Consumer behaviour, which is a part of behavioural economics and of course an important part of buyer behaviour, is the study of the six w’s which are who, what, when, why, where and how. It incorporates features from psychology, marketing and economics. Consumer behaviour tries to understand the buyer decision-making process and how demographics, influences from family and friends and behavioural changes can change the buyer’s decision on a certain good or service.
Firstly, heuristic applies to experience based techniques that are used for problem solving, discovery and of course learning. Heuristic methods are used to speed up the procedure of finding an acceptable answer; one of the most well known heuristics is “the rule of thumb.” This means that the decisions of most people are based on how easy the ...
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