Asked by leslie perez on Sep 28, 2024
When a consumer expends just enough effort to make a decision that is acceptable but not necessarily optimal,this is called what?
A) Information overload.
B) Heuristics.
C) Cognitive bias.
D) Satisfice.
E) None of these.
Satisfice
A decision-making strategy that aims for a satisfactory or adequate solution, rather than an optimal one.
Optimal
Refers to the most favorable or desirable condition, level, or outcome in a given situation.
Information Overload
The state of being overwhelmed by the vast amount of information available, making it difficult to make decisions or focus.
- Define and identify various decision-making processes including satisficing.
Learning Objectives
- Define and identify various decision-making processes including satisficing.
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