In not less than 9000 words describe the decision making process of hybrid and entire online entrepreneurs.
Description
This essay is going to analysis the different decision making process between hybrid and fully online business. Dr. Bonnie Henry started using the term “Hybrid Model” as a way for business to get creative: “Hybrid Retail is the idea of offering multiple fulfillment possibilities and experiences to your customers, by blurrsing the lines between traditional and online retail.” This essay will compare improvised and planned decision making as an option.
For example hybrid business may not be so suitable at improvised decision making, they mostly started life as businesses without an online presence, and this may be what they need to be effective/competitive in the online space. Another example might be to compare decision making in hybrid vs online businesses where decision making expects to be more improvised (entrepreneurial) in online only.
“The field of decision-making has grown to be quite dynamic and interdisciplinary. Information processing theory and classical decision theory were the focus of previous study in this topic. According to the early decision theory, “humans are intuitive statisticians,” and when making judgments under unclear conditions, people always aim to maximize predicted utility” (Goldstein& Hogarth, 1999).
“One of the most important activities in every organization is decision-making. Some decisions have a greater impact on all business activities, while others are minor decisions with little impact on the overall firm” (Kallmuenzer, Hora, and Peter, 2018).
“According to economic theory, making decisions results from maximisation calculation that entrepreneurs perform under the important assumptions of rationality” (Bonnet, Brau, and Cussy, 2008).
“There are two types of decision-making theory: normative (planned) and descriptive (unplanned) (improvised). Planning necessitates the processing of data in order to make reasonable decisions” (Wiltbank, Dew, Read, Sarasvathy, 2006), “whereas improvisation is flexible and intuitive when faced with inadequate data” (Bakken, 2008; Wiltbank, Dew, Read, Sarasvathy, 2006). “Decision-making is fundamental to our understanding of how opportunities are found and exploited in entrepreneurship and new firm creation” (Shepherd, Williams and Patzelt, 2015).
“The cognitive theory of decision-making can be used for better understanding of managers thinking, their mindset, and how this affects strategic decisions. Managerial cognition leads to systematic judgments based on compensation plans, quantified budgets and accountability” . (Wright, Hoskisson, and Busenitz, 2000).
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