In Decision Making, We Tend to Give Less Weight to a Choice

question 403

True/False

In decision making, we tend to give less weight to a choice if it seems representative of what we already know.

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Definitions:

Marketing Actions

A set of strategies implemented by a company to promote and sell its products or services.

Customer Needs

The wants and preferences that consumers have regarding a product or service that drive their buying behavior.

Market Share

The ratio of sales revenue of the firm to the total sales revenue of all firms in the industry, including the firm itself.

Wants and Needs

Essential drivers of consumer behavior; needs are basic requirements for survival, while wants are desires for specific satisfiers of these needs.