Friendly's was a popular restaurant chain that served breakfast all day and specialized in classic, homestyle meals. This menu attracted customers of all ages, from retirees to families with young children. Greta Friend, the CEO of the company, wanted to increase profits, so she instructed her executive team to update the menu, refashion the d$$cor$,$ and appeal to upscale professionals. Knowing her success at building the Friendly's brand, the team trusted her ability to define Friendly's strategy and praised her innovative concepts for updating the brand. Among the changes, the new menu replaced the all$-$day breakfast with alcoholic drink specials, and metal bistro tables replaced the cozy, high$-$backed booths. Sales decreased dramatically after the innovations were introduced, and many longtime customers stopped coming to the restaurant. What cognitive bias led the management team into making these decision$-$making errors?

Multiple Choice

reason by analogy

escalation of commitment

confirmation bias

groupthink