This verdict is given by the foreman who is appointed by other members of the jury. Other duties of the foreman involve asking questions on behalf of the jury and facilitating jury discussions.
Understanding how people arrive at their choices is an area of cognitive psychology that has received attention.
Theories have been generated to explain how people make decisions, and what types of factors influence decision making in the present and future. In addition, heuristics have been researched to understand the decision making process. Several factors influence decision making. Understanding the factors that influence decision making process is important to understanding what decisions are made.
That is, the factors that influence the process may impact the outcomes. Many types of heuristics have been developed to explain the decision making process; essentially, individuals work to reduce the effort they need to expend in making decisions and heuristics offer individuals a general guide to follow, thereby reducing the effort they must disburse.
People make decisions about many things. They make political decisions; personal decisions, including medical choices, romantic decisions, and career decisions; and financial decisions, which may also include some of the other kinds of decisions and judgments.
Quite often, the decision making process is fairly specific to the decision being made. Some choices are simple and seem straight forward, while others are complex and require a multi-step approach to making the decisions.
The present paper will address decision making, in the context of types of decisions people make, factors that influence decision making, several heuristics commonly researched and utilized in the process of decision making.
Further, the paper will explore what happens after the decision is made, as well as how present decisions impact future behavior and decision making. Finally, summary comments will be offered, with implications for future research and practical application of teaching decision making skills in teens.
Factors that Influence Decision Making There are several important factors that influence decision making. Significant factors include past experiences, a variety of cognitive biases, an escalation of commitment and sunk outcomes, individual differences, including age and socioeconomic status, and a belief in personal relevance.
These things all impact the decision making process and the decisions made. Past experiences can impact future decision making. Juliusson, Karlsson, and Garling indicated past decisions influence the decisions people make in the future. It stands to reason that when something positive results from a decision, people are more likely to decide in a similar way, given a similar situation.
This is significant to the extent that future decisions made based on past experiences are not necessarily the best decisions. In financial decision making, highly successful people do not make investment decisions based on past sunk outcomes, rather by examining choices with no regard for past experiences; this approach conflicts with what one may expect Juliusson et al.
In addition to past experiences, there are several cognitive biases that influence decision making. Cognitive biases include, but are not limited to: In decision making, cognitive biases influence people by causing them to over rely or lend more credence to expected observations and previous knowledge, while dismissing information or observations that are perceived as uncertain, without looking at the bigger picture.
In addition to past experiences and cognitive biases, decision making may be influenced by an escalation of commitment and sunk outcomes, which are unrecoverable costs. Juliusson, Karlsson, and Garling concluded people make decisions based on an irrational escalation of commitment, that is, individuals invest larger amounts of time, money, and effort into a decision to which they feel committed; further, people will tend to continue to make risky decisions when they feel responsible for the sunk costs, time, money, and effort spent on a project.Personal factors play a very important role in affecting the buying behaviour of a consumer.
Some of the major personal factors are - occupation, age, economic condition, lifestyle and individuals personality. Factors Affecting Strategic Decision-Making Process Different theoretical models of strategic decision processes, which reflect different conceptions of organization, have been suggested by various literatures (e.g.
Mintzberg. Affect the pricing decisions to a great extent. The marketers should set the prices as per the organizational goals.
For instance, an organization has set a goal to produce quality products, thus, the prices will be set according to the quality of products. The price of the product also depends upon the characteristics of the product.
In order to attract the customers, different characteristics are added to the product, such as quality, size, colour, attractive package, alternative uses etc.
The pricing decisions for a product are affected by internal and external factors.
A. Internal Factors: 1.
|Consumer Decision Making -||Decision process — 5 stages I.|
|Pricing Decisions: Internal and External Factors (With Diagram)||Some of the major factors influencing pricing decisions of a company are as follows: The competitors also keep an eye on the price levels of a company.|
|Consumer Decision Making Process||The final price for a product may be influenced by many factors which can be categorized into two main groups: Internal Factors — When setting price, marketers must take into consideration several factors which are the result of company decisions and actions.|
|Consumer Decision Making Process - Factors influencing a purchase||Borders seem to be more symbolic now than they are barriers to trade like they were years ago.|
Cost: While fixing the prices of a product, the firm should consider the cost involved in producing the product. Internal Factors – When setting price, marketers must take into consideration several factors which are the result of company decisions and actions.
To a large extent these factors are controllable by the company and, if necessary, can be altered.