Examlex
What are the primary advantages and disadvantages to establishing a franchise system (from the franchisor's point of view)?
Implicit Favorites
Refers to the subconscious preferences or biases that individuals may have towards certain options or people without consciously realizing it.
Limited Information Processing
A situation where the ability to interpret, analyze, and act upon information is constrained by cognitive or situational factors.
Satisficing
A decision-making strategy that aims for a satisfactory or adequate result, rather than the optimal solution.
Tacit Knowledge
Knowledge gained through personal experience and context, often difficult to articulate or transfer to others, as opposed to explicit knowledge which can be readily documented.
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