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Overconfidence Bias: Meaning, Impact and How To Overcome It
Introduction Overconfidence bias is a tendency to have a wrong assessment of one’s abilities, skills, intellect, and talent. It is a dangerous and false belief of an individual’s value or ability always to make the right decisions. It is expressed in various aspects of human interactions and the outcome can be dangerous. In this guide,…
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Chi-Square Test in Surveys: What Is It & How to Calculate
The Chi-Square test is a statistical test that is commonly used in surveys to determine whether there is a significant difference between the expected and observed frequencies in one or more categories. It is widely used in research to test the relationships between categorical variables, primarily for comparing the distribution of responses to various questions…
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Conformity Bias in Hiring: What HR Managers Should Know
Conformity bias occurs when people’s decisions are influenced by group pressure, according to the famous Asch experiment. It is usually motivated by a desire to be accepted by a group or a fear of rejection by them. This bias exists in almost every aspect of life, including the workplace. Both candidates and recruiters can exhibit…
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How Long Should a Survey Be? What the Research Says
Introduction Many people have encountered the problem of respondents dropping out of a survey midstream. When this happens, you may lose valuable information about your target audience and the effectiveness of your marketing efforts. Fortunately, there are some things you can do to prevent this from happening. In this article, we’ll discuss how long should…
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What Are Research Repositories?
A research repository is a database that helps organizations to manage, share, and gain access to research data to make product and brand decisions. It is a central database where your organization’s research team uploads all research data and insights for others in the organization to access. Research repositories typically contain insights, raw research data,…
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10 Books Every Brand Manager Should Read In 2023
Introduction Brand building is not a task for one person, it requires collaboration, teamwork, and more. However, with any important project, there is a need for a figurehead to lead and take responsibility for success. This is where the role of a brand manager comes to play. So how can someone become a successful brand…
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Product Bundling Guide: Strategies, and Examples
Introduction Product bundling is a great way to take advantage of the fact that you have multiple products and sell them together. It allows you to create a single offer that has the combined value of all your individual products, which can be very attractive to customers. In this guide, we’ll go over why it’s…
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Pricing Sensitivity: Meaning, Calculation & Strategy
Introduction Price sensitivity is how likely you are to buy or sell something at a particular price. And it is important because it helps you know when to sell your stuff and when to hold on to it. When you buy food, you’re sensitive to the price of food; when you buy clothes, you’re sensitive…
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Product Naming Guide: Strategies, Examples & Pitfalls To Avoid
Introduction When you’re starting a new business, it’s easy to get overwhelmed by the many decisions you have to make. But one of the most important ones is choosing a product name and this decision can make or break your business. A product name is the name of the thing you’re selling. A product name…
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43 Market Research Terminologies You Need To Know
Introduction Market research is a process of gathering information to determine the needs, wants, or behaviors of consumers or customers. Market research is used in many different industries to gather data about what consumers want and how they will respond to new products. There are different types of market research that can be used to…