Mktg - Improving Decesion Making - Exam 1

Front 1

Possessing a good understanding of the process of decision-making can help us:

Back 1

-obtain better outcomes
-avoid preventable and costly mistakes
-understad what kind of decesions others a likely to make

Front 2

3 Different categories of decisions

Back 2

1. Deliberative vs. non-deliberative decisions
2.Easy (“no-brainers”) vs. hard decisions
3.Important vs. unimportant decisions

Front 3

4 reasons why mktg decesions are complex

Back 3

1.many variables
2.some variables are external
3.variables lack stability
4.market response is nonlinear

Front 4

A 5-Step Decision-Making Process

Back 4

1.Understand the decision situation!!!!
(a problem, an opportunity, or both?)
2.Develop alternatives
3.Establish criteria
4.Evaluate alternatives
5.Resolve decision

Front 5

3 steps in decesion framing

Back 5

1.list differet ways to state the problem
2.question key assumptions
3.which opportunity statement best captures important features

Front 6

new coke flop

Back 6

the decesion was defined too broadly. the decesion was based just on taste and they didnt think about customer loyalty