New market entry provides potential opportunities for organizations to grow. But penetrating a market and establishing a new business is fraught with complications and failure. Attempts at entering a new market often fail, in fact, research suggests that for every successful market entry about 4 fail. The reasons for such high failure rates involve timing, […]
Tag Archives | Cognitive Biases
While making critical decisions, not many strategists are conscious of the impact that cognitive biases have on business decisions. These biases are part of human behavior, and can be referred to as “systematic human tendencies to deviate from rational calculations.” In strategic decision making, leaders need to recognize their own biases, as these biases influence […]
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