One type of cognitive bias (heuristics)

Famous behavioural scientist and Nobel laureate Daniel Kahneman’s (“Thinking Fast and Slow”, 2011) has suggested an approach of 2 models of thought: System 1" is fast, instinctive and emotional; "System 2" is slower, more deliberative, and more logical. Each type of thinking is associated with certain cognitive biases (assumptions heuristics) which have a strong influence on consumer decision making. Examples of heuristics (“mental rules-of-thumb”) include: halo effect, availability bias, anchoring etc. “Higher priced products have better quality” is also an example of such bias.
Details on mental biases and heuristics in https://en.wikipedia.org/wiki/Thinking,_Fast_and_Slow
Your individual task is to select ONE of the heuristics, find as much as possible information about it in open sources and write a short essay which includes:
1) Description of selected type of cognitive bias (heuristics)
2) Give an example from consumer behaviour perspective (how it can influence purchase decisions)
3) Suggest how above learning can influence marketing strategy (how companies can use this learning to maximize marketing effectiveness)
Format: 1 page maximum, Word.