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Mgt/230 Decision Making Process Essay

1076 words - 5 pages

Decision-Making Process
Decision making is a significant part of everyday life as every action is a reflection of any and all decisions. Life in itself demands for various decisions to be made, therefore decision making becomes a key element to all aspects of one’s life. Such decisions that do bring critical attention to the conscious mind are; career, school, managerial, financial, and family decisions. These decisions play a critical role in ones’ future just as much as in their past and present. Waking up in the morning, brushing your teeth and walking out the door or staying in for the day are some of the smaller decision made, however are just as important. Without decisions there is ...view middle of the document...

After presenting this information to his wife they realize that they qualify for both new and old vehicles. Ted then begins to compare some of the advantages and disadvantages of purchasing a new/used car. After several days of deliberating with his wife it was decided that they would move forward with the purchase of a new car. Ted and his wife first preference was a foreign dealership as after research has proven that foreign vehicles are more sustainable and uphold there value. Once they selected their specific dealer they set an appointment to meet with a sales representative. When speaking with the representative they offered a strict price range they required to stay in, a set monthly price range and specified that new car was a necessity. After filling out the credit application and an hour of sales pitches, back and forth conversation of payment options the deal was finally closed and papers signed.
Ted’s decision making process does not differ from the standard decision making process. Ted began with recognition of his problem or acknowledgment that there was a need. His need was that due to his prior car blowing its engine, a car needed to be obtained. The recognition process simply states that “if there is no need, there is no purchase.” (Perreau, 2013) , therefore a purchase of a car was to be considered. Ted knew that this essential decision could not be made if he had not conducted some research on; what he could afford based on his financial means and credit, a new car vs. old car advantages and disadvantages, down payment amount, monthly payments, long term and short term goals about the car. By Ted evaluating and researching different avenues of solutions he transition into the second part of the decision making process. Information search is the second part of the process where the “consumer seeks information about possible solutions to the problem.” (Perreau, 2013) . Once Ted gathered an overall understanding of all the likely avenues his family could take, he evaluated the alternatives with his wife. In this third stage of the process one is defining the significance or suitability of the generated...

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