The purpose of the sales process is to convince customers that they will be better off with the product or service than they would be with the money necessary to buy the product. Factors That Influence the Decision Making Process During the sales process, you are asking customers to engage in a trade. You are telling customers that if they give you their money, you will give them a product or service in return that will be of greater value to them than the money they pay. In addition, it will be of greater value than anything else that they could buy with the same amount of money at the same time.
Each decision you make at your business might address a specific problem or need in a department, but all decisions can affect the main goal of any company -- profitability.
When managers make decisions in a vacuum, it can lead to interdepartmental complications. Understanding the basic factors you should consider when making any decision helps you and your staff make better plans or react to individual situations.
Return on Investment One of the obvious factors that influences business decisions is the effect on profitability. You can measure this in a number of ways, but calculating a return on investment is often the simplest. The return on an investment is the amount of benefit you gain or lose by undertaking an activity.
However, the staff time you spend managing the direct mail program might cost you much more than placing an ad, making your return on the ad better.
Calculating your return for each opportunity would let you know what options offer a better investment. Brand Impact Many decisions you make, from where you advertise and sell to what prices you charge and charities you sponsor, have an impact on your image.
Consider what your customers will think when you make decisions the public can see. Effect on Resources When you calculate your profit benefit from a possible decision, also consider the overall effect on your sales, human resources, accounting, production and information technology staff.
If making a particular product takes your staff away from other activities, you might lose other profit opportunities. If you overburden your staff, you might start losing key employees.
In addition to looking at your dollar costs for making and selling a product, review the impact it will have on your operations. Opportunity Cost When you make one choice, you lose the opportunity to make another.
For example, if you decide to buy radio ads, you might not have the budget to buy TV spots. If you buy new machinery that improves your production, you might not be able to give raises or bonuses this year. Asking your sales staff to develop new customers might result in them providing less customer service to existing customers.FACTORS INFLUENCING THE DECISION MAKING REGARDING THE INDIVIDUAL INVESTMENT BEHAVIOR: AN ASSESSMENT CHAPTER 1 Introduction Investor behavior of behavioral finance concentrates on irrational behavior that can affect investment decision and market prices.
what factors influence consumer purchases? Limited Decision Making--buying product occasionally. When you need to obtain information about unfamiliar brand in a familiar product category, perhaps.
Requires a moderate amount of time for information gathering. Examples include Clothes--know product class but not the brand. Discussion topics. Risk perception and decision making. Parents' beliefs influence their acceptance of vaccination, and the perception of risk is subjective.
Many non-vaccinating parents believe the risk of disease is low, the risk of vaccine side effects is high, and/or vaccination is ineffective.
buying decision in Khulna metropolitan area have been evaluated by those 9 variables in the form of: compliant, aggressive, detached for the neo-Freudian theory and dogmatism, need for uniqueness, social character, consumer innovativeness, ethnocentrism and compulsiveness for trait theory.
Jan 17, · This study investigated the influence of differences in family member roles on the decision-making process in choosing an LTC facility.
Previous studies mainly used qualitative analyses to investigate children’s decision-making processes regarding the choice of an LTC facility [ 14, 16, 17 ]. Next, factors that influence familial decision making regarding HPV vaccination are identified in the context of childhood vaccination and adolescent sexual health literatures.