Create 150- word document to explain how the team used the four key factors to make the suggested business solution.
- Problem Solutions
As a team, we discussed the business decision Sears made to close 150 stores and identified two potential solutions for the problem. We used different methods to develop creative ideas and ways to overcome barriers that may hinder creativity and the ability to identify solutions. The team used critical thinking skills to identify effective solutions that will create change. The use of the four key factors are applied to make suggested business decisions.
Two Potential Solutions
Based on the article, Sears has been struggling for at least two years now. They recorded losses of 60 million, before making the decision to close 150 more stores. Store closures are often the last resort decisions that companies must make to stop the losses. However, there can be at least two last resort solutions before those closings.
The first solution would be, to revamp the stores and creating some large promotional events. Although spending money may be the last thing any company wants to do, making small changes such as moving around the store layout and promoting some big sales. That can be one way to bring back customer traffic and get them to buy more.
Another option would be to focus on the e-commerce environment. Online shopping is a major problem for busy consumers. Focusing on their on-line shopping site would be an excellent way to keep Sears in business. They may still have store closures, but at least they will be able to move merchandise and not let their brand die completely.
The four key ingredients that drive effective decisions are:
- The executive knows exactly the career and business situation he or she is in without illusions.
- The executive knows the role he or she has to play (his or her job), and how to play it very effectively.
- The executive has clear and ambitious goals.
- The executive creates cost-effective options for his or her decision making.
PART 2 ASSIGNMENT:
Purpose of Assignment
The assignment for Week 4 gives students a chance to examine their own decision-making process as well as use a creative method to illustrate the stages of the process. This gives students the opportunity to take their real world, personal decision and relate it to their future work and careers.
Develop a 700-word evaluation of a recent business decision in your work or desired career.
Include the following:
- Discuss the influence the decision-making process had on the outcome.
- Evaluate the effectiveness of the process. What stages were most challenging and why.
Create a “Decision-Making Process” infographic in an appropriate format for the organization based on the action plan. This can be done using Microsoft® PowerPoint®, Microsoft®Publisher®, Word, or sites such as Glogster® and PiktoChart®.
- Select a decision you made recently as it relates to your work or desired career.
- Identify the stages of the decision making process as it relates to your decision.
Format consistent with APA guidelines.