Need help with my Business question – I’m studying for my class.
1- good explanation of India’s ability to build a thriving economy. Also India’s ability to enact economic reform and openness policies. Good list of advantages with respect to the attributes of the Indian economy. The disadvantages are specific in relation to corruption and to culture. In these conditions India compares favorably to China from an investor’sperspective.
2- India is a country with a rich history and culture, currently India has over 23 official languages, over 1,500 dialects, and a plethora of religious beliefs (Kotler & Keller, 2016). Despite the rich cultural diversity, India is still considered a developing country. In the early 1990’s economic reforms, were first introduced by the Congress government under Prime Minister P.V. Narasimha Rao was a sign of the beginning of a new era for India. Since then, India has been competing head to head with China for the title of fastest growing developing country (Kotler & Keller, 2016). Like China, India has an extremely large population which is estimated to be around 1.38 million people and it is the largest young economies with the median age being 25 (Kotler & Keller, 2016). The large size of the population makes it crucial for leaders to help encourage the creation of more jobs to match the population growth.
According to Pattanaik & Nayak (2014), market-driven reforms have aided in economic development. India has used economic freedom as form to encourage economy growth. A growing middle class has been matched by progress in literacy, access to financial services, and technology. In fact, 75% of the population has a cellphone and at least 15% uses their phone to go on the internet (Kotler & Keller, 2016). The use of cellphones has only been possible due to the low prices of cellphone services, the prices are so low that one-third of cellphone users live in rural communities (Kotler & Keller, 2016). India has been a great market for western investors over the past few years, this is due to the lower trade barriers and the interest the young population has shown towards western goods.
Although the Indian economy has been moving at an unprecedented rate, last year the GDP projections have dropped their 2019-20 projection to close to or less than 6% (Bangera, 2019). The Indian economy is currently facing multiple challenges which have been the cause for the drop of the country’s GDP, experts say that the cyclical slowdown of the country’s economy is severe (Bangera, 2019). In October of 2019, Moody lowered India’s credit rating to ‘negative’ from ‘stable’, the institution stated that India’s economy would be lower than in the past, due to resent reforms that have caused stress on the financial sector. The government is currently working to support the economy and decrease the duration of the slowdown, the rural households have been suffering financial stress due to the slowdown of job creation and the layoff of many workers (Bangera, 2019). Despite the recent slowdown, the government is working arduously to support and stabilize the economy this fast action has some speculating that India’s economy will recover (Bangera, 2019).
Bangera, J. R. (2019). The growth of the Indian economy: A new perspective: Strong fundamentals promise a positive outlook ahead. Journal of Economic Development, Management, I T, Finance, and Marketing, 11(2), 25-43. Retrieved from https://search.proquest.com/docview/2359320612?acc…
Kotler, K. L. & Keller, P. (2016). Marketing Management, 15th Edition. Pearson Education Inc.
Pattanaik, F., & Nayak, N. C. (2014). Economic freedom and economic growth in india: What is the empirical relationship? Economic Change and Restructuring, 47(4), 275-298. doi:http://dx.doi.org/10.1007/s10644-014-9150-6
3- Factors influencing perception are the perceiver. Perceiver is the clarification of the perceivable objects and the situation witnessing, direct with proper characteristics. Which can be personal including motivation, self-concept, experience, belief and expectations. The attribution of perceivable objects shows the facets which the perceiver has perceived. The characteristics observe objectivity, age, gender orientation, communication efficiency as well as personality traits, depends on the importance and the purpose of the situation with these impacts are factors, external environment, external elements, and perceiving situation. Online transaction is an example of perception factor, people have different point of view or perception when launching personal information to gain a certain benefit on the internet. Some are being concern that personal information may compromise, when others are only bet differ only focus on the gain aspect. Gómez-Barroso and Martínez-Martínez. (2018)
According to Gal, Y., & Gal, A. (2014). the link between perception and decision making is the process and external factors accelerated in managerial consideration and decisions at every level of the firms. Perception is expressively impactful on the organizational when making decision. This applied two more alternatives with a rational and understanding discussion between higher and lower managers. Managers should be able to analyze the internal and external environment of the organization in other for the decision-making process can be suitable and relevant as chosen.
Individual differences and organizational constraints decrease the potentials of company’s decision making by minimize the ability to adopt expand decisions. Biased attitude of a firms and incapability with different personalities can be a reason organizational culture failed. Constraints can be ineffective leadership and incapable management or employee having negative approach as well as inefficiency to communicate with people from different background. The term of pedagogical have employee with multiple disciplines appeared to be influence in extent to promote learning and explored contextual and personal. Bagdasarov, Johnson, Connelly, Harkrider, Devenport, & Mumford, (2013)
Bagdasarov, Z., Thiel, C. E., Johnson, J. F., Connelly, S., Harkrider, L. N., Devenport, L. D., & Mumford, M. D. (2013). Case-based ethics instruction: The influence of contextual and individual factors in case content on ethical decision-making. Science and Engineering Ethics, 19(3), 1305-22. doi:http://dx.doi.org/10.1007/s11948-012-9414-3
Gal, Y., & Gal, A. (2014). Knowledge bias: Is there a link between students’ feedback and the grades they expect to get from the lecturers they have evaluated? A case study of israeli colleges. Journal of the Knowledge Economy, 5(3), 597-615. doi:http://dx.doi.org/10.1007/s13132-014-0188-5
Gómez-Barroso, J., Feijóo, C., & Martínez-Martínez, I.,J. (2018). Privacy calculus: Factors that influence the perception of benefit. El Profesional De La Información, 27(2), 341-348. doi:http://dx.doi.org/10.3145/epi.2018.mar.12
4- The following factors that influence our perception are:
- Moods, as where that plays a major role on influencing our perception either we would be happy or sad according to the mood state, so that could develop on either positive or negative impressions.
- Situation, as where the person focus on the object or event is important or else that would lead towards affecting on the social perception due to reflection of a bad behavior.
- The communication is the major factor needs to be considered, as where that could impact on the personality traits and other forms of behavior (Bedoya-Marrugo, Vargas-Ortiz, Severiche-Sierra & Sierra-Calderon, 2017).
The link between perception and decision-making is:
- The perception helps the individual to create an opportunity with two or more ideas, as from that choices can be made for decision making, which helps the organization on to achieve its goals.
- The individual behavior through perception is always linked with the decision, as where the individual plays a major role for decision making to improve on the growth of the organization.
- The decision needs to be interpret and evaluate through provided data, as where with different perception data would be collected and that helps the organization towards decision making (Rudd, Vohs & Aaker, 2012).
The individual differences and organizational constraints that influence decision making are:
- Gender influence, as where women tend to be more clear on decision making rather than men, so that influence organization towards its decision making.
- The performance evaluation of an individual through rewards system would influence on the decision making on the organization.
- The personality of an individual in the organization would influence on decision making, through their past experience (Miyake & Friedman, 2012).
Bedoya-Marrugo, E. A., Vargas-Ortiz, L. E., Severiche-Sierra, C. A., & Sierra-Calderon, D. D. (2017). Kruskal-Wallis Test for the Identification of Factors that Influence the Perception of Accidents in Workers in the Construction Sector. International Journal of Applied Engineering Research, 12(17), 6730-6734.
Miyake, A., & Friedman, N. P. (2012). The nature and organization of individual differences in executive functions: Four general conclusions. Current directions in psychological science, 21(1), 8-14.
Rudd, M., Vohs, K. D., & Aaker, J. (2012). Awe expands people’s perception of time, alters decision making, and enhances well-being. Psychological science, 23(10), 1130-1136.