21E00034 - Strategy Process, 05.03.2021-09.04.2021

Read an article, suplemented with online research to answer the questions below. Write a submission of 600 words (excluding the references, titles and subtitles). Late submissions will encounter a point reduction of 50% from otherwise on-time submitted corresponding version.

Answer to these following questions: 

o   What does bounded rationality mean?

o   What does satisficing search mean? Provide also an example from your own experience.

o   What do cognitive representations mean? How do they influence people’s choices? Give also an example of an everyday choice in which your own cognitive representation influences / has influenced your choice.

o   Why cognitive presentations benefit organizational search compared to experimential search?

o   Under what conditions are cognitive presentations most likely to harm organizational search? Provide also an example of a company that has made a strategic mistake due to its leaders’ cognitive representations.

Note: no need to understand the technical detail of the simulation in the article. But you do need to understand the logic to answer the questions.