In an Effort to Capture the Attention-And Dollars-Of the Demographically

question 12

Essay

In an effort to capture the attention-and dollars-of the demographically powerful Generation Y the Nike Company has moved beyond sportswear and has unveiled a new line of sports-focused electronics,such as digital audio players and high-tech walkie-talkies.
Analyze Nike's new business strategy using a supply and demand diagram.

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Definitions:

Overconfidence

The tendency to be more confident in one's own abilities or outcomes than is objectively justified.

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.

Representativeness Heuristic

A cognitive shortcut used in decision-making that involves judging the likelihood of an event based on how closely it matches a prototype or stereotype.

Belief Perseverance

The phenomenon where individuals stick to their initial beliefs even when confronted with contrasting evidence.