Business People Often Use "Hunches" and Intuition to Make Decisions

question 148

True/False

Business people often use "hunches" and intuition to make decisions regarding what to produce.

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Definitions:

Customer Focused

An approach in business that prioritizes the needs and satisfaction of customers in product and service development.

Product Pricing

The strategy of setting the appropriate cost for a product based on production costs, competition, target audience affordability, and market conditions.

Retain Customer

Strategies and activities aimed at keeping a company's existing customers engaged and satisfied with its products or services, thereby increasing loyalty and reducing churn.

Business Plan

A description of the direction for a new business and the financing needed to operate it.