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The Business Decision Making Framework

Identify the problem or need

Research the problem Suggest possible solutions

Analyse the possible solutions

Evaluate the solutions and recommend one to implement Review skills, knowledge and understanding Set new targets

Marketing
The 4 Ps of Marketing

The 4 Ps of Marketing are: Price, Product, Place and Promotion. Use the grid below to research how the organisation that you are researching uses the 4 Ps.

Price
e.g. list price, discount, credit

Place
e.g. location, transportation, distribution

Product
e.g. quality, style, features, brand, packaging, guarantees

Promotion
e.g. publicity, sales offers, advertising

Simple Questionnaire Design and Analysis

The Basic Ten Point Plan: 1. Try to ask no more than 5 to 10 questions. 2. Check that your questions are clear , unbiased and will give useful information. 3. Read them aloud to check that they make sense.

4. Will the answers to your questions provide data that is easy to collate? 5. Think about the best data collecting format to use: - yes/no answers - responses on a scale of 15 - open ended questions inviting comments

6. Plan to ask a realistic sample of people, e.g. 50 to 100. 7. Ask people who are relevant to the questionnaire, e.g. not just students in your class who may well never buy the product or use the service. 8. Think about the best way to get replies, e.g. it s expensive to post questionnaires and unlikely that many people will reply. It may be best to have face to face contact and complete the questionnaires on the spot.

9. Collate your findings and talk them through with your group or teachers before you draw any firm conclusions. 10. Thank everyone who helped you with your questionnaires.

Maslows Hierarchy of Needs

Companies use Maslows hierarchy of needs to identify what their staff need to motivate them to work towards the companys goals and targets. Maslow was an American psychologist. He published his hierarchy of needs in 1943. He said that the factors which drive or motivate people can be placed in an ascending scale. Once one set of needs is met the individual will go on to be motivated by the next set. Furthermore someone will not be motivated by a higher order need if the needs from the bottom of the scale are not satisfied. An example of this is that we wont be motivated to go for promotion at work if we are in fear for our lives, or without enough food to eat.

Self-actualising: achieving goals, winning

Esteem needs: praise, respect

social needs: friends, interaction with people

Safety needs: security, absence of fear

Physiological needs: warmth, shelter , food

Herzbergs 2 Factor Theory

Herzberg noticed that motivation at work was affected by 2 factors:

1. Hygiene Factors, which has the potential to be demotivators at work and if not handled correctly can cause long term damage to motivation. Examples of hygiene factors include:
Job insecurity Working conditions Company policies Office life and internal politics Level of control an individual has over their work Pay levels Work life balance.

2. Motivators, these factors can motivate employees to work harder and achieve high goals: Examples of motivating factors include:
Achievement Responsibility Promotion Recognition An interesting job.

SWOT Analysis

SWOT Analysis is a technique to analyse an organisation, both internally and externally, and to identify possible strategies to take the organisation forward.

SWOT analysis stands for:

Strengths

i.e. internal strengths of the business (Marketing, Finance, Human Resources, and Production).

Weaknesses

i.e. internal weaknesses of the business.

Opportunities

i.e. external opportunities for the business, such as new technology, new markets, changes in the law that make the business products compulsory.

Threats

i.e. external threats, such as political instability, aggressive competitors, changes in the law that restrict advertising for the business products. A SWOT Analysis can also be used to analyse products and services.

SWOT

SWOT Analysis
A SWOT Analysis is usually done in point form on a grid that looks like this:

Strengths
What do you do well? What resources can you draw on?

Opportunities
What is available that you could use to create success?

Weaknesses
What could you improve?

Threats
What things do you see as a threat? What is the competition doing?

What could let you down?

PEST Analysis

A PEST Analysis is a business measurement tool. It helps us to understand the growth or decline in a market. It can be used to review:
the direction a company is taking the value of an idea or strategy like a marketing plan.

PEST stands for Political, Economic, Social, and Technological. The analysis is carried out in point form using a grid like the one below:

PEST

Political

Economic

Social

Technological