An Advantage in Using a Group for Decision Making Is

question 78

Multiple Choice

An advantage in using a group for decision making is that it

• A) leads to a higher level of commitment to the decision.
• B) gives authority to one member in heading the discussion.
• C) results in a phenomenon known as groupthink.
• D) leads to a process of decision making known as satisficing.
• E) results in conservation of precious time, money, and resources.

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Definitions:

Existing Product

A product that has already been developed and is available in the market for consumers.

Marginal Utility

The additional satisfaction or utility gained by consuming an additional unit of a good or service.

Consumer's Income

The total amount of money earned by an individual or household, influencing their purchasing decisions and capacity.

Fast-Second Strategy

An approach by a dominant firm in which it allows other firms in its industry to bear the risk of innovation and then quickly becomes the second firm to offer any successful new product or adopt any improved production process.