Question

Describe a decision that you or your company made that involved opportunity costs that should have been considered. Why did your company make the decision

Answer 1

Answer:

Explanation:

My E-Commerce business has two main decision-makers. As a team, we had a budget of $1000 USD which we decided to use on marketing. We ultimately decided on placing banner ads on 2 popular sites that matched our products. Doing this we missed out on other opportunity costs such as adding another product line and marketing sample products to popular influencers. Both of which should have been considered because they could have just as easily brought as many or even more customers than having placed the ads.