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Management - Elements of Decision Making - Essay Example

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Management- Elements of Decision Making Introduction Management performs many important functions such as motivating, inspiring and decision-making. Amongst these, the function of decision-making is viewed to be a significant one. This is owing to the reason that this function supports an organization to attain its predetermined business targets…
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Management - Elements of Decision Making
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Download file to see previous pages Management helps to overcome these problems at the time of making any effective decision (Monahan, 2000). In this paper, the complex problem of ethical concerns especially in decision-making relating to quality assurance and determining competitive market price will be taken into concern. Ethical Concerns in Decision-Making Every managerial decision affects the performances of the organizations by a considerable level. In general, ethical concerns in decision-making involve conflicts of interest in which individuals had to select and implement their own ideas. The issues relating to shareholders, customers as well as companies can be considered as one of the important ethical concerns in decision-making. Moreover, the other imperative ethical concerns particularly in decision-making encompass misuse of available resources, intimidating behavior of the individuals, discrimination, environmental issues, fraud, intellectual property rights along with privacy related issues. It can be stated these ethical concerns can harm the overall performances of a company by a greater extent (Ferrell, Fraedrich & Ferrell, 2012). Significant Areas of Ethical Concerns in Decision-Making There are certain crucial areas of ethical concerns in decision-making. ...
In this competitive market, the organizations often face the challenge to provide quality products at a lesser price. The organizations must ensure the deliverance of quality products to their valuable customers by considering the significant ethical concern of price. The decision-making about the ethical concern towards pricing might support an organization to compete with its chief business market competitors at large (Harinder, Attracta, & Jimmie, 2004). Competitive Market Marketing decisions that undertakes by different organizations are considered to be quite uncertain. It has been viewed that the organizations determine competitive market price while offering their different products to the customers with the intention of attaining superior competitive position over the chief business market participants. With regard to the ethical concerns in decision-making, the organizations should remain fair in setting the prices of the products (Erkan & Tunker, 2007). Critical Evaluation From the overall analysis, it can be comprehended that management plays an imperative role in the process of decision-making. It possesses certain critical barriers that could be overcome. The decisions that adopts by the managers on behalf of an organization ultimately observed to affect the purchasing behavior of the customers and its overall performances. In relation to determine the ethical concern in decision-making, it is quite important for the business managers to keep in mind the interests of the people involved with the company. Apart from these, the organizations also need to keep in mind certain other major aspects that include issues related to business, production as well as marketing that will ultimately benefit the company in the long run. In addition, the ...Download file to see next pagesRead More
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