Global Competition Has Increased the Options for Consumers and Has

question 16

True/False

Global competition has increased the options for consumers and has made it more imperative for firms to identify the needs of customers to earn above-average returns.

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Definitions:

SWOT Acronym

Stands for Strengths, Weaknesses, Opportunities, and Threats, a framework used for strategic planning and analysis.

Confirmation Bias

The predisposition to perceive incoming evidence as ratification of one's established beliefs or theoretical frameworks.

Survey Research

A research method that collects data from a predefined group of respondents to gain information and insights on various topics of interest.

Escalation Commitment

The phenomenon where people continue to invest time, money, or effort into a failing project due to the cumulative prior investment, despite new evidence suggesting that the cost of continuing the project outweighs the expected benefit.