How could Netflix management use the steps for better thinking in decision making? 1. Will identify. Issue. Find competitive programming.b. Relevant information. Competitors have access to the same programs and providers.c. Uncertainties. The competition could gain a competitive advantage and Netflix would lose customers.2. Will explore. Bias. Embarrassment of negotiating a new contract with sellers at a high price for a first chance to see a film months before the competition.b. Hypotheses. New customers and higher fees to compensate for the new contract.c. Qualitative interpretation from various points of view. (i) Price of the new contract too high (ii) alternative options were available to be competitive. Disgruntled shareholders want to replace management. 3. Prioritize a. Ranked list of factors to consider. Very significant impact of the policy on profitability, market share and share price. Pretty important: ways to stay competitive without signing new contracts or losing customers. Conclusion. Management made a bad decision. Netflix should renegotiate its contract to save money and offer new subscribers a lower subscription