Essays on Hogarth

A critical analysis of decision- making methods/ heuristics

Decision making involves a process in which choices are made by setting goals, collecting relevant information, and performing an assessment of the available alternatives to make the best choice. Decision making is crucial to the management in determining the optimal choices from multiple alternatives available in business operations. According to Goodwin and Wright (2014), various heuristics are deployed in the process of decision making by the individuals or organizations depending on the alternatives involved. These methods include recognition, minimalistic, and lexicographic approaches.

Recognition method

In this method, the decision making is determined using set criteria for evaluating the available alternatives. Primarily, ...

MANAGEMENT

Literature Review Literature on marketing suggested that it was years ago that organizations carried out their businesses in brick and mortar form and depended heavily on the door to door marketing to create and maintain a customer base. As technology continue to chip in, new avenues started to open for business marketing such as television, radios, telemarketing, emails, direct mail, print advertisement etc. Although the technology based marketing efforts have helped businesses make a huge amount of profits but now they are seen as intrusive or ineffective. Consequently, the customers all around the globe began to ignore the traditional ...