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How do elements of the marketing mix change during the product life cycle?
Confirmation Biases
The habit of seeking out, understanding, preferring, and remembering information in a manner that reinforces one's already held beliefs or theories.
Self-Serving Bias
A cognitive bias that leads individuals to attribute their successes to internal factors and their failures to external factors, enhancing their self-esteem.
Recognition Heuristic
A decision-making process where familiarity with a subject or thing makes it more likely to be chosen over unfamiliar options.
Behavioral Economics
A field of economic research that integrates psychological insights into human behavior to explain economic decision-making.
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