About This Chapter
Consumer Behavioral Heuristics - Chapter Summary
Heuristics can have a significant impact on marketing. This mobile-friendly chapter shows you why that is, and as you work through the chapter, you can expect to break down related concepts, such as bounded rationality, framing and cognitive reference points. The chapter comes with self-assessment quizzes to help you reinforce your understanding of the information. If you need any extra help with the material, simply submit your questions to our instructors. By the end of the chapter, you should be equipped to:
- Summarize heuristic theories
- Describe the impact that heuristics has on marketing
- Recognize and respond to consumer biases
- Define the concept of bounded rationality
- Identify cognitive reference points
- Explain how framing affects consumer behavior
- Evaluate the causes of adjustments and anchoring
1. Heuristics: Types, Theories & Impact on Marketing
Heuristics subconsciously help us make decisions about brands and influence our buying behaviors. In this lesson, you'll learn more about types of heuristics and how they impact the way a business markets a product or service.
2. Identifying & Responding to Consumer Biases
In this lesson, several common consumer biases will be introduced and analyzed, along with discussing ways in which marketers can respond to these biases.
3. Bounded Rationality in the Decision Making Processes
In this lesson, you'll learn the definition of bounded rationality and how the theory applies to the consumer decision-making process. You'll also learn how corporations use the theory to adjust their marketing tactics.
4. Cognitive Reference Points in Consumer Decision Making
In this lesson, you'll learn about reference points in marketing and how the reference points are used to impact a consumer's decision-making process for both big and small purchases.
5. The Effects of Framing on Consumer Behavior
In this lesson, we will introduce the concept of framing as it pertains to consumer behavior, as well as discussing its effects on consumer behavior, decision-making, and how it can be analyzed to help determine marketing strategy.
6. Anchoring & Adjustments: Causes & Examples
One of the key fields of study within marketing is why purchases are made. Understanding what is purchased, when, why, and how much is critical to business success. In this lesson, you can learn how this information is used to spur sales.
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Other chapters within the Marketing 302: Consumer Behavior course
- Introduction to Consumer Behavior
- Factors Influencing Consumer Behavior
- Consumers & the Decision Making Process
- Consumer Buying Behavior
- Microeconomics in Consumer Behavior
- Individual Financial Decision-Making
- Experiential Consumption
- Consumer Behavior Market Research
- Influencing Consumer Behavior
- Consumerism & Behavioral Appeals
- Psychology of Price
- Customer Satisfaction
- Required Assignments for Marketing 302: Consumer Behavior