Definition
- Satisficing
- Satisficing is aiming for enough profit to keep the owners content while pursuing other aims, often because those who run it are not its owners, or value other things.
Example
Can you think of an example of satisficing?
A family-owned bakery could raise profit by working staff harder and cutting quality, but the owners are happy with a steady living and a good name locally.
Test yourself
Can you name the five objectives a firm might pursue other than the most profit?