The Term Used to Identify an Organization's Long-Term Course of Action

question 102

Multiple Choice

The term used to identify an organization's long-term course of action designed to deliver a unique customer experience while achieving its goals is referred to as a

• A)marketing strategy.
• B)policy.
• C)strategy.
• D)plan.
• E)tactic.

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Definitions:

Heuristics

Mental shortcuts or "rules of thumb" that simplify decision-making processes, often utilized when making judgments under uncertainty.

Framing Error

A cognitive bias where people make decisions based on the way information is presented rather than just the facts themselves.

Lack-of-participation Error

A mistake or oversight that occurs when not all relevant parties are involved in a decision-making process, leading to potential biases or incomplete information.

Escalation Error

Escalation Error refers to the phenomenon where individuals or groups continue to invest in a decision despite new evidence suggesting it may be wrong, often due to sunk costs or ego.