DECISION MAKING AND STRATEGIC OPTIONS

Decision Making and Strategic Options



Decision Making and Strategic Options

SECTION 1: THE AGING FAMILY (TAF) AND WINSTON COHEN

Introduction

Winston Cohen founded a magazine, The Aging Family (TAF), which has managed to attract a large proportion of the audience living in the greater Toronto Area. Sooner, the magazine has started to generate substantial revenue for the Cohen's family through advertisement. The reflection of locality in the content of the magazine is continuously increasing the readership of the magazine. This exposes Cohen before the business opportunity to expand his business horizon to Toronto. However, Cohen's knowledge regarding journalism and the involvement of risk are the factors that are barring Cohen to make the decision what to do? Cohen, has very little knowledge of regarding the Toronto locality, which was the specialty of the content of TAF, i.e. customize local content. If, Cohen would launch the Toronto version of TAF, than he may fail, as he lacks the capability to integrate the attractiveness in the content for people of Toronto. If this happens, then Cohen would have to face financial loss along with losing his grip over the current market. After the analysis of pros and cons; Cohen has decided to leave the idea of expanding his business to Toronto and remain focused on his present market utilizing his local knowledge to expand in the market. In the first section of this paper, I will focus on strategy I would embrace, if would have been exposed to such opportunities, and will provide a reason using past examples and arguments.

Discussion and Analysis

Leadership always entails making choices in the face of uncertain outcomes and consequences and with incomplete information. When a plan goes into action, leaders may have certainty about what they will do and why they made that choice, but as with all human affairs, they cannot have certainty about the outcome of the action. Certainty comes with the sure knowledge that A will cause B. Leadership comes with the likelihood that A may cause B1, B2, B3, and so on, individually and in some combination (Luthans, 2005).

How do I make a choice in the face of uncertainty? I can yield to uncertainty and decide to let chance select a course of action. I can flip a coin, choose a card to decide what college to attend, or decide to go with the first option that comes in mind. There are certain options that I may consider by putting myself in the shoes of the Cohen. I may do any or a combination of these measures to reduce uncertainty and to increase the chances of making the best, if not the right, decision.

The decisions that in this case I have to make will greatly impact my everyday life and primarily affect the lifestyle of my family. On the other hand, this opportunity also reveals a great prospect of opportunity that if Toronto edition will be proven successful then I can formally be a big brand in the Canadian media industry (Monahan, ...