Satisficing is hardly a new concept. You can find similar notions from any point in the past century.
There are always trade-offs between competing notions of quality. Price, convenience, features, durability, ease of repair, size, weight, portability, ease of use, ergonomics, greenness. Pure aesthetic features like color and design and “modernness” also factor in.
Beta tape is a classic example. There might have been some picture difference between beta and VHS tape, but VHS could always tape twice as many minutes as beta. That was a far more important bit of quality in the public mind, which always hates competing standards in any case. Quality is the entire package, not an individual characteristic.
Besides, video tape as an industry succeeded until an overall better industry, DVDs, came along. The industry did not lose quality.
Hunter Hawk, I don’t find your examples of industries convincing.
Landlines lack portability. Cell phones have fantastic convenience and now can easily maintain numbers. Wireless phones are also more convenient than landlines and are of equal quality with more features.
I don’t believe this at all. I’ve had both. I wouldn’t trade my LCD for a 100-pound, non-tiltable CRT.
I’ve never been in one, so I’m just assuming you mean they’re low quality, but they haven’t taken over the furniture business. I can find a dozen high quality furniture stores within a short drive of my house.
There are far, far more high quality restaurants around me now than ever in my lifetime. We are in the golden age of fine restaurants for the average person.
If like me you’re old enough to remember what supermarket produce departments were once like, you’d never say this. We get fantastic quality produce from all over the world all through the year, something that used to never be true. Most supermarkets also have large departments of organic produce that are literally farm fresh, and have them in greater variety and quality than they used to. Sure cheaper and less tasty produce exists, but it does not dominate the market to the point where everything else is squeezed out. Quite the contrary: better quality produce is squeezing out the artificially-reddened hard as rock tomato that used to be standard. Upscale stores are booming and a major reason is their exceptional produce.
You can’t point to individual examples of low quality stores. You have to look at the entire range of the industry. The audiophile industry has almost vanished. That’s not true for the high end of any of the other industries you’ve mentioned.