Understanding Consumer Behaviour and Decision-Making

• Consumer behaviour refers to the actions of obtaining, using and disposing products.
• There are a number of factors that influence consumer behaviour, including economic, personal and psychological factors.
• The role of psychology in decision making is significant, as is the use of decision making philosophies.
• Heuristics are a type of consumer behaviour, and are based on intuitive rules of thumb.
• Going with gut – intuition – is an effective decision-making strategy, but it is also based on simple and easy-to-use rules. It is effective because it is easy to follow and does not require a lot of data or cognitive ability.

Explore the various factors that influence consumer behaviour, along with the significant role of psychology in decision making and the use of intuitive decision-making philosophies like heuristics. Learn about the effectiveness of gut intuition in decision making and its reliance on simple rules.