Question

Marketing decision makers in firm must constantly monitor competitors activities their product prices distribution and promotional efforts because

Answer 1

Marketing decision makers in firm must constantly monitor competitors activities their product prices distribution and promotional efforts because

Answer 2

Answer:

Decision-making can be regarded as problem-solving activity yielding a solution deemed to be optimal, or at least satisfactory. It  therefore a process which can be more or less rational or irrational can be based on explicit or tacit knowledge and beliefs. Tacit knowledge  often used to fill the gaps in decision-making processes.[Usually, both of these types of knowledge, explicit, are used together in the decision-making process.

Human performance has been subject of active research from several perspectives:

Psychological: examining individual decisions in  context of a set of needs, preferences and values individual has or seeks.

Cognitive: the decision-making process regarded as a continuous process integrated in the interaction with environment.

Normative: the analysis of individual decisions concerned with logic of decision-making, or communicative rationality, and invariant choice it leads to.

A major part of decision-making, involves the analysis of a finite set alternatives described in terms of evaluative criteria. Then task might be to rank these alternatives in terms of how attractive they are to decision-maker(s) when all the criteria considered simultaneously. Another task might be to find the best alternative determine the relative total priority of each alternative (for instance, it represent projects competing for funds) when all the criteria are considered simultaneously. Solving problems is the focus of multiple-criteria decision analysis (MCDA).  area of decision-making, although very old, has attracted the interest of many researchers and practitioners and is still highly debated there are many MCDA methods which may yield very different results when they are applied on exactly the same data. leads to the formulation of a decision-making paradox. Logical decision-making is an important part all science-based professions, where specialists apply their knowledge in given area to make informed decisions. example, medical decision-making often involves a diagnosis and the selection appropriate treatment. But naturalistic decision-making research shows that situations with higher time pressure, higher stakes, increased ambiguities, experts may use intuitive decision-making rather than structured approaches. They follow a recognition primed decision that fits their experience, arrive at a course of action without weighing alternatives.

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