Bounded Rationality


Bounded rationality involves neuro-physiological limits on the one hand and language limits on the other. The physical limits take the form of rate and storage limits on the powers of individuals to receive, store, retrieve, and process information without error … Language limits refer to the inability of individuals to articulate their knowledge or feelings by use of words, numbers, or graphics in ways  which permit them to be understood by others. Despite their best efforts, parties may find that language fails them (possibly because they do not posses the requisite vocabulary or the necessary vocabulary has not been devised) and they resort to other means of communications instead. Demonstration, learning-by-doing, and the like may be the only means of achieving understanding when such language difficulties develop. (Williamson).

My Consultancy–Asif J. Mir – Management Consultant–transforms organizations where people have the freedom to be creative, a place that brings out the best in everybody–an open, fair place where people have a sense that what they do matters. For details please visit www.asifjmir.com, and my Lectures.

 

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Culture and Marketing


Culture influences every aspect of marketing. A marketing oriented firm should make decisions based on customer perspectives. Customers’ actions are shaped by their lifestyles and behavior patterns as they stem from their society’s culture. Thus, the product that people buy, the attributes that they value, the principles whose opinions they accept, are all culture-based choices. As a matter of fact, it is not an overstatement to say that a person’s perspectives or resources, problems and opportunities to a considerable extent are generated and conditioned by culture.

 

A practical example of cultural impact is illustrated by the foods that people prefer. Of all the cultural universals that constitute “culture,” few, if any, are so ingrained and consistently reinforced as are food habits. The daily physiological requirement of nutrition in some form exists for every human inhabitant in any society or culture—there is no escape from eating for any extended period. Food consumption, acquisition, and perception also are interrelated with many of the other universals of the culture, including religious observances and ceremonies, feasting, folklore, and the division of labor.

 

The human perception of edibility has little to do with logical nutritional fulfillments. Culture creates the system of communication among humans about edibility, toxicity, and repleteness. Cultural pressures easily overrule physiological necessities; therefore, it becomes even more difficult for an individual alien to a culture to predict that culture’s preference for or rejection of certain food habits.

 

My Consultancy–Asif J. Mir – Management Consultant–transforms organizations where people have the freedom to be creative, a place that brings out the best in everybody–an open, fair place where people have a sense that what they do matters. For details please contact www.asifjmir.com, Line of Sight