Jane Gets a Phone Call from Someone She Was Just

question 4

Multiple Choice

Jane gets a phone call from someone she was just thinking about. She concludes that whenever she thinks of someone they will call. However, she is making a mistake because she is not remembering how often she DID NOT get a call when thinking about a person. This is an example of

• A) uncertainty.
• B) a failure to frame the problem.
• C) confirmation bias.
• D) representativeness heuristic.
• E) a problem-solving schema.

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Definitions:

Generic Business Strategy

A basic strategy for achieving competitive advantage that can be adopted by any firm, typically categorized into cost leadership, differentiation, and focus strategies.

Competitive Advantage

The attribute that allows an organization to outperform its rivals, gained through offering greater value to consumers or operating more efficiently.

Annual Business Plan

A yearly roadmap outlining business objectives, strategies, and actions to be undertaken to achieve the company’s goals.

Long-Range Marketing Plan

A strategic framework that outlines marketing objectives and strategies over an extended period, usually spanning several years, to achieve long-term business goals.