Understanding Cognitive Dissonance of Indian Customers for Financial Products: A Multi-Dimensional Scale Development Approach
Keywords:
Cognitive dissonance, Mixed Method, Financial Product, Purchase Decision.
Abstract
The aim of the study was to understand the dynamics of cognitive dissonance in the context of financial product purchase. A mixed methodology research approach was undertaken to explore the attitudinal and behavioural dimensions (qualitative) and subsequent empirical validation (quantitative) with a sample of customers of financial products. Qualitative research was conducted through focus group discussions to arrive at a pool of 99 items which were then pruned and validated with the help of academic and industry experts. The items were empirically tested and validated with the help of appropriate statistical tools to arrive at a “5 factor and 25 items” measurement scale for cognitive dissonance. The study found two factors “Emotional Gain” & “Financial Concern” as distinguishing factors emerging out as key findings. The arousal of cognitive dissonance after the purchase decision taken by consumer can be a major concern for marketers as it might result in order cancellations, loss of trust for the brand as well as loss of loyal customers. Measuring dissonance in financial product context post purchase can help marketers devise appropriate strategies to reduce dissonance, thereby retaining and attracting customers.
References
Aalto-Setälä, V., & Raijas, A. (2003). Actual market prices and consumer price knowledge. Journal of Product & Brand Management, 12(3), 180-192.
Anderson, J.C., Narus, J.A., Narayandas, D, Seshadri, D.V.R. (2015). Business Market Management (B2B), Pearson Education Inc., India.
Arnold, J. M., Javorcik, B., Lipscomb, M., & Mattoo, A. (2016). Services reform and manufacturing performance: Evidence from India. The Economic Journal, 126(590), 1-39.
Aronson, E. (1992). The return of the repressed: Dissonance theory makes a comeback. Psychological Inquiry, 3(4), 303-311.
Assael, H. (2005). Customer Behavior A Strategic Approach, Dreamtech Press.
Bawa, A., & Kansal, P. (2008). Cognitive dissonance and the marketing of services: Some issues. Journal of Services Research: A Publication of Institute of International Management and Technology, Gurgaon, 8(2), 31-51.
Bell, G. (1967). The automobile buyer after the purchase. Journal of Marketing (Pre 1986), 31(3), 12-16.
Berger, J. O. (2013). Statistical decision theory and Bayesian analysis, Springer Science & Business Media.
Berman B. R. & Brooks, I. (2002). Emotion at work: Identifying the emotional climate of night nursing. Journal of Management in Medicine, 16(5), 327-344.
Berry, L. L., Carbone, L. P., & Haeckel, S. H. (2002). Managing the total customer experience. MIT Sloan Management Review, 43(3), 85-89.
Bolia, B., Jha, S., & Jha, M. K. (2016). Cognitive dissonance: a review of causes and marketing implications. Researchers World, 7(2), 63-76.
Bose, T. K., & Sarker, S. (2012). Cognitive dissonance affecting customer buying decision making: A study based on Khulna metropolitan area. Journal of Management Research, 4(3), 191-221.
Brehm, J.W., & Cohen, A.R. (1962). Explorations in cognitive dissonance, Hoboken, NJ, US: John Wiley & Sons Inc. Xiv 334.
Bryman, A., & Bell, E (2011). Business Research Methods, 3e, Oxford University Press.
Burnett, M. S., & Lunsford, D. A. (1994). Conceptualizing guilt in the consumer decision-making process. Journal of Consumer Marketing, 11(3), 33-43.
Byrne, B. M. (2013). Structural equation modeling with AMOS: Basic concepts, applications, and programming. Routledge.
Cao, Y., & Just, D. R. (2010). Cognitive dissonance under food-borne risk: A lab experiment. Agriculture and Agricultural Science Procedia, 1, 364-371.
Cassotti, M., Habib, M., Poirel, N., Aïte, A., Houdé, O., & Moutier, S. (2012). Positive emotional context eliminates the framing effect in decision-making. Emotion, 12(5), 926-931.
Charron, J. P., & Redondo, I. (2018). Online Compensation Behaviors From a Cognitive Dissonance Perspective: An Examination of Software Downloading in pain. International Journal of E-Business Research (IJEBR), 14(4), 51-64.
Cooper, J., & Fazio, R. H. (1984). A new look at dissonance theory. Advances in Experimental Social Psychology, 17, 229-266.
Cooper, J., (2007), Cognitive dissonance: 50 years of a classic theory: Sage Publications.
Costanzo, L. A., & Ashton, J. K. (2006). Product innovation and customer choice in the UK financial services industry. Journal of Financial Regulation and Compliance, 14(3), 285- 303.
Country forecast India august 2018. (2018). New York: The Economist Intelligence Unit N.A., Incorporated. Retrieved from https://search.proquest.com/docview/2090916368?accountid=31551 on 2nd January 2019 @18.57 hours.
Cummings, W. H., & Venkatesan, M. (1976). Cognitive dissonance and consumer behavior: A review of the evidence. Journal of Marketing Research, 303-308.
Dzisah, M. W. E., & Ocloo, M. C. E. (2013). Celebrity endorsement and customer buying behavior; enhancing the promotion function of marketing in the central business area of Accra, the capital city of Ghana. In 4th Annual International Business Conference, 254-272.
Easingwood, C. J., & Storey, C. (1991). Success factors for new customer financial services. International Journal of Bank Marketing, 9(1), 3-10.
Egan, L. C., Santos, L. R., & Bloom, P. (2007). The origins of cognitive dissonance evidence from children and monkeys. Psychological science, 18(11), 978-983.
Farooq, R. (2016). Role of structural equation modeling in scale development. Journal of Advances in Management Research, 13(1), 75-91.
Festinger, L. (1957). A Theory of Cognitive Dissonance: Row, Peterson and Company, Evanston, IL.
Festinger, L. (1962). Cognitive Dissonance. Scientific American, 207(4), 93-102.
Financial-Services-Report. (September, 2019). Retrieved from https://www.ibef.org retrieved on 26th Nov, 2019 @ 12.32 hours.
Fünfgeld, B., & Wang, M. (2009). Attitudes and behaviour in everyday finance: Evidence from Switzerland. The International Journal of Bank Marketing, 27(2), 108-128.
Gait, A., & Worthington, A. (2008). An empirical survey of individual customer, business firm and financial institution attitudes towards Islamic methods of finance. International Journal of Social Economics, 35(11), 783-808.
Gbadamosi, A. (2009). Cognitive dissonance: The implicit explication in low- income consumers' shopping behavior for “low-involvement” grocery products. International Journal of Retail& Distribution Management, 37(12), 1077-1095.
George, B. P., & Edward, M. (2009). Cognitive Dissonance and Purchase Involvement in the Consumer Behavior Context. IUP Journal of Marketing Management, 8(3/4), 7-24.
Gopalan, R., & Singhi, M. C. (2015). Services growth in India. Economic and Political Weekly, 81-87.
Gregory-Smith, D., Smith, A., & Winklhofer, H. (2013). Emotions and dissonance in ‘ethical’ consumption choices. Journal of Marketing Management, 29(11-12), 1201-1223.
Gupta, N. (2013). Understanding acculturation of consumer culture in an emerging market: an analysis of urban, educated, middle-class Indian consumers. International Journal of Emerging Markets, 8(1), 24-40.
Hair Jr, F. J., Black, C. W., Babin, J. B., Anderson, E. R., (2013), Multivariate Data Analysis: A Global Perspective, Pearson Education Inc., India.
Harmon-Jones, E., & Harmon-Jones, C. (2007). Cognitive dissonance theory after 50 years of development. Zeitschrift für Sozialpsychologie, 38(1), 7-16.
Hausman, A. (2000). A multi-method investigation of consumer motivations in impulse buying behavior. Journal of Consumer Marketing, 17(5), 403-426.
Hawkins, D. I. (1972). Reported cognitive dissonance and anxiety: Some additional findings. The Journal of Marketing, 36(3), 63-66.
Heckhausen, H. (2013). The anatomy of achievement motivation (Vol. 1). Academic Press.
Heider, F., (1946). Attitudes and Cognitive Organization. The Journal of Psychology, 21(1), 107-112.
Hill, T. P. (1977). On goods and services. Review of income and wealth, 23(4), 315-338.
Hinojosa, A. S., Gardner, W. L., Walker, H. J., Cogliser, C., & Gullifor, D. (2017). A Review of Cognitive Dissonance Theory in Management Research: Opportunities for Further Development. Journal of Management, 43(1), 170-199.
Hunt, S. D. (1970). Post-transaction communications and dissonance reduction. The Journal of Marketing, 46-51.
Jaiswal, A. K. (2008). Customer satisfaction and service quality measurement in Indian call centers. Managing Service Quality: An International Journal, 18(4), 405-416.
Janis, I. (1965). The problem of validating content analysis. The content analysis reader, Sage 358-375.
Jung, K., Cho, Y. C., & Lee, S. (2014). Online shoppers' response to price comparison sites. Journal of Business Research, 67(10), 2079-2087.
Kaish, S. (1967). Cognitive dissonance and the classification of customer goods. The Journal of Marketing, 31(4), 28-31.
Kandra, A., Aquino, G., & Brant, A. (2004). Web Shopping: A Cart Full of Frustration. PC World, 22(10), 51-53.
Kim, M. G., & Mattila, A. S. (2010). The impact of mood states and surprise cues on satisfaction. International Journal of Hospitality Management, 29(3), 432-436.
Kim, Y. S. (2011). Application of the cognitive dissonance theory to the service industry. Services Marketing Quarterly, 32(2), 96-112.
Klontz, B. T., Sullivan, P., Seay, M. C., & Canale, A. (2015). The wealthy: A financial psychological profile. Consulting Psychology Journal: Practice and Research, 67(2), 127-143.
Kopalle, P. K., & Lindsey-Mullikin, J. (2003). The impact of external reference price on customer price expectations. Journal of Retailing, 79(4), 225-236.
Korgaonkar, P. K., & Moschis, G. P. (1982). An experimental study of cognitive dissonance, product involvement, expectations, performance and customer judgment of product performance. Journal of Advertising, 11(3), 32-44.
Lakomski, G., & Evers, C. W. (2010). Passionate rationalism: the role of emotion in decision making. Journal of Educational Administration, 48(4), 438-450.
Liao, T. H. (2017). Online shopping post-payment dissonance: Dissonance reduction strategy using online consumer social experiences. International Journal of Information Management, 37(6), 520-538.
Liu, J. A., & Wang, Q. (2016). Re: Validation of cross-sectional studies with longitudinal meta-analysis. Osteoporosis International, 27(9), 2881-2881.
Malhotra, N. K. & Dash S (2014). Marketing research: An applied orientation, 6/e. Pearson Education India.
Mannetti, L., Pierro, A., & Kruglanski, A. (2007). Who regrets more after choosing a non-status-quo option? Post decisional regret under need for cognitive closure. Journal of Economic Psychology, 28(2), 186-196.
Mattila, A. S., & Enz, C. A. (2002). The role of emotions in service encounters. Journal of Service research, 4(4), 268-277.
McColl-Kennedy, J. R., Gustafsson, A., Jaakkola, E., Klaus, P., Radnor, Z. J., Perks, H., & Friman, M. (2015). Fresh perspectives on customer experience. Journal of Services Marketing, 29(6/7), 430-435.
McMahon, S. (2005). Price comparisons. Knight Ridder Tribune Business News. Retrieved from https://search.proquest.com/docview/463627130?accountid=49672 on 27th August 2018 @6.09 pm.
Meadows, C. (2013). A psychological perspective on joy and emotional fulfilment. Routledge.
Menon, K., & Dubé, L. (2007). The effect of emotional provider support on angry versus anxious customers. International Journal of Research in Marketing, 24(3), 268-275.
Mishra, N. (2012). A study on impulse buying behavior of working men and women in Delhi/NCR. Anvesha, 5(3), 23-30.
Modigliani, F., & Brumberg, R. (1954). Utility analysis and the consumption function: An interpretation of cross-section data. The Collected Papers of Franco Modigliani. 6 (1). The MIT Press Cambridge, Massachusetts, London, England.
Montgomery, C., & Barnes, J. H. (1993). POSTDIS: A short rating scale for measuring post purchase dissonance. Journal of Customer Satisfaction, Dissatisfaction and Complaining Behavior, 6, 204-216.
Mukerjee, K. (2013). Customer-oriented organizations: a framework for innovation. Journal of Business Strategy, 34(3), 49-56.
Munnukka, J. (2008). Customers' purchase intentions as a reflection of price perception. Journal of Product & Brand Management, 17(3), 188-196.
O'Neill, M., & Palmer, A. (2004). Cognitive dissonance and the stability of service quality perceptions. Journal of Services Marketing, 18(6), 433-449.
Oshikawa, S (1972). The Measurement of Cognitive Dissonance: Some Experimental Findings. Journal of Marketing (pre-1986), 36(000001), 64-64.
Oshikawa, S. (1968). The Theory of Cognitive Dissonance and Experimental Research. Journal of Marketing Research (JMR), 5(4), 429-430.
Powers, T. L., & Jack, E. P. (2013). The influence of cognitive dissonance on retail product returns. Psychology & Marketing, 30(8), 724-735.
Seger-Guttmann, T., Vilnai-Yavetz, I., Wang, C. Y., & Petruzzellis, L. (2018). Illegitimate returns as a trigger for customers’ ethical dissonance. Journal of Retailing and Consumer Services, 45, 120-131.
Segars, A. H., & Grover, V. (1993). Re-examining perceived ease of use and usefulness: A confirmatory factor analysis. MIS Quarterly, 517-525.
Services-Report. (September, 2019). Retrieved from https://www.ibef.org retrieved on 26th Nov, 2019 @ 12.32 hours.
Shahin S, S., & Rahim E, M. (2014). The impacts of relationship marketing on cognitive dissonance, satisfaction, and loyalty: the mediating role of trust and cognitive dissonance. International Journal of Retail & Distribution Management, 42(6), 553-575.
Simon, H. A. (1955). A behavioral model of rational choice. The quarterly journal of economics, 69(1), 99-118.
Soutar, G. N., & Sweeney, J. C. (2003). Are there cognitive dissonance segments? Australian Journal of Management, 28(3), 227-249.
Sreejesh, S., & Mohapatra, S. (2013). Mixed Method Research Design: An Application in Consumer-Brand Relationships (CBR). Springer Science & Business Media.
Sweeney, J. C., Hausknecht, D., & Soutar, G. N. (2000). Cognitive dissonance after purchase: A multidimensional scale. Psychology and Marketing, 17(5), 369-385.
Teddlie, C., & Tashakkori, A. (2011). Mixed methods research. The Sage Handbook of Qualitative Research, 285-300.
Telci, E. E., Maden, C., & Kantur, D. (2011). The theory of cognitive dissonance: A marketing and management perspective. Procedia-Social and Behavioral Sciences, 24, 378-386.
Tomkins, L., & Eatough, V. (2013). The feel of experience: Phenomenological ideas for organizational research. Qualitative Research in Organizations and Management: An International Journal, 8(3), 258-275.
Vieira, V., Santini, F. O., & Araujo, C. F. (2018). A meta-analytic review of hedonic and utilitarian shopping values. Journal of Consumer Marketing, (just-accepted), 00-00.
Viswesvaran, C., & Deshpande, S. P. (1996). Ethics, success, and job satisfaction: A test of dissonance theory in India. Journal of Business Ethics, 15(10), 1065-1069.
Viswesvaran, C., Deshpande, S. P., & Joseph, J. (1998). Job satisfaction as a function of top management support for ethical behavior: A study of Indian managers. Journal of Business Ethics, 17(4), 365-371.
Vohs, K. D., Baumeister, R. F., & Chin, J. (2007). Feeling duped: Emotional, motivational, and cognitive aspects of being exploited by others. Review of General Psychology, 11(2), 127-141.
Vyas, V., & Raitani, S. (2014). Drivers of customers' switching behaviour in Indian banking industry. International Journal of Bank Marketing, 32(4), 321-342.
Wagner, W. B. (1987). The changing price dimension in purchasing. European Journal of Marketing, 21(1), 5-13.
Walters, C. G., & Bergiel, B. J. (1989). Customer behavior: A decision-making approach. South-Western Publishers.
Weber, K., & Sparks, B. (2009). The effect of pre-consumption mood and service recovery measures on customer evaluations and behavior in a strategic alliance setting. Journal of Hospitality & Tourism Research, 33(1), 106-125.
Wilkins, S., Beckenuyte, C., & Butt, M. M. (2016). Consumers’ behavioral intentions after experiencing deception or cognitive dissonance caused by deceptive packaging, package downsizing or slack filling. European Journal of Marketing, 50(1/2), 213-235.
Wilkins, S., Butt, M. M., & Heffernan, T. (2018). International brand alliances and co-branding: antecedents of cognitive dissonance and student satisfaction with co-branded higher education programs. Journal of Marketing for Higher Education, 28(1), 32-50.
Woodruff, R. B., Cadotte, E. R., & Jenkins, R. L. (1983). Modeling customer satisfaction processes using experience-based norms. Journal of marketing research, 296-304.
Yamaguchi, K., & Abe, M. (2016). Analyzing Antecedent Factors of Cognitive Dissonance Using E-Commerce Data. ACR North American Advances, 44, 369-373.
Anderson, J.C., Narus, J.A., Narayandas, D, Seshadri, D.V.R. (2015). Business Market Management (B2B), Pearson Education Inc., India.
Arnold, J. M., Javorcik, B., Lipscomb, M., & Mattoo, A. (2016). Services reform and manufacturing performance: Evidence from India. The Economic Journal, 126(590), 1-39.
Aronson, E. (1992). The return of the repressed: Dissonance theory makes a comeback. Psychological Inquiry, 3(4), 303-311.
Assael, H. (2005). Customer Behavior A Strategic Approach, Dreamtech Press.
Bawa, A., & Kansal, P. (2008). Cognitive dissonance and the marketing of services: Some issues. Journal of Services Research: A Publication of Institute of International Management and Technology, Gurgaon, 8(2), 31-51.
Bell, G. (1967). The automobile buyer after the purchase. Journal of Marketing (Pre 1986), 31(3), 12-16.
Berger, J. O. (2013). Statistical decision theory and Bayesian analysis, Springer Science & Business Media.
Berman B. R. & Brooks, I. (2002). Emotion at work: Identifying the emotional climate of night nursing. Journal of Management in Medicine, 16(5), 327-344.
Berry, L. L., Carbone, L. P., & Haeckel, S. H. (2002). Managing the total customer experience. MIT Sloan Management Review, 43(3), 85-89.
Bolia, B., Jha, S., & Jha, M. K. (2016). Cognitive dissonance: a review of causes and marketing implications. Researchers World, 7(2), 63-76.
Bose, T. K., & Sarker, S. (2012). Cognitive dissonance affecting customer buying decision making: A study based on Khulna metropolitan area. Journal of Management Research, 4(3), 191-221.
Brehm, J.W., & Cohen, A.R. (1962). Explorations in cognitive dissonance, Hoboken, NJ, US: John Wiley & Sons Inc. Xiv 334.
Bryman, A., & Bell, E (2011). Business Research Methods, 3e, Oxford University Press.
Burnett, M. S., & Lunsford, D. A. (1994). Conceptualizing guilt in the consumer decision-making process. Journal of Consumer Marketing, 11(3), 33-43.
Byrne, B. M. (2013). Structural equation modeling with AMOS: Basic concepts, applications, and programming. Routledge.
Cao, Y., & Just, D. R. (2010). Cognitive dissonance under food-borne risk: A lab experiment. Agriculture and Agricultural Science Procedia, 1, 364-371.
Cassotti, M., Habib, M., Poirel, N., Aïte, A., Houdé, O., & Moutier, S. (2012). Positive emotional context eliminates the framing effect in decision-making. Emotion, 12(5), 926-931.
Charron, J. P., & Redondo, I. (2018). Online Compensation Behaviors From a Cognitive Dissonance Perspective: An Examination of Software Downloading in pain. International Journal of E-Business Research (IJEBR), 14(4), 51-64.
Cooper, J., & Fazio, R. H. (1984). A new look at dissonance theory. Advances in Experimental Social Psychology, 17, 229-266.
Cooper, J., (2007), Cognitive dissonance: 50 years of a classic theory: Sage Publications.
Costanzo, L. A., & Ashton, J. K. (2006). Product innovation and customer choice in the UK financial services industry. Journal of Financial Regulation and Compliance, 14(3), 285- 303.
Country forecast India august 2018. (2018). New York: The Economist Intelligence Unit N.A., Incorporated. Retrieved from https://search.proquest.com/docview/2090916368?accountid=31551 on 2nd January 2019 @18.57 hours.
Cummings, W. H., & Venkatesan, M. (1976). Cognitive dissonance and consumer behavior: A review of the evidence. Journal of Marketing Research, 303-308.
Dzisah, M. W. E., & Ocloo, M. C. E. (2013). Celebrity endorsement and customer buying behavior; enhancing the promotion function of marketing in the central business area of Accra, the capital city of Ghana. In 4th Annual International Business Conference, 254-272.
Easingwood, C. J., & Storey, C. (1991). Success factors for new customer financial services. International Journal of Bank Marketing, 9(1), 3-10.
Egan, L. C., Santos, L. R., & Bloom, P. (2007). The origins of cognitive dissonance evidence from children and monkeys. Psychological science, 18(11), 978-983.
Farooq, R. (2016). Role of structural equation modeling in scale development. Journal of Advances in Management Research, 13(1), 75-91.
Festinger, L. (1957). A Theory of Cognitive Dissonance: Row, Peterson and Company, Evanston, IL.
Festinger, L. (1962). Cognitive Dissonance. Scientific American, 207(4), 93-102.
Financial-Services-Report. (September, 2019). Retrieved from https://www.ibef.org retrieved on 26th Nov, 2019 @ 12.32 hours.
Fünfgeld, B., & Wang, M. (2009). Attitudes and behaviour in everyday finance: Evidence from Switzerland. The International Journal of Bank Marketing, 27(2), 108-128.
Gait, A., & Worthington, A. (2008). An empirical survey of individual customer, business firm and financial institution attitudes towards Islamic methods of finance. International Journal of Social Economics, 35(11), 783-808.
Gbadamosi, A. (2009). Cognitive dissonance: The implicit explication in low- income consumers' shopping behavior for “low-involvement” grocery products. International Journal of Retail& Distribution Management, 37(12), 1077-1095.
George, B. P., & Edward, M. (2009). Cognitive Dissonance and Purchase Involvement in the Consumer Behavior Context. IUP Journal of Marketing Management, 8(3/4), 7-24.
Gopalan, R., & Singhi, M. C. (2015). Services growth in India. Economic and Political Weekly, 81-87.
Gregory-Smith, D., Smith, A., & Winklhofer, H. (2013). Emotions and dissonance in ‘ethical’ consumption choices. Journal of Marketing Management, 29(11-12), 1201-1223.
Gupta, N. (2013). Understanding acculturation of consumer culture in an emerging market: an analysis of urban, educated, middle-class Indian consumers. International Journal of Emerging Markets, 8(1), 24-40.
Hair Jr, F. J., Black, C. W., Babin, J. B., Anderson, E. R., (2013), Multivariate Data Analysis: A Global Perspective, Pearson Education Inc., India.
Harmon-Jones, E., & Harmon-Jones, C. (2007). Cognitive dissonance theory after 50 years of development. Zeitschrift für Sozialpsychologie, 38(1), 7-16.
Hausman, A. (2000). A multi-method investigation of consumer motivations in impulse buying behavior. Journal of Consumer Marketing, 17(5), 403-426.
Hawkins, D. I. (1972). Reported cognitive dissonance and anxiety: Some additional findings. The Journal of Marketing, 36(3), 63-66.
Heckhausen, H. (2013). The anatomy of achievement motivation (Vol. 1). Academic Press.
Heider, F., (1946). Attitudes and Cognitive Organization. The Journal of Psychology, 21(1), 107-112.
Hill, T. P. (1977). On goods and services. Review of income and wealth, 23(4), 315-338.
Hinojosa, A. S., Gardner, W. L., Walker, H. J., Cogliser, C., & Gullifor, D. (2017). A Review of Cognitive Dissonance Theory in Management Research: Opportunities for Further Development. Journal of Management, 43(1), 170-199.
Hunt, S. D. (1970). Post-transaction communications and dissonance reduction. The Journal of Marketing, 46-51.
Jaiswal, A. K. (2008). Customer satisfaction and service quality measurement in Indian call centers. Managing Service Quality: An International Journal, 18(4), 405-416.
Janis, I. (1965). The problem of validating content analysis. The content analysis reader, Sage 358-375.
Jung, K., Cho, Y. C., & Lee, S. (2014). Online shoppers' response to price comparison sites. Journal of Business Research, 67(10), 2079-2087.
Kaish, S. (1967). Cognitive dissonance and the classification of customer goods. The Journal of Marketing, 31(4), 28-31.
Kandra, A., Aquino, G., & Brant, A. (2004). Web Shopping: A Cart Full of Frustration. PC World, 22(10), 51-53.
Kim, M. G., & Mattila, A. S. (2010). The impact of mood states and surprise cues on satisfaction. International Journal of Hospitality Management, 29(3), 432-436.
Kim, Y. S. (2011). Application of the cognitive dissonance theory to the service industry. Services Marketing Quarterly, 32(2), 96-112.
Klontz, B. T., Sullivan, P., Seay, M. C., & Canale, A. (2015). The wealthy: A financial psychological profile. Consulting Psychology Journal: Practice and Research, 67(2), 127-143.
Kopalle, P. K., & Lindsey-Mullikin, J. (2003). The impact of external reference price on customer price expectations. Journal of Retailing, 79(4), 225-236.
Korgaonkar, P. K., & Moschis, G. P. (1982). An experimental study of cognitive dissonance, product involvement, expectations, performance and customer judgment of product performance. Journal of Advertising, 11(3), 32-44.
Lakomski, G., & Evers, C. W. (2010). Passionate rationalism: the role of emotion in decision making. Journal of Educational Administration, 48(4), 438-450.
Liao, T. H. (2017). Online shopping post-payment dissonance: Dissonance reduction strategy using online consumer social experiences. International Journal of Information Management, 37(6), 520-538.
Liu, J. A., & Wang, Q. (2016). Re: Validation of cross-sectional studies with longitudinal meta-analysis. Osteoporosis International, 27(9), 2881-2881.
Malhotra, N. K. & Dash S (2014). Marketing research: An applied orientation, 6/e. Pearson Education India.
Mannetti, L., Pierro, A., & Kruglanski, A. (2007). Who regrets more after choosing a non-status-quo option? Post decisional regret under need for cognitive closure. Journal of Economic Psychology, 28(2), 186-196.
Mattila, A. S., & Enz, C. A. (2002). The role of emotions in service encounters. Journal of Service research, 4(4), 268-277.
McColl-Kennedy, J. R., Gustafsson, A., Jaakkola, E., Klaus, P., Radnor, Z. J., Perks, H., & Friman, M. (2015). Fresh perspectives on customer experience. Journal of Services Marketing, 29(6/7), 430-435.
McMahon, S. (2005). Price comparisons. Knight Ridder Tribune Business News. Retrieved from https://search.proquest.com/docview/463627130?accountid=49672 on 27th August 2018 @6.09 pm.
Meadows, C. (2013). A psychological perspective on joy and emotional fulfilment. Routledge.
Menon, K., & Dubé, L. (2007). The effect of emotional provider support on angry versus anxious customers. International Journal of Research in Marketing, 24(3), 268-275.
Mishra, N. (2012). A study on impulse buying behavior of working men and women in Delhi/NCR. Anvesha, 5(3), 23-30.
Modigliani, F., & Brumberg, R. (1954). Utility analysis and the consumption function: An interpretation of cross-section data. The Collected Papers of Franco Modigliani. 6 (1). The MIT Press Cambridge, Massachusetts, London, England.
Montgomery, C., & Barnes, J. H. (1993). POSTDIS: A short rating scale for measuring post purchase dissonance. Journal of Customer Satisfaction, Dissatisfaction and Complaining Behavior, 6, 204-216.
Mukerjee, K. (2013). Customer-oriented organizations: a framework for innovation. Journal of Business Strategy, 34(3), 49-56.
Munnukka, J. (2008). Customers' purchase intentions as a reflection of price perception. Journal of Product & Brand Management, 17(3), 188-196.
O'Neill, M., & Palmer, A. (2004). Cognitive dissonance and the stability of service quality perceptions. Journal of Services Marketing, 18(6), 433-449.
Oshikawa, S (1972). The Measurement of Cognitive Dissonance: Some Experimental Findings. Journal of Marketing (pre-1986), 36(000001), 64-64.
Oshikawa, S. (1968). The Theory of Cognitive Dissonance and Experimental Research. Journal of Marketing Research (JMR), 5(4), 429-430.
Powers, T. L., & Jack, E. P. (2013). The influence of cognitive dissonance on retail product returns. Psychology & Marketing, 30(8), 724-735.
Seger-Guttmann, T., Vilnai-Yavetz, I., Wang, C. Y., & Petruzzellis, L. (2018). Illegitimate returns as a trigger for customers’ ethical dissonance. Journal of Retailing and Consumer Services, 45, 120-131.
Segars, A. H., & Grover, V. (1993). Re-examining perceived ease of use and usefulness: A confirmatory factor analysis. MIS Quarterly, 517-525.
Services-Report. (September, 2019). Retrieved from https://www.ibef.org retrieved on 26th Nov, 2019 @ 12.32 hours.
Shahin S, S., & Rahim E, M. (2014). The impacts of relationship marketing on cognitive dissonance, satisfaction, and loyalty: the mediating role of trust and cognitive dissonance. International Journal of Retail & Distribution Management, 42(6), 553-575.
Simon, H. A. (1955). A behavioral model of rational choice. The quarterly journal of economics, 69(1), 99-118.
Soutar, G. N., & Sweeney, J. C. (2003). Are there cognitive dissonance segments? Australian Journal of Management, 28(3), 227-249.
Sreejesh, S., & Mohapatra, S. (2013). Mixed Method Research Design: An Application in Consumer-Brand Relationships (CBR). Springer Science & Business Media.
Sweeney, J. C., Hausknecht, D., & Soutar, G. N. (2000). Cognitive dissonance after purchase: A multidimensional scale. Psychology and Marketing, 17(5), 369-385.
Teddlie, C., & Tashakkori, A. (2011). Mixed methods research. The Sage Handbook of Qualitative Research, 285-300.
Telci, E. E., Maden, C., & Kantur, D. (2011). The theory of cognitive dissonance: A marketing and management perspective. Procedia-Social and Behavioral Sciences, 24, 378-386.
Tomkins, L., & Eatough, V. (2013). The feel of experience: Phenomenological ideas for organizational research. Qualitative Research in Organizations and Management: An International Journal, 8(3), 258-275.
Vieira, V., Santini, F. O., & Araujo, C. F. (2018). A meta-analytic review of hedonic and utilitarian shopping values. Journal of Consumer Marketing, (just-accepted), 00-00.
Viswesvaran, C., & Deshpande, S. P. (1996). Ethics, success, and job satisfaction: A test of dissonance theory in India. Journal of Business Ethics, 15(10), 1065-1069.
Viswesvaran, C., Deshpande, S. P., & Joseph, J. (1998). Job satisfaction as a function of top management support for ethical behavior: A study of Indian managers. Journal of Business Ethics, 17(4), 365-371.
Vohs, K. D., Baumeister, R. F., & Chin, J. (2007). Feeling duped: Emotional, motivational, and cognitive aspects of being exploited by others. Review of General Psychology, 11(2), 127-141.
Vyas, V., & Raitani, S. (2014). Drivers of customers' switching behaviour in Indian banking industry. International Journal of Bank Marketing, 32(4), 321-342.
Wagner, W. B. (1987). The changing price dimension in purchasing. European Journal of Marketing, 21(1), 5-13.
Walters, C. G., & Bergiel, B. J. (1989). Customer behavior: A decision-making approach. South-Western Publishers.
Weber, K., & Sparks, B. (2009). The effect of pre-consumption mood and service recovery measures on customer evaluations and behavior in a strategic alliance setting. Journal of Hospitality & Tourism Research, 33(1), 106-125.
Wilkins, S., Beckenuyte, C., & Butt, M. M. (2016). Consumers’ behavioral intentions after experiencing deception or cognitive dissonance caused by deceptive packaging, package downsizing or slack filling. European Journal of Marketing, 50(1/2), 213-235.
Wilkins, S., Butt, M. M., & Heffernan, T. (2018). International brand alliances and co-branding: antecedents of cognitive dissonance and student satisfaction with co-branded higher education programs. Journal of Marketing for Higher Education, 28(1), 32-50.
Woodruff, R. B., Cadotte, E. R., & Jenkins, R. L. (1983). Modeling customer satisfaction processes using experience-based norms. Journal of marketing research, 296-304.
Yamaguchi, K., & Abe, M. (2016). Analyzing Antecedent Factors of Cognitive Dissonance Using E-Commerce Data. ACR North American Advances, 44, 369-373.
Published
2020-03-05
How to Cite
Bolia, B., Jha, S., & Jha, M. K. (2020). Understanding Cognitive Dissonance of Indian Customers for Financial Products: A Multi-Dimensional Scale Development Approach. Indian Journal of Finance and Banking, 4(1), 20-32. https://doi.org/10.46281/ijfb.v4i1.500
Section
Research Paper/Theoretical Paper/Review Paper/Short Communication Paper
Copyright (c) 2020 Brajesh Bolia ,Sumi Jha ,Manoj K Jha
This work is licensed under a Creative Commons Attribution 4.0 International License.
