DEVELOPMENT OF EXPORT MARKETING GUIDELINES

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Abstract
Bounded rationality theory argues that classical and neoclassical economic theories are unrealistic in assuming that managements have perfect knowledge regarding decision‐making alternatives. Instead, that information tends to be very limited both as to a firm's alternatives and the costs and benefits of each. At best, therefore, managements can make rational decisions only within the bounds of whatever information they possess; this results in many managerial decisions being sub‐optimal with respect to the total reality. Logically, the imperfect knowledge problem applies to all aspects of business, especially to international marketing since such information tends to be very limited.

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