When People Estimate the Probability of One Specific Event Belonging

question 115

Multiple Choice

When people estimate the probability of one specific event belonging to a class of events, based on the similarity between the event in question and the average member for that class of events, they are using:

• A)the representativeness heuristic
• B)the availability heuristic
• C)anchoring and adjustment
• D)means-ends analysis

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Definitions:

Alcatel

A multinational company that produces telecommunications equipment and services, now part of Nokia.

Customer Value Proposition

A business or marketing statement that describes why a customer should buy a product or use a service, summarizing the benefits of the offer.

Protocol

A statement that, before product development begins, identifies a well-defined target market; specific customers’ needs, wants, and preferences; and what the product will be and do to satisfy consumers.

SWOT Analysis

A method of strategic planning that involves identifying the strengths, weaknesses, opportunities, and threats pertinent to business competitiveness or the planning of a project.