The Importance Of Decision Confidence To Strategy Outcomes

Abstract

<p class="MsoNormal" style="text-align: justify; margin: 0in 0.5in 0pt; mso-pagination: widow-orphan;"><span style="font-family: Batang; font-size: x-small;">Strategic marketing researchers are of the view that formulating high quality strategies is sufficient for achieving high strategy success rates.<span style="mso-spacerun: yes;">  </span>This research study investigates the effect of key organizational and managerial variables on the outcome of strategies.<span style="mso-spacerun: yes;">  </span>In particular, the study includes, decision confidence, a hitherto neglected variable in the strategy literature, as an additional, and critical, variable that affects the success of marketing strategies.<span style="mso-spacerun: yes;">  </span>This study attempts to establish a bridge between two main streams of literature in the strategy discipline--strategic marketing and decision making. </span></p>

Information processing and strategic decision-making in small and medium-sized enterprises: The role of human and social capital in attaining decision effectiveness

“…According to McMullen and Shepherd, 'more knowledge can lead to overcoming beliefrelated doubt that would otherwise prevent action' (in Heavey et al, 2009Heavey et al, : 1293. In other words, more information and analyses increase the level of confidence in a decision (Adidam and Bingi, 2000). Therefore, our second hypothesis is as follows:…”

“…If fulfilled, the requirement of more information and analyses by decision-makers with higher levels of education (Gimeno et al, 1997;Papadakis et al, 1998) ultimately lead to more comprehensive decisions which generate stronger belief and trust and positively affects the amount of resources and time spent during implementation (Adidam and Bingi, 2000). Therefore, we hypothesize that:…”

“…Interpretation and unambiguous representations increase confidence in decision processes (Hastie, 2001;Lee and Dry, 2006). In general, higher confidence levels lead to allocating more resources and time to implementing strategic decisions (Adidam and Bingi, 2000), increasing the likelihood that the consequences of these decisions will be favourable. A similar line of reasoning applies to risk acceptance.…”

“…Belief and trust in the decision by decision-makers is higher (see Adidam and Bingi, (2000) as the information arising from various sources provides a more complete overview of the decision situation. The chances that vital information might be missed is likely to decrease when various sources have made a contribution:…”

A Comparative Study of Three Sorting Techniques in Performing Cognitive Tasks on a Tabular Representation

“…6 Previous work has suggested that graphical displays improve confidence in various decision-making tasks. Related studies have used a similar approach for rating confidence (Kamis & Stohr, 2006;Adidam & Bingi, 2000), and previous research has suggested that the use of an interactive visual interface may improve confidence (Sharkey, Acton, & Conboy, 2009). Increased confidence may result in better outcomes from decision-making, for example, increased confidence can result in following through with a financial plan (Lusardi & Mitchell, 2005).…”