When Classifying a Product as a Consumer Product or a B2B

question 196

True/False

When classifying a product as a consumer product or a B2B product, the primary factor to consider is the financial status of the buyer.

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Definitions:

Framing Effects

The influence on decision-making and judgment caused by the way information is presented, where different phrasing, presentation, or context can significantly alter individuals' choices.

Self-Serving Bias

A cognitive bias where individuals attribute positive outcomes to their own actions but negative outcomes to external factors.

System 2

A term often associated with dual-process theories of mind, representing the analytical, deliberate, and logical mode of thinking.

Framing Effects

Cognitive biases where people's decisions are influenced by the way information is presented, rather than just the information itself.