Examlex
Describe three ways to extend a product's life as it nears the end of the maturity stage.
Anchoring and Adjustment Bias
A cognitive bias where individuals rely too heavily on the first piece of information received (the "anchor") when making decisions.
Representativeness Bias
A cognitive bias where individuals inaccurately judge the likelihood of an event by comparing it to an existing prototype in their minds.
Ideation Step
The phase in a creative or problem-solving process where ideas are generated.
Design Thinking
A problem-solving approach characterized by empathy with users, a discipline of prototyping, and a tolerance for failure, used primarily within the context of product design and business innovation.
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