Suppose you are a top manager at Goodyear Tire. In which of the following decision-making situations would satisficing be appropriate?
A) deciding whether to replace the company's ad agency
B) helping select a new chief financial officer for the firm
C) deciding which Goodyear Tire factories to close
D) deciding which suit and tie you should wear for your picture in the company's annual report
E) deciding whether Goodyear Tire should enter into a $5 million joint venture with a European firm

Question

Quizplus · Accepted Answer

Satisficing is a decision-making strategy that aims for a satisfactory or adequate result, rather than the optimal solution. This approach is most appropriate for less critical decisions where the impact of the decision is limited and does not significantly affect the company's strategic direction or financial health. Deciding which suit and tie to wear for a picture in the company's annual report (D) is a relatively minor decision that does not have a substantial impact on the company's operations or performance, making it a suitable situation for satisficing.

Suppose You Are a Top Manager at Goodyear Tire