One of the Most-Often-Used Business Tools to Assess the Market

question 37

Multiple Choice

One of the most-often-used business tools to assess the market they are operating within is a business model created by Michael Porter of the Harvard Business School called:

• A) Industry Attractiveness Model
• B) Five Forces Model
• C) Competition Model
• D) Macro-Economic Model
• E) Industry Competitiveness Model

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Definitions:

Extremity Bias

A cognitive bias where individuals tend to remember and give disproportionate weight to the most extreme examples or experiences.

Law of Small Numbers

A cognitive bias that leads people to draw broad conclusions from small data sets or limited information.

Outgroup Heterogeneity Bias

The tendency to view members of an out-group as more diverse and individual than members of one's own in-group.

Ingroup Differentiation Bias

Ingroup differentiation bias is the tendency to perceive and highlight differences within one’s own group, emphasizing diversity and individuality among members.