Collective Decision Making – Essay Example

The paper "Collective Decision Making" is an excellent example of a management essay. In the era of advancing technology and rapid globalization, it is crucial that the workforce is encouraged to share mutual knowledge and ideas but they must also be involved into collective decision making to work towards common goals. The shared vision promotes better understanding among the employees, coming from the diverse background and provides an impetus for improved performance and easy changeover. Hence, various contextual factors vis-à-vis size, technology, environment, diversification, and globalization are vital elements that have a significant impact on managerial decision making. In my own business, I would ensure a participatory approach and work toward collective decision making to improve and improvise the performance outcome of the organization. The main objective of any business is profit making which it derives by making its products and services available to people. Hence, the core business strategy of any business heavily relies on the market strategy that facilitates its products and services to meet the needs and requirements of the people at large. Consumer psychology and analysis of the database of customers are an important part of the market strategy which helps one to know the changing preferences of the customers in the rapidly changing times. Analysis and identification of the changing trends of the customer requirements are important ingredients to gain leverage against their rivals. The market strategy should be totally focused on the needs and requirements of the people and make continuous efforts to update its products line with that of the changing public demands. Understanding consumer psychology, therefore, plays a vital role in the development of marketing strategy and planning.