Question

Explain how the Vice President for marketing might describe what is involved in making rational decisions.

Answer 1

Answer:

The idea that individuals will always make rational, cautious and logical decisions is known as the rational choice theory. An example of a rational choice would be an investor choosing one stock over another because they believe it offers a higher return. Savings may also play into rational choices

Explanation:

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Answer 2

The Vice President for marketing might describe the steps involved in rational decision-making are as follows:

• 1. Confirm and define your issue: To determine the precise nature of your issue, gather as much information as possible from the relevant area and examine it to look for any concerning patterns or trends.
• 2. Research and brainstorm potential solutions for your issue: To come up with as many solutions as you can, you should learn as much as you can about your issue from both personal experience and the internet.
• 3. Establish criteria for success and failure for your prospective remedies: You can identify which of your solutions can actually solve your problem by setting a threshold to measure your solutions' success and failure.
• 4. Describe the potential outcomes of each solution by figuring out its repercussions: For each alternative, compile a table of strengths and weaknesses and contrast them.
• 5. Select the best solution and test it: After evaluating your available options, select the best solution and test it. At this point, you can also begin keeping track of your preliminary findings.
• 6. Monitor and evaluate your test results to determine whether your proposed solution actually resolved the issue.
• 7. If the test finds a solution to your issue, use it. If not, try a different one: It is the most logical choice you can make if your potential solution met your criteria and resolved your issue.

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