Retailers Examining Their Product Mix Find That a Third of Their

question 53

Essay

Retailers examining their product mix find that a third of their products are not profitable or do not make economic sense. Yet these products still take up retail shelf space. Why does this continue and what techniques are retailers using to "tighten" this process?

Appreciate the significance of divergent thinking in fostering creativity.

Understand the role of intuition and independent spirit in creativity.

Learn the principles and impact of brainstorming and nominal group methods on creativity.

Understand organizational strategies to encourage creativity.

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Definitions:

Preconceptions

Preformed opinions or beliefs, often without basis in fact or experience, that influence one's perception.

Availability Heuristic

A mental shortcut that relies on immediate examples that come to mind when evaluating a specific topic, concept, method, or decision.

Overconfidence

A cognitive bias where an individual's subjective confidence in their own abilities is greater than their objective accuracy.

Representativeness Heuristic

A mental shortcut that involves making a decision based on how closely a new situation or object resembles a prototype or typical case.