Explain the hindsight bias
What will be an ideal response?
The hindsight bias is the tendency to believe falsely, after the outcome is known, that we'd have accurately predicted it. When we have accurate feedback on the outcome, we seem pretty good at concluding it was obvious. The hindsight bias reduces our ability to learn from the past. It lets us think we're better predictors than we are and can make us falsely confident.
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Which of the following is NOT true about demographics?
A) Demographics are quantifiable characteristics about consumers. B) Demographic data are particularly easy to obtain and useful for statistical analysis. C) Marketers can often categorize consumers along a number of factors. D) Businesses can be classified demographically. E) Demographic information focuses on consumers' values, attitudes and lifestyles.
Which of the following should not be considered when developing a credit policy?
a. Normal credit policies in your industry b. The credit rating of your customer c. Your company's cash flow d. All of the above should be considered.