Reduce image file size to certain size I have some tiff files of (scanned docs) which are too large than required. 

I tried to export with Preview while applying filter "Reduce File Size". The new file came out to be quite small 36KB while the tiff was 14.4MB. Guess what, the text now is too hazy to read.

Question is there a way to "set" the limit of the output file? Say 1MB. I could have been happy with that much reduction and still could read the text. 

Although Preview is my favorite app on Mac and I don't mind using other apps which can help me achieve same result.
In Preview's Tools menu you will find Adjust size.... Will do everything you need. Even though you can not set the desired size (weight) directly, after you change dimensions it is automatically calculated so you can accept it or further adjust dimensions.