Week 2 Assignment 2
We are all customers. We all purchase items every day out of need or desire. Every day we are marketed to. We are satisfied with our purchases and have no regrets, most of the time. Other times, we purchase high risk items like computers or cars. The higher risk items bring higher chances of cognitive dissonance aka buyers’ remorse. There is cultural, social, individual and psychological influences that also play a huge role in a buyers decision to purchase.
Customers experience a post purchase evaluation process in order to feel satisfied with their purchase and not second guess it. They have to first justify in their mind if the purchase was right to do. Did it make their income to restricted? Did they really need it? What will their friends and family think of the purchase? They seek new information to back up their reasoning for the purchase. They try to avoid contradictory information. If all else still leaves the customer unsatisfied they return the item.
Cognitive Dissonance is the inner tension that a consumer experiences after recognizing an inconsistency between behavior and values or opinions (Page 15 ESSENTIALS of MARKETING 6e). Cognitive Dissonance is also called buyers’ remorse. This is usually after an expensive item is purchased and the customer is dissatisfied with the technology or quality and they wish they hadn’t bought it or researched more.
I have experienced Cognitive Dissonance that still haunts me today. In 2007, I bought my first sports car. I was so excited. It was a red Mazda Rx8 with dual tone leather and the whole deluxe package. I sat at Bill Heard car dealership for over eight hours, doing the paperwork. Finally I met with the finance office and gave them $5500 down payment, which was 1/3 down. They told me financing would not be a problem. After two weeks they had still...
References: ESSENTIALS of MARKETING, 6th Edition, Chapters 1, 5, 7 – Lamb, Hair, McDonald
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