Examlex
What are purchase panels and media panels? Develop examples of marketing situations where you would use each.Be sure to explain the type of information you would collect and the makeup of the panel respondents.
Law of Small Numbers
A cognitive bias that leads people to draw broad conclusions from small samples of data.
Confirmation Bias
The tendency to search for, interpret, favor, and recall information in a way that confirms one's preexisting beliefs or hypotheses.
Gambler's Fallacy
The erroneous belief that if a particular event occurs more frequently than normal during the past, it is less likely to happen in the future, or vice versa, in situations that are truly random.
Ignoring Base Rates
Ignoring base rates is a cognitive bias that involves disregarding or underestimating general information (base rates) in favor of specific individual information when making decisions or judgments.
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