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Desion Making; Module 1 Paper

Desion Making; Module 1 Paper - Decision Making Andrew...

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Decision Making Andrew James BUS-660 Quantative Methods Currently in the business arena firms are fighting to be above reproach, to stand out in an overall saturated elastic market where everyone looks like you and offers similar services you do. So what do firms do to stay alive? Do they implement aggressive marketing strategies to establish brand awareness? Do they slash prices? Do they play it cool and let the quality of the product sell itself? The answer to this question could be all or none of the above, so how we do find an answer? We do so by innovative research, an example could be in this context is to analyze and tract the buying pattern of the consumers. As practically speaking we can never truly know unless we find out from the source, which is the consumer. To create a real life personal example in which we can all relate to is the classic Friday night pizza delivery. Now with Papa
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John’s, Pizza Hut, and Dominoes as the major competitors in this market, how do the CEOs figure out how to beat their competitor to the door of a hungry family on a Friday night? To be honest each firm has a specific marketing strategy, and I don’t know what that specific company is. But for me based on the experiences I grew up with, each company gave me a different impression. In my personal opinion, I believe Papa Johns remains fix on their quality of pizza and rarely drop their prices. Pizza Hut to me relies on their innovation of the pizza, with being the first to come out with a crust stuffed with cheese. And lastly Dominoes is always a step ahead in the race to the front door, as they rely on their quickness with delivery and heavily promote their 30 minute delivery promise campaign. To continue with the pizza analogy apart from production in sales and how much your company yields in profit, these companies truly don’t know if their successful. How I personally describe success is by consumer retention (as it cost more to attract new consumers then to have a repeat one) and by growth in revenue. We often have incremental growth, but how do we know exactly
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