Shoerls, a footwear manufacturing company, had been purchasing its raw materials from Douglem. When Douglem increased the prices of its products, the production managers at Shoerls decided to purchase the raw materials from a different supplier that they believed would be a good-enough alternative. This scenario best illustrates the concept of _____.

Question

Quizplus · Accepted Answer

This scenario best illustrates the concept of satisficing, which is the act of making a decision that is perceived to be "good enough" rather than trying to find the "best" option. In this case, Shoerls decided to switch suppliers to a "good enough" alternative rather than seeking out the best possible supplier.

Shoerls, a Footwear Manufacturing Company, Had Been Purchasing Its Raw