RE: The Peanut Butter and Jelly Sandwich Factory
A FACTORY in Crisis: An Overview
My factory, Buffett’s PB&J, is no longer thriving. For decades, we at Buffett’s PB&J chose to limit our raw materials to only white bread, creamy peanut butter, and grape jelly. In order to survive in a changing environment, we have decided it is time to diversify the product line in order to attract a wider variety of customers.
Decision Making Theory #1: Satisficing and the Bounded rationality theory
According to the class notes, the first step in the satisficing decision process is identifying variables that the organization views as important in the outcome. My organization’s three variables would be uniqueness, environmental-friendliness, and cost-effectiveness. …show more content…
For example, let’s say that Michael Jordan is my best friend and offered to shoot a commercial for Buffett’s PB&J a few years ago. Because the company was thriving up until recently, and the marketing team had been extremely busy with other endeavors to ever follow up with Michael Jordan, the commercial project was pushed aside. Since Buffett’s PB&J is now struggling, I now could utilize my connection with Michael Jordan to shoot a commercial for the company. We could even name one of our new foods after him, such as “Jordan’s PB&J Jelly Beans.” Hopefully, having Michael Jordan become a celebrity sponsor for Buffett’s PB&J would revitalize …show more content…
Since an organization is made up of people, and each person has his or her own beliefs and opinions about what decision should be made, concensus may not always be the end result. It is ideal to assume that every player in a decision making process is a completely rational one; if one person argues vehemetly for one side and another person fiercely opposes, it is not uncommon for polarizing opinions to stay polarized. I, an authoritative figure at Buffett’s PB&J, have the power to heavily influence -- or be the final word -- on decision making
A FACTORY in Crisis: An Overview
My factory, Buffett’s PB&J, is no longer thriving. For decades, we at Buffett’s PB&J chose to limit our raw materials to only white bread, creamy peanut butter, and grape jelly. In order to survive in a changing environment, we have decided it is time to diversify the product line in order to attract a wider variety of customers.
Decision Making Theory #1: Satisficing and the Bounded rationality theory
According to the class notes, the first step in the satisficing decision process is identifying variables that the organization views as important in the outcome. My organization’s three variables would be uniqueness, environmental-friendliness, and cost-effectiveness. …show more content…
For example, let’s say that Michael Jordan is my best friend and offered to shoot a commercial for Buffett’s PB&J a few years ago. Because the company was thriving up until recently, and the marketing team had been extremely busy with other endeavors to ever follow up with Michael Jordan, the commercial project was pushed aside. Since Buffett’s PB&J is now struggling, I now could utilize my connection with Michael Jordan to shoot a commercial for the company. We could even name one of our new foods after him, such as “Jordan’s PB&J Jelly Beans.” Hopefully, having Michael Jordan become a celebrity sponsor for Buffett’s PB&J would revitalize …show more content…
Since an organization is made up of people, and each person has his or her own beliefs and opinions about what decision should be made, concensus may not always be the end result. It is ideal to assume that every player in a decision making process is a completely rational one; if one person argues vehemetly for one side and another person fiercely opposes, it is not uncommon for polarizing opinions to stay polarized. I, an authoritative figure at Buffett’s PB&J, have the power to heavily influence -- or be the final word -- on decision making