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What does "Satisficing" means in terms of business objectives?

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تم إضافة السؤال من قبل Ibrahim Hussein Mayaleh , Sales & Business Consultant and Trainer , Self-employed
تاريخ النشر: 2014/11/02
Vinod Jetley
من قبل Vinod Jetley , Assistant General Manager , State Bank of India

decide on and pursue a course of action that will satisfy the minimum requirements necessary to achieve a particular goal.

Ibrahim Hussein Mayaleh
من قبل Ibrahim Hussein Mayaleh , Sales & Business Consultant and Trainer , Self-employed

Satisficing is attempting to take into account a number of different and competing objectives, without attempting to ‘maximize’ any single one. For example, managers may first try to ensure that shareholder's get a reasonable rate of return first, and then seek to reward themselves. Satisficing can also be referred to as 'profit satisficing'.