judgment making needs data from multiple origins.

Step 3: Determine alternative resolutions

This action needs a company to examine multiple other explanations for the situation. Discovering more than one likely option is essential when it arrives to company judgment-making, due to various partners can contain various requirements relying on their position.

Step 4: Consider the proof

There are different ways that can be analyzed as consider of proof that are:

• SWOT analysis
• Decision matrix

Step 5: Select among the options

The following action is to create space for the rental company's last judgment. Regarding all of the data they have gathered and how this judgment can influence their every partner (Chen et al. 2022). Occasionally the correct judgment is not one of the choices, but a combination of irregular various options. Useful judgment-making applies innovative issue cracking and considering out of the pack

Step 6: Maintain movement

When the last judgment creator shows the “green light”, that means it is the moment to set the resolution to motion. Grab the moment to make an execution strategy that space for Rent Company is on the exact page for the following actions. After that, it is a period to set their strategy into movement and observe improvement to resolve whether the decision is good or bad.

Step 7: Check the decision and its effect

After implementing the decision, the company needs to watch its success matrix. If there is any issue in any process then the company needs to change that decision.

Figure 1: 7 step decision making process

(Source: Fire.org.in, 2022)

The above discussed 7 steps will help “Space for Rent” companies to expand their business very first. Through this step, they can observe their company's movement and if there is any issue they can solve it at that time.

Data collection Plan

This report collects data discussing primary qualitative methods. The primary qualitative method is taken because it can be Qualitative data that is described as data that matches and represents. Qualitative data that may be monitored and registered. This information type is non numerical in character. This kind of data is gathered via ways of statements, one-to-one discussions, executing principal companies and equivalent ways (Ploder et al. 2020). Qualitative data is essential in choosing the special commonness of features or elements. It permits the statistician or the students to construct parameters via more extensive data collection that can be followed. Qualitative data supplies the standards by which viewers can quantify the earth near them.

For a market student, gathering qualitative data assists in responding to queries like, who their clients are, what problems they are meeting, and where they require to concentrate their awareness, so issues or problems are determined (Pugliese and Senna, 2018). Primary origins can be defined as those References that exist most relative to the source of the data. They include raw data and therefore, must be exist cracked by students. Secondary references are nearly connected to immediate origins and usually solve them. "Space for Rent" company discussion is done by their senior offices, they are the CEO, Chairman, Finance Head and Marketing Head.

Qualitative Data collection process

1. One-to-One discussions: This is one of the common methods used in the data collection process for its personal approach. The student collects that data from a discussion on a one-to-one basis.
2. Concentrate levels: This is accomplished in a level conference scene. The level is restricted to 6-10 persons and a director is set to negotiate the continued conversation
3. Keep Record: This technique creates uses living faithful records and comparable references of data as the information origin. This data may be utilized in the latest study. This is equivalent to proceeding to a library (Pratikto et al. 2019). Therefore, one can run over texts and different references to gather appropriate data which can be used in the study.
4. Method of observation: In this qualitative data collection process, the student engages in the scene where the respondents are, maintains a sharp watch on the parties and brings down messages. This is comprehended as the method of “observation”.
5. Longitudinal analyses: This data collection technique is conducted on the exact data origin frequently over a comprehensive time. This is an observational study process that bears on for irregular years and, in different chances, may go on for actual decades. This data array method seeks to discover correlations via a practical analysis of topics with shared characteristics.
6. Subject investigations: According to this process, information is collected through a hip-depth study of subject investigations (Rahajeng et al. 2022). The utility of this approach is revealed in how this process can be utilized to explore both easy and difficult topics. The power of this approach is how it utilizes a mixture of one or better qualitative data collection techniques to sketch assumptions.

Decision-making framework

AARRR stands for acquisition, activation, retention, referral, and revenue. This is a widely acknowledged transaction cornucopia shape representative to examine a company's interpretation and user manners. AARRR metrics framework exists as a shortening for a group of five user manners metrics which makes development and expansion companies always be following.

Recognize AARRR Pirate Metrics

Acquisition Metrics: According to the AARRR framework, acquisition guides all of the media they use to present someone to their outcome. This could contain:

• Advertising
• SEO
• Sociable media
• Trade drives
• Widgets and apps

Activation Metrics:

Activation guides users to take the expected activities, or following actions, behind them rather than engage with their organization's website, development, or scope (Hamdani and Sihotang, 2020).

• Seeing more porters
• Testing with added elements
• Expanding an allotted quantity of period on their app or site
• Marking up for their news
• Inscribing up for their gratis crack

Retention Metrics:

After the “activated” unique users by convincing them to carry movement, they will like to watch how multiple of these users are persisting to display well in their product (Barykin et al. 2021).

• Bearing to their development frequently over a shared moment
• Need to open company email id
• Need to inscribe for their RSS spread
• Need to make a website

Referral Metrics:

This guides users to introduce their firm product to coworkers and friends. These are considerably hard metrics to follow due to people using all kinds of methods to inform others regarding businesses and apps (Petrov et al. 2020). While a company need to arrange movements to follow referrals, like as:

• Emails with referral advertisements are entrenched
• Referral competitions
• Different marketing movements were created to assemble it comfortable to convey the development to others

Revenue Metrics:

At last, need to determine the exact income marks for the company. This will help them to understand on costs for acquisition and other measures that result in promising development.

• Lowest revenue
• Revenue that surpasses the client purchase fee.
• Break actually revenue

These AARRR pirate metrics will help Space for Rent Company in their business making sessions (Shi, 2022). For using this model the company needs to make a website and e-mail id. The help of website customers will know about the company products.

Task 2

SWOT analysis and PESTLE analysis

This report is mainly focusing on criteria that are required for any kind of company or business organization, which are skills of decision-making. Along with this, this report is focusing a spotlight on a company known as "Space for Rent", which wants to develop itself in order to enter into UK market. This company "Space for Rent" company is planning to find outbuildings and furnish them under the expertise of experts and then rent out a particular room or space at an affordable price (Benzaghta et al. 2021). As this company is a new start-up in business industry, therefore enhancing the skill of decision-making is a crucial one. In order to grow in a market, understanding a view of current market trends is an important task to do. There are different types of analyzing methods that can used to make an evaluation of competitors and current trends in markets (Anastasiu et al. 2020). Among all these, SWOT analysis is an effective one, SWOT is mainly an abbreviation of four terms, which are, strengths, weaknesses, opportunities, and threats. Through this analysis, this company will get a view of its current situation regarding what they are good at and what are its weaknesses, and many more.

Figure 1: SWOT analysis of "Space for Rent"

[Source: Self-developed]

Strengths of "Space for Rent"

The above-mentioned table mainly discussed all those important four aspects of this company called "Space for Rent" (Gaffar et al. 2020). These four aspects are strengths, weaknesses, opportunities, and threats. According to this table;e of SWOT, strengths of this company are, In order to create a market value, a company needs to be established properly. As this " Space for Rent" company is a newly grown business, therefore, it needs to be established in a proper way to build brand value in business industry. This will ultimately help this company in making decisions regarding its business requirements. Another strength that is the key point of any kind of business, is a good amount of capital (Li et al. 2020). Without a sufficient amount of capital, a company cannot grow in every aspect. Therefore, having a sufficient amount of capital will act as a strength for this "Space for Rent" company, along with this, it will also help this company to make decisions regarding its development into this market. As this company is mainly focusing on providing spaces and rooms in exchange for money, therefore maintaining an affordable price will help them to grow smoothly, this will be a great strength for this company. Another important strength this company can generate is a good strategy for marketing (Capobianco et al. 2021). Promotion plays an important role in any kind of business organization. Therefore, creating a proper plan of promotion can help this company to reach every corner of this world. Future of every company depends on its workers' performance, therefore engaging efficient workers in this company will also act as a strength here.

Weaknesses of "Space for Rent"

Through this above-mentioned table, a few weaknesses are evident. These are poor leadership skills, improper time management, less information regarding market competition, and improper paperwork. As this company is going to make a place in Uk market, therefore having poor leadership skills, can create a hindrance in its path of growth. Poor leadership skills can also hamper those skills of decision-making. Improper uses of capital can also create trouble for this company to grow efficiently. Therefore, this company should take care of its capital to avoid unwanted adversities (Díez-Ripollés, 2019). Business industry always comes with growing competition in the market. Therefore, having less knowledge regarding this can create trouble for this company. Along with this, as this company is about acquiring buildings, therefore correctly handling all important papers works is important here. Handling papers in an improper way can create a hurdle for this company soon.

Opportunities of "Space for Rent"

As this company is mainly serving all commoners in this world, therefore, this company has a chance of expansion in future. Along with these, implementing different types of technologies will help this company with better growth (Irfan et al. 2019). People are more likely to get attracted to all those tempting offers and deals, therefore offering different types of offers will help this company to attract customers that are more new. In this digital world, everything is becoming digital, which is why implementing the use of a customized mobile application will help this company with better growth.

Threats of "Space for Rent"

This company "Space for Rent" will face different types of threats in market, one of these is constantly growing competition in this business market. Apart from this, Breaking government laws and regulations and performing different types of illegal activities can create a serious issue in this company; therefore, avoiding all of these can help this company to grow without any obstacles. Moreover, it can said that, meeting all these factors will help this company for enhancing these skills of decision-making.

PESTLE analysis

Figure 2: PESTLE Analysis

[Source: Self-developed]

PESTLE analysis is also an important method to look after before commencing any project of company. In this analysis, five important factors have been critically evaluated throughout this report. Among all these factors, a political factor is an important one. According to this above-mentioned table, UK's political stability rate has decreased by 6.4%, along with this, overall tax collection has been also reduced, which will ultimately create a negative impact on every company in UK, which will be including this company "Space for Rent" too (Capobianco, 2020). Apart from this political factors, economic, social, and technological factors of UK also create a positive impact on companies based in UK. As this company is going to create a way in UK market, therefore, UK's legal and environmental factors also will create an impact on this company.

Implementation of Porter's Five forces

Porter's five forces always play an important role in business industry, and analysis of these five factors can create a difference in a company or business organization. These five forces are, "Threats of new entrants", "Bargaining power of suppliers", "Bargaining power of buyers", "The threat of substitute products or services", and "Rivalry among existing competitors" (Bruijl and Gerard, 2018). "Threats of new entrants", this force mainly focuses on sudden changes in production in order to avoid threats of new entrants in business market. Along with these, "Bargaining power of suppliers", also plays an important role in business market, it mainly analyses factors like very poor power suppliers, very high cost of suppliers, and all, Giving proper attention to these matters will help a company to grow in a better way. Apart from these forces, analysis of other three forces, ”Bargaining power of buyers", "The threat of substitute products or services", and "Rivalry among existing competitors", can create a significant change in this particular company.

Rational decision-making model

As this report is mainly based on decision-making skill of a company called "Space for Rent", therefore evaluation of a rational decision-making model is crucial here. This model helps to build discipline and consistency in this process of decision-making (Shahid, 2022). As this model name Rational, suggests a sense of logic itself, therefore, it can be said that this model will help to make a logical decision. There are another three steps that come under models of decision-making, these steps are, "Thinking First", "Seeing First", and "Doing First". Following all these steps help to make decision-based on rationality, introspection, and experience. According to all those criteria of this company, following all these steps will help this company to gain skills of decision making. Along with these, this particular model of decision-making helps to take routine and strategic decisions. Apart from these, applying this model also helps to take group decisions and individual decisions too. Non-program decisions and program decisions can also be taken from this decision-making module. Therefore, applying this technique will help this company in every possible aspect.

Conclusion

This report has discussed every important step that a company needs to follow in order to grow in this tough competition of business. It has described SWOT analysis, Porter's five forces, and even PESTLE analysis to make a clear strategic vision for this upcoming company called, "Space for Rent". Along with these, an explanation of Rational Decision-Making Model also helped this company to gather skills regarding decision-making. Moreover, it can be concluded like this that all important aspects of this particular report have been critically evaluated and explained.

Reference

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Website

• Fiire.org.in, 2022. 7 Steps of a Decision Making Process. Accessed from: https://www.fiire.org.in/7-steps-of-a-decision-making-process/ [Accessed on 12^th November, 2022]