Examlex
Explain how a cost leadership strategy permits a firm to address the five forces in their competitive environment so it can enjoy higher-than-normal profits.
Framing Error
A mistake in decision-making caused by misrepresenting or misinterpreting the context or information surrounding the decision.
Escalating Commitment
The phenomenon of individuals or organizations continuing to invest in a decision, project, or course of action despite evidence of its failure.
Anchoring Bias
A cognitive bias where an individual depends too heavily on an initial piece of information (the "anchor") when making decisions.
Escalating Commitment
A behavioral pattern where an individual or organization continues to follow a failing course of action due to emotional attachment or the desire to justify prior investments.
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