Examlex
You are an assistant marketing director for a firm in a market with many low-margin customers. What type of relationship would it be most profitable for you to develop with these customers?
Rational Decision-making Model
A systematic, step-by-step approach to decision making that aims to make logically sound decisions by carefully considering all available information and potential outcomes.
Not-invented-here Bias
The tendency to dismiss or not value products, research, standards, or knowledge because they originate from an external source.
Satisficing
A decision-making strategy that aims for a satisfactory or adequate outcome, rather than the optimal solution, especially under conditions of uncertainty or limited resources.
Perfectly Rational
A theoretical concept in which an individual is assumed to make decisions that maximize their utility based on complete information.
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