Rules of Thumb That Managers Use to Simplify Decision Making

question 139

Multiple Choice

Rules of thumb that managers use to simplify decision making are called ________.

• A)intuition
• B)heuristics
• C)satisficing
• D)bounded rationality

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Definitions:

Consumers' Needs

The essential requirements and desires of individuals that motivate their purchasing behaviors and choices.

Commonsense Theory

Using anecdotal information to guide understanding.

Past Experiences

Refers to previous events or activities that an individual or organization has undergone, influencing future behavior or decisions.

Persuasion

The act or process of influencing someone's beliefs, attitudes, or behaviors through argument, reasoning, or appeal to emotion.