Satisficing is the pursuit by a firm of satisfactory profits instead of maximum profit because the company has as its goal some other objective such as maximum market share, sales or management satisfaction.
The concept of ‘satisfactory’ profits is subjective and varies from firm to firm.
Also see: theory of the firm, theory of the growth of the firm, organization theory, managerial theories of the firm, bureaucracy
Source:
S G Winter, ‘Satisficing, Selection and the Innovating Remnant’, Quarterly Journal of Economics, vol. LXXXV (1971), 237-61