'Satisficing is the only model needed to explain consumer decision-making.' To what extent do you agree with this statement? Use examples of research you have studied to support your answer.

Mark scheme

Marking points from the official mark scheme (May/June 2020). The mark or mark type is shown in brackets.

1. [1] (agree) satisficing (Simon, 1956) combines 'satisfy' and 'sufficient', the only two terms needed in decision-making, making the model simple: 'why continue searching for an item when this one will do'
2. [1] it cuts out the time needed to make a decision, unlike utility theory where people consider all options before deciding on one eventually
3. [1] unlike utility theory, which assumes that people can consistently rank order their options based on their preferences, this model eliminates this aspect
4. [1] (disagree) it assumes decisions can be made quickly and simply. Some decisions can, but others cannot.
5. [1] it is a nice theory but does not explain the processes most people go through
6. [1] it applies to consumer decision-making but it is of no help to the seller who tries to persuade an undecided person to make a decision
7. [1] prospect theory goes beyond this model suggesting that the value needs to be taken into account