Case study focusing on decision-making tools used to generate competitive marketing strategies

CIMA - Improving Strategic decision making

Case study focusing on decision-making tools used to generate competitive marketing strategies

CIMA - Improving Strategic decision making

Introduction

Accountants are responsible for managing and recording business transactions. The records are used in the financial statements of the firm. These accountants play a crucial role in analyzing business performance and taking decisions at differing levels. CIMA is a leading body of professional accountants operating in 165 countries worldwide. The members registered with CIMA carry out financial roles for many organizations. They utilize their experiences in analyzing the situations of a business. CIMA aims to become the first choice of the employers when it comes to accountancy decisions. After obtaining qualification of CIMA, some people work in the accountancy area and some opt for acquiring leadership roles in business organizations. The professionals are qualified business managers, leaders and accountants and help the firms in making quality decisions.

The following case study analyses the importance of a decision making process in business organizations and how the tools help a business in analyzing what can work best for business and what should be avoided by the business in order to achieve its desired outcome.

Discussion

The decision making process

Effective business decisions are those which help in the utilization of the right resources at the right time at the right places. Here, timing is an essential aspect. Decision making process involves the identification of a need and the ideas stage. Another important facet of the process is identifying alternatives and finding the best alternative. Businesses need to identify whether a certain decision should be taken or not and what shall be the advantages of such a decision. By evaluating alternatives and selecting the best alternative, it is ensured that the decision will prove to be effective for business in the long term. For instance, Tesco came up with the system of online orders when shopping over the Internet faced an expansion; therefore Tesco switched its operations with the changing market trends. Virgin music sold off the stores as downloading music from the Internet grew in popularity, and people found it easy to sit at home and download their favorite music. Decision making process is thus an ongoing process in any organization, and a business has to take important decisions from time to time in order to work and operate effectively and efficiently.

Quality decision making process contributes to a company's success in gaining the competitive edge. The decisions of the business must be a reflection of the company's aims and missions. These decisions must contribute to the maximization of profits and returns for all the stakeholders of an organization. On the other hand, the decisions of an organization must be aligned with the objectives of an organization and must help it in achieving the set goals.

For instance, there is a local cafe that operates on a small scale from 9 in the morning to 4 in the afternoon, 5 days a ...