Decision Making Process Essay Examples & Outline
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Decision Making Process
The start-up cloth store has been able to stay afloat since there was no competition. However, the onset of competition has led to exposure of the faults in the business strategy on which the company run. One of the problems inherent in the business strategy is the single focus of the business. As opposed to the newly established stores, the business has focused exclusively on the female clothes. This single focus is limiting since women with children cannot conduct a one stop shopping for clothes. The competitors have also provided variety by including male clothes. This makes it easy for them to promote their business on the basis of the range of products offered. The final failure in the business strategy is the prohibitive pricing of the clothes. The result of the above shortcomings of the business strategy have led to dwindling of the sales and profits for the organisation. This paper will focus on the solutions that can be undertaken to turnaround the performance of the organisation. It will use the six steps in decision making to come up with the best solution to the problems that are currently facing the organisation.
Research and Identity Options
There are various options that the CEO can take to solve the issue. He may decide to conform to the trend set by the competing stores through expansion of the array of products that the store offers. The company can choose to provide women clothes alongside men clothes or provide clothes for men, women and children. On the other hand, the CEO may proceed with the current strategy to maintain the uniqueness of the business model.
Comparison of the options
If the CEO chooses to maintain the current business strategy and ethics, there is a high likelihood that the trend of poor returns will prevail. However, the store can also leverage on the exclusive focus to garner the required sales that will enable it to stay in business. Including children clothes would be desired since most of the mothers may want to buy clothes for their children as they shop for their clothes. The option of adding men clothes is not desired since most of the men prefer shopping on specialized stores. However, selling clothes for men, women and children is important in that it will give the store the status of the one-stop shopping.
The best decision would be to conform to the standards set by the rest of the business in the region (Robbins & Coulter, 2005). This will ensure that the store operates profitably. However, the store can differentiate itself from the competition by ensuring the clothes in the three lines are of the best quality while maintaining the prices at reasonable levels.
The change would be best implemented according to the different products that are intended to be offered. It is important that the children clothes are introduced first since it will not be termed as a big move by the regular customers. The introduction of the male cloth line would be best introduced after the children cloth line has stabilized. During all the introduction, the store ought to carry out research on the opinions of the existing customers about the intended plans. Each phase will be implemented within the six months.
The evaluation process for the success of the action plan will be carried out throughout the implementation (Robbins & Coulter, 2005). After every month, assessments will be made on the sale volumes for the new products (Robbins & Coulter, 2005). Analysis of the customer compliments and complaints will be conducted to and necessary changes will be made to the products. At the end of the year, the contribution of the new product lines on the sale volume will be assessed. Increment in profits and customer traffic will be the ultimate measure of the action plan.
Robbins, S., & Coulter, M. (2005). Management (1st ed.). Upper Saddle River, NJ: Pearson Prentice Hall.