Topic 5 DQ 1

docx

School

Liberty University *

*We aren’t endorsed by this school

Course

605

Subject

Marketing

Date

Feb 20, 2024

Type

docx

Pages

Uploaded by MSgtRzzy

Topic 5 DQ 1 28 Jan 21 Response to: Austin When I was practicing real estate, I utilized the evidence-based decision-making method in my business. In these situations, I would use data available to make my business decisions. Evidence-based decision-making is an approach that involves a five-step process. These steps include, facing the hard facts and building a culture that encourages honesty, a commitment to fact-based decision making, learning by doing, looking for risks, and avoiding decision making based off anything other than the hard facts (Griffin, Phillips, & Gully, 2020, p. 291). One scenario that I recall using this was in choosing my marketing strategy for real estate. When the new year came around, it was time to sit with my business partner and decide which marketing techniques we were going to invest in for the year. I had carefully tracked the types of marketing strategies that we used the year prior, including the cost and time involved in each item and the return on investment that resulted. In marketing, it is highly encouraged to get experimental and treat the business as an unfinished prototype. There are constantly new strategies to try. When choosing the marketing strategies to invest in, we evaluated the hard facts for how many clients resulted from each. Based off the evidence we chose what to continue, what to eliminate completely, and what new strategies to allocate funds to. It is important in these instances to not make the decision based off what it appears the “winners” do, but what works and obtains results in our business. Every year we would do this evaluation, we would yield better results from our marketing strategies. We continued to adjust and continue a steady growth. As a two-person team we were able to remain confident and positive about our approach. It was reassuring to know we used hard facts for this decision, rather than replicate someone else’s techniques. References Griffin, R. W., Phillips, J.M., & Gully, S. M. (2020). Organizational behavior: managing people and organizations (13th ed.). Boston, MA: Cengage. Good afternoon, Austin In Sales “coffee is closers” lol! I think your real estate job and my time in recruiting was a lot alike. The example you used of the evidence-based decision-making method was really interesting. I find it interesting that you would have to come up with a marketing strategy for real estate but the more I think about it, it makes sense. Like recruiting, I guess you would have to find out your demographics and who you want to appeal to? Does that sound about right? Question for you; you said “It is important

in these instances to not make the decision based off what it appears the “winners” do, but what works and obtains results in our business.” How do you differentiate your company from competitors? Do you guys add a specialization strategy? For example, all branches of the military have great benefits to offer, but the Air Force gave you real accredited course that went towards an associates degree. Previously, we were the only branch of the military that had its own community college, now, the Navy has added one as well. Great Post, Austin! Good luck in the rest of the class! Provide an example from your professional experience in which evidence-based decision-making model (EBDM) was effectively used and its impact on overall organizational outcomes (performance, morale, etc.). Reynolds Post: WK5 DQ 1 29 Jan 21 Good afternoon, Dr. H. and Class! Most individuals would believe that they use facts to make their decisions. For me, I would say I mostly rely on fact (and my gut) to help me make important decisions. However, organizations don’t have the luxury of going off their gut. For example, Air Force Recruiting. Most people might think that recruiting is the same across the board. That is not the truth. I recruited in New Orleans, Louisiana. Talking about a challenging place to live and recruit. Having individuals show interest in the Air Force was not the problem, the problem was getting them qualified to join the specific areas we were looking to fill, Battlefield Airmen. There could have been a number of reasons of why we were not getting qualified people, but most glaringly, this meant that we were not looking in the right places. We needed find data directing us on where to look. This is where EBD Model came into play. “Evidence-based decision-making or (evidence-based management) is defined as the commitment to identify and utilize the best theory and data available to make decisions”. (Griffin, R. W., Phillips, J.M., & Gully, S. M. p291 (2020). Since we were looking for BFA’s (Battlefield Airmen), specifically individuals that could swim, we had to go back and research all the places that we were successful at obtaining those individuals. What we found from analyzing the data was that we should be doing more school visits, particularly ones with swim teams. Since the evidence was based off three prior fiscal years, we decided to dive headfirst into school visits with swim teams. It was a major success. I personally enlisted 3 individuals that quarter.

Reference Griffin, R. W., Phillips, J.M., & Gully, S. M. (2020). Organizational behavior: managing people and organizations (13th ed.). Boston, MA: Cengage. Respond: Aileen 30 Jan 21 5 posts Re: Topic 5 DQ 1 Decision making can be difficult within a team and or group within an unstable organization in my opinion. Per Griffin, Phillips & Gully (2020), decision making is a process of choosing from among several alternatives which goes hand in hand with problem solving in order to find an answer to a question and or issue/situation. As with the elements of decision making, information can be interpreted in different forms and in context by everyone which branches out into the multiple elements to be implemented. In reference to evidence-based decision making which stems from evidence-based management, the commitment to identify and utilize the best theory and data available to make decisions according to (Griffin, Phillips & Gully, 2020). EBD model is unfortunately not used often at my place of employment; most leaders make decisions without proper research and evidence; they use their experience and title as entitlement to make such decisions which sometimes are the correct ones however often, they are not correct that end up costing the organization time and resources. Furthermore, my previous manager showed me that EBD is possible with calmness, firmness and research and education. Also, with experiences, making mistakes and learning from them; making decisions easier and seamless in my opinion. Griffin, Phillips & Gully, (2020), explains that rational approach assumes that managers operate logically and rationally, the behavioral approach recognizes the role and importance of human behavior; which I believe is very true and teaches you many traits both positive and negative about yourself. Reference Griffin, R. W., Phillips, J.M., & Gully, S. M. (2020). Organizational behavior: managing people and organizations (13th ed.). Boston, MA: Cengage.

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

Response to: Aileen On 30 Jan 21 Hi Aileen, How are you? Nice job on summarizing evidence-based decision- making. I believe you were precise and to the point. When you stated “Also, with experiences, making mistakes and learning from them, making decisions easier and seamless in my opinion”. I agree with that due to the countless mistakes I have made. In my opinion, this is a great way to learn. In fact, that’s how I learned in recruiting. It was a brutal job, but I overcame my failures which now give me the confidence to move forward through tough times in life. By the way, you stated “Furthermore, my previous manager showed me that EBD is possible with calmness, firmness and research and education.” What was the situation that you guys had to utilized EBD? Was it in your current job? What do you do? Nice post, Aileen! -Reynolds

Related Documents

8 - Chapter 11 Activity Assignment(1).docx

Zodiac ShoeMarketing Plan Part 2.docx

MKT205_Module_Four_Milestone.docx

Gen Z Research Assignment Instructions 2.pdf

Marketing Research.docx

7-Marketing Plan .docx

Karen Taquechel MKTG 450 Assignments module 6 Assignments .docx

KLM1 TASK 1.docx

CH5.docx

GlobalSuperStoreReport.docx

Market Research Assignment Nour Almoala_MKT4101_2023.docx

product and placement assignment.docx

Recommended textbooks for you

Principles Of Marketing

Marketing

ISBN:9780134492513

Author:Kotler, Philip, Armstrong, Gary (gary M.)

Publisher:Pearson Higher Education,

Marketing

ISBN:9781259924040

Author:Roger A. Kerin, Steven W. Hartley

Publisher:McGraw-Hill Education

Foundations of Business (MindTap Course List)

Marketing

ISBN:9781337386920

Author:William M. Pride, Robert J. Hughes, Jack R. Kapoor

Publisher:Cengage Learning

Marketing: An Introduction (13th Edition)

Marketing

ISBN:9780134149530

Author:Gary Armstrong, Philip Kotler

Publisher:PEARSON

MKTG 12:STUDENT ED.-TEXT

Marketing

ISBN:9781337407595

Author:Lamb

Publisher:Cengage

Contemporary Marketing

Marketing

ISBN:9780357033777

Author:Louis E. Boone, David L. Kurtz

Publisher:Cengage Learning

SEE MORE TEXTBOOKS

Recommended textbooks for you

Principles Of Marketing
Marketing
ISBN:9780134492513
Author:Kotler, Philip, Armstrong, Gary (gary M.)
Publisher:Pearson Higher Education,
Marketing
Marketing
ISBN:9781259924040
Author:Roger A. Kerin, Steven W. Hartley
Publisher:McGraw-Hill Education
Foundations of Business (MindTap Course List)
Marketing
ISBN:9781337386920
Author:William M. Pride, Robert J. Hughes, Jack R. Kapoor
Publisher:Cengage Learning
Marketing: An Introduction (13th Edition)
Marketing
ISBN:9780134149530
Author:Gary Armstrong, Philip Kotler
Publisher:PEARSON
MKTG 12:STUDENT ED.-TEXT
Marketing
ISBN:9781337407595
Author:Lamb
Publisher:Cengage
Contemporary Marketing
Marketing
ISBN:9780357033777
Author:Louis E. Boone, David L. Kurtz
Publisher:Cengage Learning