Managerial Decision Making Essay Example | Topics and Well Written Essays - 500 words

Managerial Decision Making - Essay Example t six months our company had a serious problem when we failed to capture the international market in face of stiff competition from rival companies and lack of interest in our products among the international customers. The problem faced by our organization was the prospect of huge loss in our international market as our decision to expand offshore was more of an intuitive one, rather than one being based on a rational decision making process (Thagard P., 2001). We took the success that our products had achieved within the US in terms of popularity and marketability for granted with enough evidence of customer acceptance, backed by our strict quality control division. These factors mislead us to believe that we could achieve similar results abroad, without considering the peculiar cultural, geographical and market practices in foreign countries. The necessary spade work of preparing a customer base and marketing in foreign lands, which should have been done in consultation with pertinent agencies, prior to the venture, was the major mistake we made. After identifying the criteria, decision to redesign international marketing should be made on the basis of rational criteria and available alternatives should be put into practice irrespective of the intuitive opinions of the management. The decision making should be fact based as a rational model is logically expected to lead to an optimal result. All identified criteria are ranked according to the peculiar situation of a country and local help is sought to enable marketing in the traditional way which is common in that country after setting up rational financial goals which are ultimately beneficial for the company. This leads to putting different marketing strategies into practice which are unique for a region or country. As a wide variety of inputs will be obtained while collecting factual information from foreign countries, the interpretation criteria which is still in the hands of the same management may