Problem Solving & Business Decision Making Assignment
Introduction: Business Decision Making
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In this context, decision-making may be thought of as an organized or systematic procedure that is being taken into consideration to develop a suitable answer to any particular problem. In the context of an organization, it is important to make decisions that will be successful and beneficial so that the organization can handle business difficulties as well as grow its business by finding a suitable solution. The purpose of the study is to investigate the idea of corporate decision-making. This researcher will also look into the decision-making process employed to come up with an efficient decision. Lastly, the study will look into a method of problem-solving that can aid in effectively resolving a variety of issues.
Task 1
Question 1.1
The space for rent service wants to grow its organization's business plus approach its UK business market. Every company may encounter several problems while entering the UK market that need to be resolved (Elwyn et al. 2022). The difficulty that the business might encounter is outlined in the section below, as well as an effective decision-making process is taken into account to produce a conclusion that may assist in handling the problem.
Figure 1: Decision-making Model
Identify the Issue: Identifying the organization's primary problem has been the main objective however at this stage (Drummond, H. & Hodgson, J. 2011). This model would assist such organizations can deciding the solution appropriately depending on the problem (Lunenburg, 2020). The expansion of such a company's operations in the UK market has been its primary objective. High competitiveness is thought to be the most significant problem that has to be solved. There are several well-known Space for Rent firms there in the UK, that will increase rivalry and make it difficult for Space for Rent to continue in such a cutthroat market.
Build different criteria: Throughout this phase, every decision's relevance will be assessed in an organized manner (Hilorme et al. 2019). To outperform competitors, maintain competitive advantage, as well as be capable of gaining market share within the UK's commercial market, the postal Space for Rent firm must make successful decisions.
Weigh decision criteria: The action will significantly increase the probability for the business to secure the right precedence in the choice. The established standards will make it easier for such Space for Rent firms to extend their organizational operations in the UK market as well as provide them with the opportunity to properly secure the viability of the organization (Yoo and Kim, 2018).
General Alternatives: The main aim within that step would be to come up with a variety of solutions that the organization may use to approach the problem in an organized fashion. This space rental business can make sure that a comprehensive marketing campaign is run to spread the organization's brand as well as to lessen competition (Ikram et al. 2021). The option being investigated to assist in ensuring competitive advantage has low-priced service. Quality customer service would be another option that might help you defeat your competitors.
Evaluate alternatives: The aim is to assess the options and choose the most suitable one. Although a large-scale advertising campaign becomes a successful answer, the procedure is expensive and will increase the cost of production (Rajesh, 2020). Its organization must struggle to obtain control over the production costs to guarantee good quality services. Low-cost services will lower the company's profit margin.
Select best alternatives: The business will choose the best option in this last stage and use it to address the identified problem. This company that rents out space may look at low-cost services as a potential remedy. It will lower the gross margin, but the company can attract more customers as well as increase sales (Chouhan et al. 2022). Because of this, the company can successfully increase annual organization income.
Question 1.2
In the context of the organization, data collection may be viewed as a useful strategy that will aid in the organization's acquisition of the necessary information. During decision-making, every organization must gather a variety of data kinds (Božani? et al. 2020). The information will help in the generation of sound decisions and their organized implementation to address the problem. To guarantee the efficiency of a group decision, its organization must obtain two sorts of data from nature. The following analysis and determination of two categories of data.
Primary: Throughout the environment, information that has been gathered from sources that are regarded as first-hand accounts is said to be primary information. The information will aid in understanding this situation as well as making wise decisions.
Secondary: Secondary sources include things like research papers, documents, company websites, publications, and more (Mohammadi and Rezaei, 2020). The secondary methodology can be classified as such data which is obtained by accessing such sources.
Creation of Plan
Primary data gather
UK's citizens are regarded as the "primary source" from which the "primary data" will be gathered.
Secondary data gather
Data mostly on services, as well as costs of such space for rent providers, will be gathered via accessing papers, research papers, and documents, including organization websites.
Tool for primary data
Survey tools including questionnaires can be used to gather the necessary primary data.
Tool for secondary data
The internet plus various publications could be used as the method to get the necessary secondary data (Aldowah et al. 2020).
The time frame for primary data
Every organization gives itself 20 days to arrange the acquisition of the necessary primary data.
The time frame for secondary data
The business will obtain secondary data in ten days by gaining access to primary sources of information (Sun, 2020).
Sampling method
To achieve accurate sampling, the methods of stratified plus random sampling shall be taken into consideration.
Aspects of Complex Decision-Making
Information overload
Lack of information
Gathering information
Question 1.3
For the group to have the opportunity to guarantee the success of the organizational business as well as for the organization to be effectively capable of expanding the group, the space for the company must make effective as well as productive decisions. For the rental service to succeed in the UK's cutthroat business environment, it is also necessary to make effective and profitable decisions (Chang et al. 2021). This decision-making model is used to provide useful decisions for the company in the example below.
Figure 2: Decision-making framework
In this context of the identify the goal section, I can identify the organization's goal. The organization's goal is to provide a rental service. The second section explains the details of the data collection of the space for rent. This data collection process helps to consider the consequences and helps to make the decision (Martin et al. 2021). Understand the participant's response about this business and also understand the strengths and weaknesses of the business. As per issue, it can help to address the issue. This space for-rent business will be able to attract customers and increase sales thanks to the cheap cost service. Its company should be able to enhance the perception of its brand as well as have the opportunity to affect consumer purchasing decisions in light of efficient promotional efforts.
Task 2
2.1 Identifying competitors and undertaking a SWOT analysis
The space for rent is associated with acquiring buildings at a reasonable price and refurbishing the buildings (Erdogan et al. 2019). In this aspect, it can be observed that different competitors in the UK environment can resist this business process to meet its strategic objectives. There are some major competitors including - Leo Building Refurbishment, Pure Building and Refurbishment, Sigma Construction, and others. In this competitive market environment, an effective application of the SWOT analysis would assist the business process of "Space for Rent '' to evaluate its current strengths, weak areas, opportunities as well and threats. This evaluation can be helpful for this organization to take future actions to expand its process in the UK business environment.
Strengths
? "Space for Rent" has an effective capacity for making investments where it has a greater balance in the debt as well as equity dimensions. This would assist it in making a great investment and making faster expansion in this industry
? It has applied a strong information system for monitoring different operational activities including- inventory, logistics as well and the movement of high stakeholders (Sharpe et al. 2019).
? It has built strong relationships with high-influence stakeholders related to the organizational process.
Weaknesses
? Greater Likelihood of organizational conflict due to inefficiency work environment and increasing attrition rate of employees
? Less effective brand value in the UK environment that would be resistant to acquiring effective clients
Opportunities
? According to the market environment of the UK, it can be effectively identified that the industry size of real estate has reached 151.6 billion USD. In this large size industry, there is a greater opportunity for this organization, "Space for Rent" to generate higher sales revenue with its best offerings.
? The per capita income of people in the UK is increasing faster, reaching 47620 dollars. In this aspect, the demand for some effective builds would increase.
Threats
? There is a greater threat in the market environment due to the existence of some major competitors including - Leo Building Refurbishment, Pure Building, and Refurbishment, Sigma Construction, and others
? There is also a greater risk factor regarding buyers for the availability of several alternatives
? An adverse change in the economic, as well as political factors, can impact the operational objectives
Based on the above SWOT analysis table, it can be observed that this business has some strengths as well as weaknesses about different existing rival businesses. In this situation, it is a task to increase strong positions as well as reduce weak positions to minimize the impact of threats and to gain opportunities.
2.2 Selecting and justifying problem-solving technique
According to my perspective, a creative decision-making model would be the most effective for the business process of space for rent in solving problems in different ways and making process innovations. In the context of the competitive market environment of the United Kingdom, this decision-making model can assist in adopting proper business-level as well as function-level strategies according to environmental situations (Akdere, 2011). Apart from that, this can also help implement innovative change such as system change, policy change, or technology change. In the current environment, the task of a business organization is to innovate or solve the problems of customers better than existing competitors.
It also encourages coordination between all functional areas as well as innovating, strengthening the process, and effective team building while experimenting with new ideas. Keep brainstorming concepts for remedies and start sharing them with teams along with stakeholders as individuals practice creative modes of decision-making. This could also help this organization in building and preserving a public image as a creative assistant (Drummond & Hodgson, 2016). When staff members have clarification as well as a perception of the ability to contribute, they are more willing to believe in a procedure, leader, or corporation. The business process of "Space for Rent" is associated with acquiring buildings and refurbishment where this model can also assist in the creative design and outlook of buildings for acquiring people for rent. Business decision-making is the process of selecting and justifying a problem-solving technique intended to adequately solve a business problem (Akdere, 2011). Taking into consideration the competitive nature of the UK market, this paper brings forward the idea that adopting a creative decision-making model will produce better results than other techniques. When it comes to innovation and system change, this can help in implementing suitable strategies according to environmental situations. In addition, it would increase the chances of tackling problems such as financial issues and product quality problems by introducing strategies such as market research or business analysis techniques.
According to Akdere (2011), the problem-solving technique should be capable of preparing and making decisions based on advantages, disadvantages, and probabilities. In addition, it should also be able to analyze the reasons why a particular decision is taken into account. This will make it possible to find out the relationship between inputs and outputs. The objective of this process is to identify all factors that impact the result of decision-making (Akdere, 2011). It is necessary for any business decision-maker or entrepreneur in developing a marketing plan to specify all these factors which affect business performance and profitability
Businesses are constantly faced with challenges to adapt to changes and therefore need to be proactive. Adaptation brings about a new objective for the company, to create a competitive advantage (Engelbart, 1980). To do this, businesses must be flexible in how they solve problems because each situation is unique and requires a different response. A creative decision-making model can help organizations improve their efficiency, creativity, and performance (Fuchs & Marshall, 2002).
The business is dynamic and changing fast. Its major function of being competitive makes it necessary to identify business challenges, respond to these challenges, and implement corrective actions to improve performance. It requires decisions to be made promptly that meet customer expectations and examine the development of products, processes, and services. Digital technologies have revolutionized the way companies conduct their business operations.
Conclusion
The postal Space for rent service aims to get into the UK corporate market. The organization's mission statement should be to build the organization's business as well as the company's company in a responsible way. The UK is regarded as a very competitive commercial market, as well as new organizations having a difficult time surviving there. Due to this, it has been found that the Space for Rent Company's business has been most affected by intense competition. Their organization gave the decision-making process some thought to handle the problem and come up with a good solution. The decision has been made so that space rental firms can gain sustainability, a winning mentality, as well as the opportunity to expand their process in an organized way.
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