Discuss the key features of effective corporate decision making and Essay

Discuss the key features of effective corporate decision making and assess how well these are being applied in an organisation y - Essay Example ...................................... 5 Learning from mistakes................................................................................. 6 Cultural sensitivity........................................................................................ 7 Conclusion................................................................................................................ 9 References................................................................................................................ 10 Executive Summary Effective decision-making is based on several qualities. These qualities include: innovativeness, diversification, learning from mistakes, and cultural sensitivity. Innovativeness is based on the ability to come up with new products and to market these products successfully. Diversification is based on the ability of the company to market different products and not be concentrated on only one or a few products. Learning from mistakes is about making the adjustments a fter issues in application and decision making have been seen. Cultural sensitivity, on the other hand, is about considering the culture of the corporation and making decisions based on such culture. In relation to Apple Corporation, they were able to meet these elements when they established various innovations and were able to establish a diverse market. They also learned from their mistakes throughout the years and re-employed Steve Jobs to reinvigorate the company. As a result, they have risen among the ranks of the most profitable and powerful corporations in the world. Corporate Decision-making Introduction Successful and effective corporations have distinct qualities and decision-making processes which often help them occupy such positions of success. These features are often distinctive to each corporation, based on their goals, activities, marketing, as well as the qualities of their consumers. This essay shall evaluate literature in order to establish the key features of e ffective corporate decision-making and assess how well these are being applied in an organization I know well. It will first present several studies and literature on effective practices of corporations in their decision-making activities. It will then discuss the application of such practices to Apple Corporation. Lastly, a summary and conclusion will evaluate the different elements being discussed in this paper on corporate decision-making. This essay is being carried out in order to establish a clear and well supported assessment of corporate decision-making, including the qualities which make for successful practice. Body Innovativeness In the current age of high stakes competition among businesses, various strategies and features are apparent for corporations seeking and keeping success. One of the qualities seen among these successful corporations is that they are major innovators (Morris, Kuratko and Covin, 2010). Successful corporations are distinctly set apart because of th e innovations they seem to constantly introduce into the market. In a paper by Uotila et al. (2009), they discuss that in order for corporations to be successful, they need to balance exploration and exploitation activities. In effect, as they explore and establish various innovations, they also need to temper their impact on society and on the environment. Their power to introduce new products and to explore new activities is at the very forefront of their success, and their ability to minimize their impact on the environment and on society is also a required