The Tendency to Make Quick Decisions - Essay Example

Personal Case Reflection Executive Summary Sales management associates with daily situations for decision-making with the aim of handling the needs and preferences of the consumers while focusing on the achievement of competitive advantage in the area of specification. During my reign, as the sales manager, I had the tendency of making quick decisions since I was enjoying the position of being the only decision maker in the sales department. In making the pricing decision, I decided to double the current price of procuring our product. In order to illustrate this, the analysis will concentrate on the concepts of ethical facets of the decision as well as psychological perspective. From an ethical perspective, the consequences had negative implications on the number of consumers focusing on addressing their preferences as well as needs at affordable cost. Introduction Sales management associates with daily situations for decision-making with the aim of handling the needs and preferences of the consumers while focusing on the achievement of competitive advantage in the area of specification. In terms of decision-making, one specific personal decision comes to mind. I had the opportunity to work as a sales manager. During my reign, as the sales manager, I had the tendency of making quick decisions since I was enjoying the position of being the only decision maker in the sales department. The approach was vital and effective in relation to simple decisions thus an opportunity to solve minor issues within the quickest way possible. On the other hand, major issues would prove to be complex. I had to make a decision on the pricing mechanism of one of our products, which was a major issue for the success of the organization. In making the pricing decision, I decided to double the current price of procuring our product. This was aided by diverse factors such as personal gains, competitive advantage, and exploitation. I wanted to increase my level of income while exploiting consumers. In addition, the thought of achieving competitive advantage against potential competitors had a great role to play in this decision-making process. Our main competitor had just left the market hence the opportunity to maximize our prices. The decision had mixed outcomes with reference to increase in revenues and perceptions from our customers. Analysis The decision to alter or modify the pricing mechanism for the products of the organization as the sales manager proves to be inappropriate in relation to the outcomes and implications with reference to the entire business transactions. In order to illustrate this, the analysis will concentrate on the concepts of ethical facets of the decision as well as psychological perspective. Ethics has the tendency of integrating the feelings in relation to executing right or wrong moves with reference to decision-making. Moreover, ethics requires individuals to execute their decisions and behaviors in accordance with the demands of the laws or regulations. From this perspective, it is essential to note that ethics consists of the standards of behavior, which are acceptable within the society. In business, the term ethics refers to the acceptable principles of right or wrong governing the behavior and conduct of the business entities and entrepreneurs as well as management in the course of decision-making and handling of the needs and preferences of the relevant stakeholders. There are diverse ethical frameworks essential in the evaluation of this personal decision-making situation or case. One of the essential ethical frameworks is the utilitarianism. This refers to the ethical tradition with the ability to direct individuals towards deciding based on the overall consequences of the action, behavior, and decision. In this decision, the consequences had negative implications on the number of consumers focusing on addressing their preferences as well as needs at affordable cost. The intention of maximizing revenues and sales at the end of the financial year through doubling of the price comes out as unethical decision by our organization. In the first instance, our product was an essential with limited substitutes within the community. This is because of the consequence of robbing the consumers of their real money and value from which they achieve utility. In addition, the decision never had the greatest good for the greatest number of individuals within the society. This is because of exploitation of a large number of consumers contributing to degradation of the image and reputation of the company. From utilitarianism perspective, the action fails to promote human well-being through generation of happiness, integrity, and freedom for the consumers in the diverse market. Nevertheless, the intention or decision-making emanates from greed limiting the greater number of individuals from diverse services and products to handle their preferences and needs at affordable costs. From this perspective, individuals have the ability to decide what to do by considering the overall consequences of their actions. It is ideal to act in a way producing better consequences with the intention of promoting human well-being such as dignity, freedom, happiness, health, and integrity (Fitzgerald, 2013). This indicates that the most reasonable decision from an ethical perspective is the decision with the ability to promote the greatest amount of the values for the greatest number of individuals. The decision or behavior must have the ability and tendency to promote the greatest good in relation to the greatest number of target audiences. It is also essential to evaluate the above decision-making case from a personality perspective with the intention of assessing its effects to the business entity as well as relevant stakeholders. Personality refers to the dynamic organization within the individual of the psychological systems with the ability to determine his or her unique adjustments to the environment (Hardman, 2009). This indicates that individuals have the tendency of understanding their environment with the intention of enhancing their ability to react and act within the set context. Personality determines how individuals react and interact with others making it dynamic in relation to growth and development. Some of the key determinants of personality include hereditary, environment, aging, greed, and responsibility. Nevertheless, it is essential to note that basic personality is constant in each person or individual hence vital in the diversity of behaviors and actions by people (Schoemaker, 2001). One of the essential models in relation to evaluation of personality is the big five-personality model. This model focuses on incorporating five critical factors in the form of openness, conscientiousness, extraversion, agreeableness, and neuroticism. Extraversion: this element of the big-five personality model focuses on excitability, sociability talkativeness, and high amounts of emotional expressiveness. In this context, the decision fails to incorporate social aspect in relation to collection of substantial data from diverse networks. Agreeableness: this facet integrates attributes such as trust, altruism, kindness, and affection among pro-social behavior. The intention of the decision was to benefit the company rather than satisfy the needs of the consumers. This is because of lack of kindness and trust between the organization and the consumers. Conscientiousness: this is the common facet in the personality dimension inclusive of high levels of thoughtfulness with appropriate impulse control and goal-oriented behaviors organized in details. The decision was a rushed one because of lack of consultation from other departmental practitioners thus inappropriate in enhancing the image and reputation of the company. Neuroticism: according to this facet, individuals tend to experience emotional instability, anxiety, moodiness, and irritability. Implementation of this facet in analyzing the behavior indicates presence of anxiety in the outcome of the decision to double the price for our products in the market. Openness: this relates to incorporation of broad range of interests in imaginations and insights. The decision is centralized making it closed to other parties and practitioners within the department. These practitioners lack the chance to participate in the decision-making process hence generation of ineffective decision. These attributes are essential in the determination of ability of individuals to use their personalities effectively and efficiently in generating quality decisions in diverse or adverse situations under the influence of uncertainties. The decision had hidden intentions (exploitation of the consumers) in relation to greed for the achievement of personal gain (increase in income levels through unethical means) rather than incorporation of the societal welfare and well-being of the consumers in addressing their demands and needs. Sales managers intend to use their personality to guide them towards the achievement of the goals and objectives rather than exploiting intuition to maximize their opportunities (Payne & Bettman, 2004). Critical Discussion In the first instance, the intention of the decision was to increase the rate of revenues while reducing the costs of operations. This is because of the opportunity to double the prices for the products following the departure of the main competitor in the region. The decision-making process had diverse benefits and shortcomings concerning the image and reputation of the business entity. From an ethical perspective, the decision was a disaster in enhancing the relationship between our organization and customers in the market of operation. For instance, the doubling of the pricing mechanism led to shift in the demand and perception of the consumers towards our products and pricing mechanism. This indicates that the decision-making process was ineffective in achieving its goals and targets. Our esteemed consumers sought to boycott our products by focusing on exploiting substitutes towards addressing their preferences, tastes, and needs at affordable prices rather than paying the extreme costs in satisfying their demands. In addition, the decision led to deterioration of the image and reputation of our organization within the community. This is because of the eventual decline in the revenues due to reduction in the incidents of sales (Schwartz, 2004). The decision-making process had another negative impact through deterioration of the relationship between the organization and the consumers in diverse market segments. It is essential for the organization to maintain a good relationship with the consumers with the intention of achieving competitive advantage against major and potential competitors in the market and industry of transaction (Schwartz et al, 2002). On the other hand, the decision-making process had a short-term positive impact on the revenues and incidences of sales. This is because of the increase in the demand levels due to lack of substantial amount of the product in the market at the disposal of the consumers. The decision-making process was swift, fast, and simple hence efficiency in implementation of the outcome of the process, which relates to doubling of the prices of the products. However, the decision-making process failed to achieve its major goals and targets with reference to realization of effective decision. From this perspective, it is essential to adopt and implement personality and ethical perspectives in the determination of the decision-making process for the achievement of the goals and targets of the business entity in the course of the financial year. Recommendations In order to make valuable decisions, it is essential to adopt and implement diverse models, frameworks, and concepts in relation to decision analysis. These indicates that the decision must incorporate psychological, economic, social, and welfare implications or consequences in order to be effective and efficient in accordance with the demands of the business entities as well as target audiences (Maldonato, 2010). In the first instance, effective decision should contain elements or facets of the big five-personality model. This is through focusing of openness of the decision-maker to curious, intellectual, creative, and emerging ideas with the intention of making quality decisions for the well-being of the target audiences. In addition, the decision should be organized in relation to goals and targets generating the concept of conscientiousness. It is also essential for the decision-maker to be outgoing and sociable thus able to act effectively and efficiently in diverse social situations (Hofmann, 2007).This is because of the opportunity to gather valuable information from their networks and interactions. Effective and efficient decision should also be affable, tolerant, sensitive, and kind to the target audience. For instance, in the course of making substantial business decisions, it is ideal for the manager or the management team to be sensitive to the demands and preferences of the consumers. This will substantiate the tendency of adhering to marketing conditions while doubling the price of the commodity at the disposal of the consumers. Business entities should focus on satisfaction of the consumers rather than prioritization of revenues and sales. This will contribute to numerous sales and repeated purchases in relation to company’s products (Over, 2004). These facets are ideal in the achievement of good or appropriate decisions in relation to exploitation of personality towards acting in different environments. Similarly, effective and efficient decision should incorporate elements of ethics. From the utilitarianism perspective, the consequence of the decision should be the guiding factor in determining whether it is right or wrong. This makes it essential for the decisions to focus on the greatest good to the maximum individuals possible rather than integrate elements of greed towards exploitation of the target audience. It is also essential for the decision-maker to be sensitive to the demands of the persons seeking to exploit the decision. In relation to this case, integration of ethical model in decision-making would be ideal in understanding personal and professional fundamental values with effective an efficient facilitation of the business actions to reflect the values. Decision process should reflect the value and ethics in its outcomes as well as implementation. The model ensures that the company will exploit values rooted in ethical decisions as well as strategies. Consumers and business entities seek to experience more accountability that is corporate. From this perspective, implementation of ethical model in this decision-making process will be ideal in improvement of effectiveness and efficiency in problem solving through accountable and reasonable evaluation of options. Conclusively, the decision could have been better if it had the ability to offer the greatest welfare or well-being to the greatest number of individuals. This is through incorporation of the elements of ethics for the achievement of effectiveness and efficiency in the service delivery. The consequence of the decision must be positive rather than negative with the intention of handling the needs and preferences of the target audiences. In addition, decisions must result in satisfaction of the decision-maker as well as the target audience. This is because of the influence of the decision in determining the reaction of individuals in relation to their environments as well as interactions with other individuals within the society. Effective decisions have the ability to express positive personalities of the decision-maker thus generation of appropriate rapport with the target audiences. Read More