How To Help You Get To Know Your Customers And Business Competitors Better

There are many different sources of new business opportunities, but perhaps the most promising ideas come from a complete understanding of customer needs, according to Raffi Amit, a professor of management at Wharton School.

 

"It's something we need to do consistently to understand what customers want, where they want it, how they want a product or service when they want it, and at what price," Amit said.

 

Another important step is to evaluate your company's strategic positioning, competition and conduct a comprehensive competitor analysis. More objective and comprehensive information about your customers and competitors can provide valuable insight into possible ways to increase sales and growth.

 

Learn the tips to help you get to know your customers and business competitors better.

How to Learn About Decision Making Through Business Education

 When people think of decision making, they simplify it to things like deciding between a maroon or a blue shirt, what to eat for dinner, or some other mundane, everyday action. But in business, decision making involves responsibility and accountability, and it's more complex than deciding what to wear to work. Poor decision making can hold up or kill even the best ideas or projects; it's an essential business skill.

To decide on a course of action, you have to think. Analytical skills are needed now more than ever to succeed in business and on the job. For this reason, there are many courses on thinking and decision making.

One of the main goals of business education is to teach students how to think and make sound, data-driven decisions.

What is Decision-Making? 

Decision making is the selection of a desired outcome from many viable alternatives. The decisions a company or individual makes determine performance. Studies show that decision making effectiveness and financial results are at least 95% correlated. Strong decision-making skills help you decide how to use your resources, especially when they are scarce, and they also help you overcome hurdles in your career. Every day you make decisions about personnel, strategy implementation, budgets. All of these need to be thought through thoroughly. Some of these decisions can be automated, but ultimately the decision-making process requires skill. In fields like project management, a project manager's competence depends on the quality of the decisions they make every day and the results those decisions produce. Career advancement depends primarily on the sound decisions you can make. 

Business Education and Decision Making 

In most parts of the world, apprenticeship was the old form of business education.

This system meant that people learned a particular business under the care of another person who had the ability to become an apprentice.

During this time, they learned firsthand everything they needed to understand about that particular trade. Such as leadership, procurement, customer service, decision making, critical thinking. Most of this apprenticeship training was unpaid work. In return for this training, they helped in sales and managed the day-to-day operations of the "master".

Today, internships are the closest thing to this form of business training. One of the most important goals that people who enroll in an apprenticeship program have is critical thinking and decision making.

We have evolved from this type of learning to modern and faster methods.

Today, business education programs teach students to think critically, solve problems, and thus make better decisions. 

Types of Decision Making

Operational; these are usually simple and routine decisions that do not require too much critical thinking. These decisions are made by managers or lower level employees. Decisions such as ordering office supplies fall into this category.

Tactical; Tactical decisions are medium-term, less complex decision-making processes. Launching an innovative product is an example of a tactical decision. It is a project that requires a project manager who can make good decisions.

Strategic; these are usually longer-term, complex decisions made at the highest level of management. Complex decisions, such as a company's decision to embrace diversity or to begin operations in emerging markets. 

What you will learn when you take a course on decision making and critical thinking 

Making decisions is never easy, so you can't take it lightly. A business education program must usually include courses on critical thinking and decision making. Here are some notable things you will learn: 

  1. To learn strategies that will help you think critically and significantly improve the outcomes of your decisions. To do this, you will need to have impressive analytical and interpretive skills. To ask the right questions and secure the support of your team appropriately. 
  1. To prioritize the most important objectives by evaluating the essential quality of the available alternatives. Learn how to evaluate your option and communicate the logic behind your analysis. 
  1. To expect outcomes and carefully cultivating the ability to see the logical conclusions that might constrain the decision-making process. These constraints could come in the form of changes in official government policy, amendments, and fundamental assumptions. 
  1. Encourage a synergistic mindset especially in the early stages of a decision-making process. This will help you lead teams and foster collaboration when everyone feels valued and their contributions count. Allowing multiple points of view will help you solve problems satisfactorily and creatively. Take online course if you need to learn this. 
  1. Articulate the goals that the decision-making process hopes to achieve. Decision making is an intentional act. If you don't practice it, you will easily lose sight of the goal and allow distractions. If it's a complex initiative, it's even more important to keep revisiting the purpose. This way, your team can link their valuable contributions to the organization's lofty goals. 
  1. Learn how your brain makes judgments, thinks, and decides. This knowledge leads to improved critical thinking skills. 

7.Studying decision making helps you identify factors surrounding a decision. Cognitive biases that might influence the decision-making process are also reviewed. Learning more about decision making as a professional opens you up to becoming more aware of and challenging your biases. 

Conclusion

Building your decision making skills in certificate programs or management training from a recognized business school will give you the skills and expertise you need to succeed in your business or career.