Critical Thinking and Managerial Decision Making at University

This essay provides a comprehensive review of an article focusing on critical thinking and managerial decision-making within the context of the political market. The essay begins with an introduction that highlights the significance of understanding the political market's influence on firm strategy, an area often overlooked in favor of economic market analysis. The review covers the article's title, content, identified gaps, research methodology, key findings, implications for management practice, and overall effectiveness. The article, titled 'The Attractiveness of The Political Markets: Implications For Firm Strategy,' is analyzed, emphasizing the interaction between demanders (citizens, firms, etc.) and suppliers (politicians, bureaucrats) of public policy. The essay discusses the authors' argument that firms actively seek to influence public policy for economic gain, such as lobbying for protection against foreign competition. The review also identifies limitations, such as the need for further exploration of the negative impacts of government protection and regulation. The essay commends the article's extensive research and data analysis, highlighting the findings on the attractiveness of the political market and its influence on firm engagement. The implications for management practice are also discussed, including insights into decision-making regarding political market engagement and the benefits of strategic timing. The essay concludes by acknowledging the article's contribution to the field while pointing out areas for future research.

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CRITICAL THINKING AND MANAGERIAL DECISION MAKING
Introduction
The attractiveness of the political market and its implications for the firm's strategy is
one of the crucial subjects to unveil and browse to lay out the facts in critical thinking and
managerial decision making. Apparently, this topic has been given a blind eye by scholars
who have opted to provide much attention to the economic market neglecting its better part,
political market. However that has been the case, there has not been the absence of brave
faces to shed some light on the same (Soltes, 2017). This essay reviews the article of Jean-
Philippe Bonardi, Amy J. Hilman and Gerald D. Keim who compare democracy to a market
process whereby the demanders and suppliers of the public policy interact. This article will
identify the title of their article; give a brief detail of what the article concerns. It will also
identify gaps that need to be filled, if any, comment on how the research was conducted,
clearly spell out the findings of the study, talk about the implications of the article for
management practice and finally evaluate the article’s effectiveness and credibility.
Review of the article
Now, Jean’s article titled ‘The Attractiveness of The Political Markets: Implications
For Firm Strategy’ raises a few concerns and curiosity of knowing the content that is therein
depending on the fact that this is apparently one of the most important topics (Klein, 2016).
According to the topic, the market should not only be looked at only in the economic but also
the political angle. Something that many business and management scholars have not yet
appreciated is that public policy prescription and implementation serves a key role in
managerial decision-making (Kobayashi, 2017). A precise illustration is the lobbying aspect
of firms to be protected by the government against foreign competition whereby the
government takes an initiative of reducing or banning imports to enable the domestic
companies to grow.

CRITICAL THINKING AND MANAGERIAL DECISION MAKING
The authors have put out the fact that the political market consists of two key players,
i.e., demanders and suppliers of public policy. Tue demanders of the public policy are the
citizens, firms, special interest groups, voters and other governments. On the other hand, the
suppliers of the public policy are the elected and non-elected politicians, the legislators,
members of the judiciary and the bureaucrats. Now, since the political market is a process,
the demanders and suppliers in this market actively exchange roles such that the demanders
become suppliers and suppliers become demanders (Wylie & Neeley, 2015). These elected
politicians and bureaucrats demand votes, information and financial support from the firms
while firms demand regulation, public policy, and deregulation.
The authors through their argument have precisely made it clear that firms actively
seek and influence public policy for economic and profit favors. For instance, a firm that
operates in monopoly would find government protection and regulation for a financial benefit
such that no other firms venture into the same business in the zeal of avoiding competition
(Gehrke & Ball, 2015). On the other hand, politicians influence the public policy concerning
regulation and deregulation of business to seek and acquire votes to remain in power.
Whereas this is the case, at times some politicians enter into public offices unopposed and
therefore have less worry of votes into the office due to monopoly and thus would not
actively influence the public policy (Laudon & Laudon, 2017). However, it should it should
be appreciated that bureaucrats and members of the judiciary have more power to influence
the public policy, regulation, and deregulation of business activities as opposed to their
elected politician counterparts.
While substantial and evident research has been done to come up with adequate
evidence to support the topic and the thesis statement, there is no much exploration on the
negative impacts of firm's protection, regulation, and deregulation by the government. It is an
indisputable fact that when domestic firms are left to compete on their own, many of them

CRITICAL THINKING AND MANAGERIAL DECISION MAKING
would be out-competed by foreign firms something that would eventually lead to their
paralysis and death maybe (Morton, Fontaine, Hudak, & Gallo, 2017). However this is a fact,
every step taken comes with both pros and cons, and sometimes the disadvantages outdo the
pros. In this case, the authors should have told us what the impacts of firm's protection
against foreign competition are. Firms that are certain about of government support and
protection would enjoy much comfort instead of looking for ways of competing favorably
and convincing the buyer that they stock the best products.
Consequently, protected firms will eventually lower the standards of the goods and
services offered and therefore affect the buyer. These firms may reduce the quantity and
quality of the services provided at a specified price (Fan & Golder, 2017). Other firms may
even double or even quadruple the prices and still get the customers buy their products
because of an absence of equivalent foreign substitutes.
The authors have attempted to explain the behavior that would be exhibited by firms when
the political market is or is not attractive. That is commendable. They’ve told us for example
that if the political market demand side is attractive while the supply side is attractive, firms
will opt for a leader strategy in the market (LoBiondo-Wood & Haber, 2017). This statement
is true. However, there are other situations and circumstances that force the firms to delay or
enter into the political market which ought to cover. Basically, a firm would not solely
depend on demand and supply attractiveness to make a decision as whether or not to engage
in the political market.
This article has an adequate evidence to bring out desired facts as well as give a
support to the thesis statement. Background research on the study topic and thorough
employment of research material for secondary data such as relevant books, journals,
scholarly articles are evident. There are a lot of in-text references that are later reflected in the

CRITICAL THINKING AND MANAGERIAL DECISION MAKING
bibliography indicating that a lot of research was done on the same (Thorstad & Wolff).
Perusing through various articles on the subject matter to come up with such an excellent
article is commendable. Just to be sincere, a lot of research was conducted to bring out facts
about the topic. Most importantly, the so acquired data was adequately used all over the
article as relevant examples, demonstrations, and illustrations have been made. Data analysis
through tables and graphs showing how variables affect each other in political market is
enough evidence of adequate research on the topic.
The research in this article has come up with some findings. First, just like the
economic market, the political market can be viewed as a platform where both demanders
and suppliers of public policy actively interact. According to the analysis made in this article,
it is evident that explanations as to why and when firms decide to engage themselves in the
political market can be derived (Lee, 2016). This information can be used to predict as to
whether firms are likely or unlikely to get into the political market according to the prevailing
conditions. This article again found that success in the political market is dependent on the
attractiveness of the market. This attractiveness that determines firm success importantly
explains why firms tend to engage themselves in political strategies.
In this article again, it has been found that when the demand side is attractive while at
that time the supply side is not, most of the firms will tend to let other firms get into the
market. These firms come later after watching and analyzing the engagement consequences
and the possible merits (Goodwin & Wright, 2014). However, in situations where both the
demand and the supply side are not attractive, firms will wait to see whether things would
change before engaging themselves in the political market.
This article has also laid other attributes leading to or undermining political market
attractiveness such as nonelection issues, rivalry among demanders, matters to do with real

CRITICAL THINKING AND MANAGERIAL DECISION MAKING
costs and diffused benefits. Additional attributes are defense or challenge of the existing
problems or the status quo, advocating new issue as well as issues to do with concentrated
benefits and diffused costs.
This article has enormous implications on the management practice. It acts as an eye
opener to the management of any firm by instilling knowledge necessary for decision
making, i.e., when and why to engage or not engage in the political market. Again, this article
equips firm's management with knowledge of engagement timing and also information on the
available benefits of either immediate or delayed entrance in the market (Goetsch, 2017). It
also briefs the management on how to lob for and influence public policy in favor of the
economic market.
Conclusion
A lot much has been handled in this article. Limelight has shone to the world of
political market, and a subject that for quite some time has beeen slapped with a high level of
ignorance has at last been handled positively inspiring both scholars and firm managers. A lot
of research has been conducted to bring out the desired points. The information used in this
article has been attributed to different personalities, and this improves the credibility of the
report. As a result, this has been one of the most effective pieces in the field of critical
thinking and managerial decision making. However much efforts have been taken to garner
evidence to support the thesis statement, the article registers some squinting facts and
loopholes that need to be closed to make the piece more effective and credible. The report is
not complete and therefore prompts more research to answer some questions left out
unanswered.

CRITICAL THINKING AND MANAGERIAL DECISION MAKING
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