Examlex
Explain what is meant by "Trade-offs may occur among the five sources of competitive advantage, but this does not need to be a zero-sum game."
Escalating Commitment
A behavior pattern in which an individual or group continues to follow a failing course of action based on the time, money, or resources already invested.
Strategic Opportunism
The ability to remain flexible and seize new opportunities while still maintaining a focus on long-term strategic goals.
Anchoring and Adjustment Bias
A cognitive bias where an individual relies too heavily on an initial piece of information (anchor) when making decisions, even if it is unrelated or irrelevant.
Availability Bias
A cognitive bias where people overestimate the importance of information that is readily available to them.
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