Business Practice Argumentative Essay The Decision...

Business Practice Argumentative Essay Amanda Rabius PHL/320 September 18, 2017 Hank Reeves Business Practice Argumentative Essay The decision-making process is a present and vital in the everyday hustle and bustle of business practices (INC). Although, making choices can be painful at times, the selections that are made define the success and quality of an organization. Any significant bad decision could throw a company off course. So, it is important that good decisions are made. Dictionary.com defines good as sound, valid and satisfactory for the purpose (DIC). But, to get more technical, let ‘s consider the definition of â€Å"good† when it comes to business decisions. Well, what is a â€Å"good† decision exactly? The answer may seem obvious,†¦show more content†¦And, it is clear that the Houston area is in demand for this beloved noodle bowl. But, regardless of the degree of market growth required to meet the business owner’s particular business goals and objectives, the need for growth and a plan to accomplish it is fundamental to a successful business venture. Without it, you will leave your business vulnerable to market pressures such as increased competition or regional economic downswings. For example, when expanding a business, a restaurant, retail or service – reproduction can easily be run from a distance. All you need is to launch a chain. All businesses need to grow to survive and starting a chain expands that business horizon. Since the owner of AGU knows that the first location was a success - he duplicated the plan with multiple locations in various areas while meeting increased customer demands. Typically, a business’s growth can also be measured by important statistics such as turnover, market share, profits, sales, or staff numbers (HBR – PROFITABILITY). According to the Harvard Business Review (HBR – PROFITABILITY), a project undertaken by the Marketing Science Institute on the PIMS (Profit Impact of Market Strategies) is â€Å"aimed at identifying and measuring the major determinants of return on investment (ROI) in individual businesses. Phase II of the PIMS project, completed in late 1973, reveals 37 key profit influences, of which one of the most importantShow MoreRelatedPhl 320 Critical Thinking and Decision Making in Business Complete Class996 Words   |  4 PagesPHL 320 Critical Thinking and Decision Making in Business Complete Class https://homeworklance.com/downloads/phl-320-critical-thinking-decision-making-business-complete-class/ PHL 320 Week 1 Critical Thinking Discussion and Summary Participate in a class discussion by responding to the following questions: †¢ How would you define critical thinking? What makes a person a critical thinker? †¢ Why is critical thinking important? 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