SCENARIOS Digital Cookware

question 45

Multiple Choice

SCENARIOS
Digital Cookware
Digital Cookware has developed a new kind of skillet that should make cooking easier for many non-chefs.The skillet has a display on its handle that beeps to alert the cook when the pan's target temperature is reached.The skillet with the aid of an accompanying cookbook will take much of the guesswork out of cooking.Digital Cookware is a small company,and it has invested considerable money in developing this new technology,which it eventually hopes to use in an entire line of pots and pans.It has run some small ads for the new skillet in cooking magazines and been featured on some morning talk shows.It needs a quick infusion of cash to maintain its current operational level and to develop the rest of the cookware line.Digital Cookware is considering some kind of sales promotion.
-Refer to Technology Advancement.Technology Advancement is providing training to computer firms in:

• A) sales promotion
• B) personal selling
• C) trade promotion
• D) advertising
• E) public relations

Understand the concept of heuristic thinking and its reliance on cognitive shortcuts for decision-making.

Differentiate between System-1 and System-2 thinking in terms of their processes and applications.

Identify and describe various cognitive heuristics such as anchoring with adjustment, stereotyping, availability, simulation, affect, and satisficing.

Recognize the influence of cognitive biases on judgment and decision-making, including hindsight bias and the misapplication of heuristics.

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Definitions:

Employing Facts

Entails using verified information and data to support decision-making, arguments, or processes.

Evidence-Based Management

Evidence-Based Management is the commitment to making managerial decisions based on the best available scientific evidence, integrating practical experience with rigorous analysis to achieve optimal outcomes.

Constructively Question

The act of inquiring or probing in a manner that aims to build understanding, encourage deep thinking, and foster improvement.

Big Idea

A significant or revolutionary concept that forms the foundation of a project, strategy, or campaign.