Value Consists of a Product's

question 45

Multiple Choice

Value consists of a product's:

• A) proprietary characteristics and attributes for which customers are willing to pay.
• B) performance characteristics and attributes for which customers are willing to pay.
• C) proprietary characteristics and attributes for which customers consider paying.
• D) performance characteristics and attributes for which customers consider paying.

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Definitions:

Fundamental Attribution Error

A cognitive bias that causes people to overemphasize personal characteristics and ignore situational factors in explaining others' behavior.

Availability Heuristic

A cognitive bias where individuals rely on immediate examples that come to mind when evaluating a specific topic, concept, method, or decision.

First Instinct Fallacy

The false belief that it is better not to change one’s first answer on a test even if one starts to think that a different answer is correct.

Upward Counterfactual Thinking

The process of imagining better alternatives to past events, which can have various emotional or motivational effects.