ENTREPRENEURSHIP

Detailed explanation-1: -Customers often select a product that is good enough, rather than perfect, and that’s an example of satisficing. A limitation of satisficing is that there is no strict definition of an adequate or acceptable outcome.

Detailed explanation-2: -Satisficing is a decision-making strategy or cognitive heuristic that entails searching through the available alternatives until an acceptability threshold is met.

Detailed explanation-3: -Maximisers behave in a traditional economic way and always try to make the best possible choice from the available alternatives. Many businesses who adopt satisficing use rules of thumb rather than complex pricing policies.