Describe Two Forms of Bias That Adversely Affect the Way

question 69

Essay

Describe two forms of bias that adversely affect the way managers make decisions and provide an example for each.

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Definitions:

Target Market

A specific group of potential customers at whom a company aims its products and services, identified by demographic, geographic, and psychographic characteristics.

Licensing

A legal process in which one firm pays to use or distribute another firm’s resources, including products, trademarks, patents, intellectual property, or other proprietary knowledge.

International Markets

Refers to the various markets operating in different countries around the globe, where goods, services, and currencies are exchanged across national boundaries.

Regulation

The act of controlling, directing, or managing activities through rules and standards imposed by authorities.