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Heuristics revisited: implications for marketing research and practice

The marketing literature has devoted limited attention to the nature and scope of heuristics in marketing theory development and in marketing-related decision-making processes. This is of concern because the use of heuristics can profoundly influence managerial choices and, in turn, the ability of firms to compete. The authors analyze heuristics, first in general terms by providing a review of the concept and its mechanics, and then more specifically by exploring the use of heuristics in the discipline of marketing. The market orientation and marketing concept constructs are discussed as examples of marketing tenets that, over time, have been enriched through the incorporation of heuristics. The following findings are derived from the analysis: heuristics signal the maturing of a theoretical concept; heuristics act as a measure of a discipline's impact; heuristics do not exist in isolation; effective heuristics are balanced and established; and effective heuristics evolve and adapt. Overall, the purpose of this study is to improve the understanding of the value of heuristics to marketing theory and practice and to renew research interest into heuristics in a marketing context.