PLEASE NOTE THAT PART 1 HAS BEEN COMPLETED. PLEASE REVIEW AND MAKE CORRECTIONS IN PART 1 AND PLEASE COMPLETE PART 2. PLEASE REVIEW ATTACHMENTS TO COMPLETE THE SECTIONS BELOW. THANKS. PART 1: Evaluate
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FINAL DECISION ON UTILITY STRATEGY
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Part 1:
Unweighted Decision Matrix
| ALTERNATIVES | Increasing sales | OBJECTIVES | Increasing staff engagement | Decrease company’s expenses |
| Maximize technological growth of the company | ||||
| Reduce dividend payout | ||||
| Issue out business equity | ||||
| Solving potential threats in the market | ||||
| Increasing customer relationships (through acquiring feedback) |
Weighted Decision Matrix
| Alternatives Weights | Objectives | ||||||||||||
| Increasing sales 30% | Maximizing technological growth 40% | Increasing staff engagement 15% | Decrease company’s expenses 15% | 100% | |||||||||
| Reduce dividend payout | 1 | 10% | 13.3% | 5% | 15% | 43.3% | |||||||
| Issue out business equity | 20% | 26% | 5% | 51% | |||||||||
| Solving potential threats in the market | 30% | 40% | 10% | 15% | 95% | ||||||||
| Increasing customer relationships (through acquiring feedback) | 30% | 40% | 10% | 80% | |||||||||
The ranking has been done so that to give priority to the most significant objectives which is key to the final decision that HH will arrive at. According to the chart, solving the potential market threats is the most appropriate strategy that the company can take. The strategy has been arrived at by assessing the current circumstances that surrounds the company. By solving such problems, the company will be at a position to save on the cost of production hence increasing the sales.
Maximizing on the technological growth of the company is also a key factor according to the chart. The objective has a high percentage on all levels. Decreasing the company’s expenses has the lowest percentage which means that it is less likely to yield results. The combination of maximizing technology and solving potential threats together with maximizing technology and increasing customer relationships has the highest percentage (40%).
Final decision
Maximizing technological growth together with solving the current threats that are facing the company have the highest rating among all alternatives and objectives. This is the most appropriate strategy that suits HH Company when it comes to solving its current problems. All the current situations have been looked at before arriving to the weight awarded which means that the company can fully depend on the decision.
Part 2:
Biases impacting the process: Solving the current threats is the most appropriate objective for the company that HH needs to fulfil so that to improve its performance. The main bias is the need for quick results by the management which might lead to the need for quick interventions especially when it comes to the competition threat that faces the company.
Opportunities: The current market has changed due to online marketing strategies which means that if the company makes changes on the most appropriate way of approaching the market, there is a high likelihood that the size of market will increase. The pandemic has also led to several other factors such as the need to work from home. The company will scale up its operations by looking into the issues and then developing the most appropriate strategies of meeting the market needs.
Goal of decision: the mean goal is to create a sustainable market in future. This enables the company to compete fairly with other players in the market. It also leads to effective planning on capital utility so that to meet the set goal.
Decision statement: Addressing the current threats through improving technological application in the company will lead to increased sales in future.
Scope: the main target is enhancing the company’s development. The statement has included the intended strategy that is to solve the current threats. It also includes the main method that should be applied which is improving technology in the company and has given the result of the strategy that is increasing the sales.
Objectives: of the six objectives, this is the most applicable for the company since it tries to solve a current problem that threatens the company. The objective will also enable the company to create trust from its stakeholders through the immediate results that will be received. It also looks into various aspects in the company beginning with the suppliers to the production process and finally to the marketing of the products. The objective looks into a wide range of aspects.
Alternatives: the most important alternative that influenced by objectives is application of technology in the company’s operations that was shared through the discussion (Shewan, 2019). By incorporating the strategy in creation of the objectives, it would enable the company to solve a variety of arising issues especially due to the increasing online marketing activities.
Decision matrices: the weight allocated to each criteria depends on various factors surrounding the current operations of the company. This includes the stakeholder input, production activities and the marketing of the company. The weight was awarded depending on the strengths and weaknesses of each of the sections in the company (It’s Your Choice, 2020).
Final decision: Employing technology in solving the current threats that are facing the company is the best solution that the company should take. It looks incorporate achieving other objectives in the company which leads to increased sales in future.
References:
Shewan, D. (2019). 25 Ways to Increase Online Sales. Retrieved from https://www.wordstream.com/blog/ws/2016/02/03/increase-sales-online
It’s Your Choice. (2020). How Likely Is It? Episode 14. Retrieved from https://www.decisioneducation.org/its-your-choice-episode-14
