MANAGEMENT

Strategic Decision for Marketers and Market Forecasting



Strategic Decision for Marketers and Market Forecasting

Introduction

The study is related to strategic decision making and forecasting which particularly focuses on marketing. It is important for the marketers to know that strategic market oriented management is the process of maintaining and also developing a feasible relation between resources, abilities and goals of an organization and the opportunities of a market in continuous change. The objective of strategic planning based on decision making and forecasting is to shape the products and business of an organization, which will guide the company in achieving desirable growth and profits.

The main goal of strategic decision making and forecasting for marketers is to facilitate the company in selecting and organizing the marketing activities with the aim of remaining competitive in the market, even if unanticipated adverse events takes place which can affect the overall business operations of the organization.

Discussion

The Focus on Decision Making in Marketing

Making decisions is part of everyday life for all the companies, though it is important and crucial for the marketers to consider several criteria or factors as companies are now focusing on their marketing activities. Some of the most vital decisions can determine the success of an organization, even if there are numerous competitors and the market is competitive.

Marketers should also know that every decision has the desired effect which is essential to understand as it is important to know what competitors can do, what is the competitive advantage that a company has, which variables will directly influence etc.

Generally, it is clear that action planning is the commencement of the entire process of decision without information, the reason of such is that there is no way to make a decision; however, with too much of available information, marketers lose their focus and the process of decision making and forecasting becomes complicated. In addition to this, for a marketer it is necessary to know that customers also make their decisions based on their understanding and awareness, it is still common in few shops the seller show many items which creates confusion for the customers (Davis, Delaorra, LeBlanc & Wilder, 2010).

There are also variables that may change unexpectedly, in particular when the target market is a foreign country. Moreover, the policies adopted by governments can directly interfere in decisions because the risks are known in some countries indicate that decision making and the timing could not be suitable for export. Besides it, marketers should also need to decide on the principal's information that include formulating a plan with reliable data and bring facilities to make the decision without forgetting the focus of the decision (George, 2007).

Knowledge in Decision Making in Marketing

Knowledge about the market is also crucial as decision making is a process that requires knowledge, when studying a market there is the possibility of finding an opportunity to make their services or products, create a better distribution network which should be more effective and efficient.

In marketing strategic decision making and forecasting, all decisions should be taken based ...