Steps involved in the decision-making process, Marketing Management

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Question 1:

The situation confronting all managers in various industries, while dramatic, is not unique. The work of all managers is affected by two main environments: the external environment and the internal environment.

Clearly state with examples the differences that exist between the internal environment and external environment.

Question 2:

Many a time, managers and CEOs are faced with constant dilemmas. They need to be accustomed to making proper and effective decisions so that they can surely achieve all organisational goals and objectives. In short, all managers at different levels need to show a high level of congruency whereby they can all successfully achieve the strategic goals set by the Top-level managers.

(i) Define planning and describe with relevant examples the importance of setting up a company's mission, vision, values and goals whilst formulating its strategic planning.

(ii) List down the 8 Steps involved in the decision-making process whereby managers can evaluate the effectiveness of their own decisions?


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