The importance of decision making for a successful business
THE IMPORTANCE OF DECISION MAKING FOR A SUCCESSFUL BUSINESS By Name Course Instructor's Name Institution City and State Date Statement of the Research Question This proposal aims to show the importance of decision making in a successful business. The process of decision-making is done by the management of the company. There are factors which are considered when making any decision with the view of making the enterprise successful. A company in an emerging industry or venturing into new geographic markets and that invests in technology are the ones most likely to face this challenges in the process of making viable decisions. When deciding to venture into technology business or enter new geographical areas, the company can only estimate a wide range of potential costs and performances of their technology or of the new markets. The overall profitability of investing greatly depends on these attributes. Background Information Before any decision is made, extensive market research needs to be done in order to determine how much of the market the competitor controls, their operation costs and determine the objective of the new entrant so that the organisation will know how to respond to any of the competitor's strategic moves (Provost, 2013, 40). The business environments here are quite predictable, and most organizations here are mainly adapters not shapers. The purpose of the analysis here is to be able to make predictions concerning the future landscape of the industry. The strategy employed entails choices that…
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