All entries for Sunday 19 March 2017
March 19, 2017
- Reflective Writing 2
- Not rated
Making a quick decision without systematic analysis is much easier than when you have to consider large amount of information and face up to the resource limitation. As soon as we began our group discussion about WaveRiders’s Case, we found that it was much more complicated than what we believed on the first day.
It was clear for us that we should continue to invest on the new product otherwise we will lose the chance to earn profit. Then decision tree and SWOT analysis were selected to handle the first and the second question.
For the location part, the first criterion that we came up with was about the production volume. Since it is a new product and new trail in the market, we think that it should not be produced in large amount so as to reduce the high possibility of failure. So the Lymington was more preferable for us. Then we do deeper analysis and confirmed our decision. However, the information that we have on the handout was quite limited for us to draw a comprehensive picture about the situation of two locations, thus we decided to search more extra data like geographic information and economic situation to make our analysis more supportive. There was another challenge was that we found the development timeline of the new product was kind of confusing as explanations were different in different parts of the essay. The point that we have to do our own assumptions about these things was difficult.
For the marketing methods, we chose grid matrix analysis. We decided to do the research about the average investment on each advertising channels to compare the cost and benefit and then make the last decision.
I have to say this is a relatively difficult case study that asks for more efforts on logic thinking and extra information searching, which gives us a great opportunity to experience how complex and difficult that decision making could be and learn more lessons about how to make use of those helpful techniques.