A B C D E F G H I J K L M N O P Q R S T U V W X Y Z All
Bolia, Brajesh
- Cognitive Dissonance:A Study of Post Purchase Behavior of Consumers in the Context of Financial Products
Authors
1 Department of Marketing, K. J. Somaiya Institute of Management Studies & Research, Mumbai, IN
2 Department of General Management, NITIE, Mumbai, IN
Source
International Journal of Innovative Research and Development, Vol 5, No 3 (2016), Pagination: 148-153Abstract
This research paper aims to study the dynamics of Cognitive Dissonance in the context of Financial Products. The study shall explain the relationship between Cognitive Dissonance and its effect on Brand Recommendations in the context of Financial Products.
Design/ Methodology – A survey was conducted among the customers who had bought a financial product recently from any recognized financial institution in India. Scale developed by Sweeney et al. (2000) was used to measure the magnitude of dissonance for 2 factors – “Concern for Deal” & “Wisdom of Purchase”. The responses were collected through Google Form using convenience sampling.
Findings – The research found that there was no significant difference in the levels of Cognitive Dissonance due to Demographic Factors such as Age, Gender, Education, while it was observed that students felt high and medium levels of cognitive dissonance after purchasing a financial product. There was no difference between the levels of cognitive dissonance due to the different types of sellers. The type of product also did not affect the levels of cognitive dissonance except a little influence among Insurance buyers. There was a slight difference in the levels of cognitive dissonance due to few alternatives explored and none or many alternatives explored. Customer who explored few alternatives experienced more cognitive dissonance as compared to those who explored none or many alternatives. The relationship between Cognitive Dissonance and Brand Recommendation was found to be quite consistent and the research inferred that with low levels of cognitive dissonance the propensity to recommend the brand gets higher.
Practical Implications- The arousal of cognitive dissonance after the purchase decision taken can be a major concern for marketers as it can result in order cancellations before use, loss of trust for the brand and loss of word of mouth resulting in negative Brand Recommendations.
Social Implications- Marketers are responsible for Sales Volume as well as Profits for their organizations. However, they are also responsible for creating happy and loyal consumers for a win-win situation in a sales oriented transaction.
Keywords
Cognitive Dissonance, Financial Products, Post Purchase.Full Text
