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Satisficing involves the owners setting minimum acceptable levels of achievement in terms of revenue and profit.

Satisficing is a term coined by economist Herbert Simon to describe a decision-making process in which an individual or organization settles for a satisfactory solution rather than striving for the optimal solution. Satisficing is based on the idea that individuals and organizations have limited time, resources, and information, and that it is not always possible or practical to pursue the best possible solution to a problem.

Satisficing can be contrasted with maximizing, which is the process of striving to achieve the best possible outcome. While maximizing can be a useful approach in some situations, it can also be time-consuming and resource-intensive, and it may not always be practical or achievable.

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