Which Out of the Following Factors Is One of the Bases

question 97

Multiple Choice

Which out of the following factors is one of the bases for making purchase decisions in the business market and should be emphasized in their promotional appeals?

• A)Product demonstrations
• B)Brand equity
• C)Wholesaler
• D)Retailer
• E)Market concentration

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Definitions:

Cognitive Error

A systematic pattern of deviation from norm or rationality in judgment, often leading to inaccurate conclusions or perceptions.

Heuristics

Cognitive shortcuts or rules of thumb that simplify decision making by enabling quicker judgments with less effort but potentially at the expense of accuracy.

Availability Heuristic

A mental shortcut that relies on immediate examples that come to a person’s mind when evaluating a specific topic, concept, method, or decision.

Representative Heuristic

A cognitive bias in which an individual categorizes a situation based on how similar it is to their prototype of a particular event or behavior, often leading to errors in decision making or judgment.