I Am Thinking About Starting a New Business to Sell

question 50

Multiple Choice

I am thinking about starting a new business to sell a product that I have developed. Part of what I am thinking about is how the potential customers will use the product. However,since I am quite familiar with the needs that this product will satisfy,I believe that the potential customers will use it the same way that I do. This form of thinking represents the (a)

• A) first-mover advantage.
• B) confirmation bias.
• C) focus group analysis.
• D) financial concept.
• E) customer survey.

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Definitions:

Psychosocial

Refers to the interrelation of social factors and individual thought and behavior.

Operant Learning Theory

A theory of learning that argues behavior is controlled by the consequences that follow it, emphasizing reinforcement and punishment.

Self-disclose

The act of revealing personal, intimate information about oneself to others, which plays a crucial role in forming close relationships.

Empathically

In a manner that deeply understands and shares the feelings of another.