There are a number of business decision making models.

Introduction

A step by step process that allows business professionals to find out business problems and will enable them to solve the problems by identifying and weighing different alternatives and choosing the best alternatives from them is called business decision making. There are a number of business decision making models. These models can be five steps model, six steps model, or seven steps models. In this report, a decisionmaking model for the ‘Space for Rent’ company will be provided first, and the reason behind choosing this specific model will be described. A plan for collecting different types of data like primary data and secondary data for the issue of the ‘Space for Rent’ company will be described in the report. An appropriate decisionmaking framework will be selected, and the reason for selecting the framework will be described. A SWOT analysis of the competitors of ‘Space for Rent’ company will be provided in this report. And finally, one problemsolving technique will be described, and a recommendation for the company will be provided in this report.

Task 1

Part 1.1

For the ‘Space for Rent’ company, seven steps decisionmaking model will be appropriate. Seven stages of a decisionmaking model have been described below:

1. Identify the decision: in the first step of the seven steps,the decisionmaking model business should identify the problem it needs to solve(Metcalf, Askay and Rosenberg, 2019). In the given scenario,the problem for the ‘Space for Rent’ company is entering a new market inthe United Kingdom. As the market of the United Kingdom is very competitive, entering this market will be a problem for the company.
2. Gather relevant information: in this step of decisionmaking, the company needs to gather all relevant information it needs to analyze the problem and to look for alternatives.
3. Identify the alternatives: in this step of the decisionmaking, the company should identify all alternatives they have in their hand to solve the problem(Yang, et al., 2022). The alternatives can be jointly entering the market of UK with another company, offering some discount to the customers at the time of entering the market, utilizing the competitiveadvantages, creating brand values, etc.
4. Weigh the evidence: when the company identifies all the alternatives, it is time to weigh the alternatives. All the alternatives don’t have the same cost and benefit. Some alternatives will have a high cost, and some alternatives will have high benefits. So, the alternatives should be weighed according to their cost and benefit.
5. Choose among alternatives: it is the most critical stage of the decisionmaking model. Because in this step, the main decision is taken(Zhang, et al., 2022). When all alternatives are weighed, business managers can make the decision or choose the best alternatives using weighing. The relevant information should be kept in mind at the time of deciding which alternatives to choose. To me, the best alternative is to jointly enter the market inthe UK.
6. Take action: After choosing the best alternatives, it is time to plan for implementing the decision. Managers of the ‘Space for Rent’ company should make a plan for how they canimplement their decision(SitiNabihaet al., 2021). They should decidewhat to do to implement the decision, when to do it, and who to do it. This planning will make the implementation of the decision easier.
7. Review of the decision: after implementing the decision taken by the management, it is time for them to review the decision. The management should identify whether the decision hassolved the problem, dose the problem still exists, did it meet the goal. If the problem is solved, the process ends here, but if not,true management should learn from their mistakes.

The company could use some other models of decisionmaking, but for the ‘Space for Rent’ company and for the given scenario,the seven steps decisionmaking model seemed to be the most effective. The problem for the management of the ‘Space for Rent’ company is to enter the new market of the United Kingdom(Kimmel, Weygandt, and Kieso, 2020). To solves this problem, the management of the ‘Space for Rent’ company should identify the problem first, then need to identify alternatives and choose the best alternatives. And we can see that in seven steps decisionmaking model, the problems are identified first, then the alternatives are identified, and then the best alternatives are taken. So, the problem of the ‘Space for Rent’ company matches best with seven steps decisionmaking model,which is why it is the most effective model for the scenario, and that model will help them to get the best result and achieve its goals.

Part 1.2

As there is a time limit for the data collection, collecting the secondary data for the purpose of better decisionmaking will be appropriate in this scenario as the ‘Space for Rent’ company is going to expand its business and want to enter the market of United Kingdom in the next year. The company will face a problem in entering a new market(Sniazhko, 2019). To solve this problem, the company needs to identify its alternatives and to identify alternatives, and the company needs to gather relevant data,which is the second step of the seven steps decisionmaking model. s it is said that the company should focus on secondary data because of time constraints, a plan for collecting relevant secondary data has beendescribed below:

Identifying the relevantarticles, books, and journal

In the first step of collecting secondary data, the management of ‘Space for Rent company should identify which types of books, articles, and journals they need to use for gathering data. As the company needs to find out the alternatives to a specific form of enteringthe market. The company should look for articles and journals on this matter and its solution.

Identifying problems

To collect the required data from the identified articles and journals, some problems can arise then. Some of the problems can be data gathering means a huge number of articles and journals, not having access tothe required journals, and many other problems(Tseng, Chiu, and Liang, 2018). The management needs to think about this problemand try to find out a way to overcome the problems.

Gathering relevant data

After solving the problem, the management should gather all the relevant data they need to solve their main problem of enteringa new marketin the United Kingdom.

By following this plan,relevant data can be collected easily.

Part 1.3

Space for Rent is a startup company that wants to enter the market in the United Kingdom. In these circumstances, the best decisionmaking framework for ‘Space for Rent will be a market opportunity navigator(Connolly, and Borrion, 2020). The market opportunity navigator is a structured process for identifying potential markets for a company, evaluating the need and prioritizing the needs, and makinga strategy for the markets. As ‘Space for Rent company is a startup company that wants to enter the market of the United Kingdom. For this, the company needs to identify its potential market first and then evaluate the potential markets and prioritize the markets. And the market opportunity navigator does these three processes which is why it is an effective framework for the company to use market opportunity navigator. The market opportunity navigator has been described below from the perspective of the ‘Space for Rent company.

The market strategy navigator has three main processes. This process has been described below in respect of the ‘Space for Rent company.

Step 1: Identify the market opportunity set

The first step of the market opportunity navigator framework is to identify the market opportunity set for the company. In this step, a company identifies all potential markets it has where the company can enter and does business effectively. In this step, the company can do some market research to find out the potential market that it can enter. In the scenario, ‘Space for Rent company want to enter the market of the United Kingdom(Liu, 2020). That means they have identified their potential market to enter. As the market of the United Kingdom is a huge market. There exist a huge number of competitors. At the same time, the market has a huge potential customer. That is why the company has identified the market of United Kingdom as a potential market for the company.

Step 2: Evaluate opportunity attractiveness

The second step of the market opportunity navigator framework is the valuation of the other opportunity as attractive. In this step, a company evaluates the opportunity or potential market it has to choose the best one. In the given scenario, there were many alternatives market for the company. The management of the company evaluated all the alternative marketsat this stage. To do this, they needed to do market research and find out the cost of entering the market and the potential benefit it is going to get after entering the market.

Step 3: choosing the best market

In the third step of the market opportunity navigator framework, a company needs to choose the best alternative market from the identified and evaluated markets. As the company evaluates the cost and benefit of entering all potential markets, it is not hard thing for them to choose the best market for them. In the given scenario, after evaluating all the alternatives market, the company had chosen the market of the United Kingdom to enter.

Step 4: Makea strategy to enter the market.

In the last step of the market opportunity navigator framework, a company should make a strategy to enter the market. For this, they need to identify potential risks of entering the market and make a strategy according to this(Hünermund, Kaminski, and Schmitt, 2022). In the given scenario, the main risk of the ‘Space for Rent company will be high competition, and the company can make strategies like collaboration, merger, or acquisition to enter the market.

Task 2.1 Evaluating Competitors, SWOT analysis, and current market trends

Competitor Analysis

A competitor analysis compares a companys offerings to those of its competitors and analyzes its strengths and weaknesses in comparison to your own. Conducting a thorough competitive study at a minimum once a year is a smart business strategy. The "Space for Rent" organization can improve its business and marketing strategy by doing a competition study to identify its distinctive advantages and any future growth constraints. Additionally, it keeps its operations proactive rather than reactive (Raciti, 2021).In analyzing the current existing competitors in the market, the company must first determine their competitors.  For example, the competing companies currently existing in the UK market are Purplebricks, Knight Frank, John Swire & Sons etc and they have to be divided into direct, indirect and substitute competitors. Then they need to collect information about the competing companies, such as what kind of products or services they work with and how much they charge, where they serve their company, and what kind of strategies they use to expand their business must be collected.  Besides, what kind of sales strategy and sales growth the competition company is doing should be analyzed (Mononen, 2021).  Besides, the market share of competing companies should be kept in mind.  Competing companies as real estate companies need to gather information about what kind of room service they are offering to their customers and what kind of prices they are charging against it.  Then analyze the strengths and weaknesses of competing companies (Muchiri et al, 2021).  Space for Rent needs to follow its strengths and create a competitive advantage through its weaknesses.  Space for Rent companies needs to add new services to create a competitive advantage in new market entrants.The company should be technologically advanced and have good knowledge about it so that it can serve the customers through the technology in the current market and keep an eye on the competing companies online.

SWOT Analysis

The companys SWOT analysis will assist in gaining a better understanding of the strengths, weaknesses, opportunities, and threats that this sector must contend with.

Strength

A company offering Space for Rent must be knowledgeable about the market, have marketing expertise and have relationships in the neighbourhood.Positive social media feedback and testimonials, equipped with the necessary assets, leadership places within the industry, good brand image, and regional reputation, among other things, all contribute to the companys strength (Gepner et al, 2022).

Weakness

A major problem identified by the space for rent company is losing relationships with the local business sector, losing leadership in the state Realtor organization, and having less experienced members of staff take on more responsibility (Forys et al, 2022). Additionally, if the business doesnt have an IT department and its internet is prone to failure, it will lose a significant amount of consumer requests each time it is unavailable.

Opportunities

Opportunities for future business expansion can be created by the company in the market. For this, there could be creating brand opportunities under a new group leader, rental apartment markets going to open up, high property purchase inventories creating investment opportunities, lots of renters to keep investment portfolio occupied, chances to expand real estate services, development of the technological foundation for management companies and rental applications, and the creation of referrals for senior homeowners who are going to relocate (IKEOTUONYE and EFOBI, 2022). Additionally, opportunities will be supplied by inventions.

Threat

Numerous factors could threaten the market position of the Space for Run company. like the financial crisis, the increase in interest rates, changing demographics, industry changes, and technological innovations. A real estate firm may be at peril due to political turmoil. There is also the issue of intercountry rivalry to consider.

Market trends analysis

The following graphs show the cost trend for three other companies in the UK delivery company market, as well as Space for Rent:

The above graph shows that the initial cost of the company was higher than other competing companies.  The reason for this is that in entering the market, a company will spend a lot of research and establishing everything, due to which the initial cost is high, but later it decreases because it gradually decreases every year (Ahmad et al, 2021).

The profit and growth graph representing the comparison of profitability between the companies in the real estate sector is followed by

In the above graph, it can be seen that the profit is very low at the beginning of the year because the cost is very high in the beginning and the profit decreases later on as the business expands and demand increases which results in an increase in their sales volume as a result of which they gradually increase their profit and  Can earn a good profit year after year (Sitek. and Tvaronavi?ien?, 2021).

The cost graph and profit graph are comparable to one another, proving that all of the listed companies utilize the same methodology to allocate profit margins.

Numerous factors could threaten the market position of the Space for Run organization. like the financial crisis, the increase in interest rates, changing demographics, industry changes, and technological innovations (Zhu, 2021). A real estate firm may be at peril due to political turmoil. There is also the issue of intercountry rivalry to consider.

Task 2.2 Defending the method of solving problems that are best for business decisions

A decisionmaking model is a technique for helping groups in making decisions that affect their businesses. A Rational Model of DecisionMaking  for the Space for Run company in the UK market is the following

Define your goal or obstacle

The company needs to define the targets and barriers for entering the UK market, that the company wants to achieve or overcome (Jain, and Gupta, 2022.).  It should also describe exactly what the company is capable of doing and what results in it will produce.

Find the pertinent information

For this step, the Space for Rent company may assign research work to its employees or have a team discussion to generate ideas. Decide whether details regarding the objective or difficulty are important for solving the problem.

Make a list of alternatives

The experts at Space for Rent may compile a list of prospective possibilities for answers using the pertinent information (Bhui et al, 2021). Try to provide facts to back up your arguments so that they will help you reach your goal or get beyond the roadblock.

Select the ideal choice

Think about the advantages and potential benefits of each choice for the Space and Run company. Utilizing the knowledge youve obtained, reach an agreement with your team on the ideal course of action for a remedy (Taylor, 2021).

Finalize the decision and go forward

After the team has chosen the best course of action, they should express their dedication to it explicitly and inquire as to any reservations that any members of the team may have. Following that, the Space for Run company can put the solution into practice.

Proper recommendations for the problemsolving method

By doing the above research we can conclude that the company is very competitive in entering the UK market and they have adequate management to survive in the market.  But the company may face several challenges in entering the market as a new company. And to overcome all these challenges below are recommendations for solving some problems.

The Space for Run Company must first distinguish between fact and opinion, identify the underlying causes of the funding gap, and collect information from all involved parties. In the following stage, the issue will be clearly explained, and it will be identified which standard is being broken. Customers in the market nowadays want better services at a lower cost. In that case, Space for Run Company ought to be able to provide them with excellent solutions at a reasonable price. Customers are free to see it plainly, but it promises to keep their rights secure. The Space for Run organization needs to concentrate on two aspects while creating potential strategies: lowering distribution costs and achieving client happiness (Adinolfi, 2021).Customers need to understand what type of room they want to book and set their prices accordingly.Customers will have to provide customer service at extremely low rates while renting rooms.  Besides, the company can use their strengths to reduce the threats from outside and overcome the internal weaknesses of the company by analyzing them (Johnson et al, 2022). Also using the opportunity can turn the companys internal weakness into strength and will play a vital role in business expansion.  Also, their management needs to be tougher to survive in the market and implement unique services that are accepted by customers and create a competitive advantage in the market.

Conclusion

A proper business decision model plays an important role in business success.  A suitable business decision model leads to future expansion for the company.  This report discusses the competitive challenges and barriers faced by Space for Rent companies in entering the UK market and the strategies and recommendations followed to survive in the market are discussed in detail.  All these strategies will enable the Space for Rent company to survive in the competitive market and will be able to save any future unexpected challenges and help to plan immediately.  As a real estate company, the Space for Rent company will be able to enter the UK market with great efficiency.

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