Collective Decision Making - Essay Example

In my own business, I would ensure a participatory approach and work toward collective decision-making to improve and improvise the performance outcome of the organization. The main objective of any business is profit-making which it derives by making its products and services available to people. Hence, the core business strategy of any business heavily relies on the market strategy that facilitates its products and services to meet the needs and requirements of the people at large. Consumer psychology and analysis of the database of customers are an important part of the market strategy which helps one to know the changing preferences of the customers in rapidly changing times.

Analysis and identification of the changing trends of the customer requirements are important ingredients to gain leverage against their rivals. The market strategy should be totally focused on the needs and requirements of the people and make continuous efforts to update its products in line with that of the changing public demands. Understanding consumer psychology, therefore, plays a vital role in the development of marketing strategy and planning.