Examlex
A) Describe the representativeness heuristic.
B) Explain the relationship between it and base rates.
C) Give a real-life example of the representativeness heuristic.
Established Customer Base
A group of loyal customers a business has successfully developed over time, which forms the core of its regular buyers or clients.
Previous Management
Refers to the former team or individual(s) responsible for overseeing and directing the operations and strategic decisions of an organization.
Image
The general perception that the public or target audience has of a brand, company, or individual.
Business Location
The physical or virtual place where a company is situated or conducts its operations, which can significantly impact its success.
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