Definition: Consumer's regret is the sense of regret after a consumer has bought an item. It is generally associated with more important items such as family homes or cars and the like. The reason may be the fear of making the wrong decision, guilt of over indulgence or regrets over the sales person’s strong influence in the decision making process. Consumer’s regret is thought to be a result of cognitive dissonance, specifically post-decision dissonance, which happens when a person must make a difficult decision, such as making a choice between two major purchase decisions. Factors that influence Consumer’s regret are the amount of money involved , the emotional link of the buyer to the purchase in question and the positive- and negative …show more content…
In psychological theory there is a general distinction between 3 elements in relation to cognitive dissonance and consumer’s regret: - Effort . This is mainly related to the amount of resources needed to buy the relevant item, This means physically as well as emotionally and is also linked to the value of the purchase to the consumer. - Responsibility. This relates to the fact whether a purchase is voluntary or not. If a purchase is mandatory for whatever reason the consumer is less likely to feel dissonance. - Commitment. This relates to the period of time the purchase constitutes a commitment to. The longer the period the higher the likelihood of cognitive dissonance and consumers’ regret. Low rewards in combination with these 3 elements has a high probability in leading to consumer regret through cognitive dissonance as their action (the purchase of the item) does not match their
More importantly, the decision to purchase is done subconsciously. This means that the majority of the time, your consumer is not even aware of their decision to buy or not to buy your product. In fact,
Have you ever thought about why you made a purchase? Or better yet, what decisions or attributes pointed you towards that specific purchase? It could have been because the product was cheap, aesthetically appealing, or simply something you have been motivated to buy for quite some time. Dan Ariely, author of Predictably Irrational, explores how individuals behave in ways that are irrational, yet do consistently, and predictably, without even realizing it. Individual’s irrational behaviors are not random, and we repeat the same mistakes over and over again making them predictable. Nevertheless, by understanding that individuals are predictably irrational, it will later encourage them to do something differently when making other consumer behavior
Sometimes the greatest test of a theory is its longevity. Over time, some theories will be disproved, some will be modified, and some will become the basis for a whole new group of theories. Leon Festinger’s theory of cognitive dissonance has stood up to challenge for over forty years, and is considered by many to be the single most important theory of social psychology. Though there have been modifications to the theory after many recreations and simulations of the original 1957 experiment, few have been able to really disqualify Festinger’s findings. It would be safe to say that many people don’t even have a full grasp of the incredible implications that Festinger’s research and experiments have towards the self-concept and behavior, myself not excluded. The actual definition of cognitive dissonance is almost too simple: an unpleasant feeling that arises from the contradiction of belief and action. Festinger, however, went on to find that dissonance would in fact change attitudes over time, helping people to justify their behavior when they know it is clearly wrong.
The individual is constantly striving for consistency within oneself and around oneself. Humans seek order and regularity, from simple every-day routines to more complex political and social attitudes, and when a disruption, of any kind, occurs, it could lead to overwhelming, even dramatic situations, anxiety, and psychological discomfort. These disruptions are of interest to people, as much are the rules and consistencies in reality. Many choose to deviate from the norm, knowing the consequences of the inconsistencies they create. For instance: serial killers or recidivists. The psychologist Leon Festinger () writes that these inconsistencies could be rationalized and, therefore be perceived as consistent in a particular attitude or a system
Cooper, Joel. Cognitive Dissonance: Fifty Years of a Classic Theory. Los Angeles: SAGE, 2007. Print
The theory of Cognitive Dissonance states that when individuals are presented with information that implies we act in a way that contradicts our moral standards, we experience discomfort (Aronson, Wilson, and Akert, 1998, P. 191). This is considered Cognitive Dissonance,
properties. If dissonance is experienced as an unpleasant drive state, the individual is motivated to
“I didn't want to do it..but then I did it”. A common phrase spoken by many who have experience cognitive dissonance. The Cognitive Dissonance theory deals with small occurrences that happen everyday, but for help with breaking down this theory, extreme examples help to explain the theory in better detail. In the movie Mean Girls, the plastics are evil & but their approval is what Cady desires which define her two conflicting beliefs. When she gets closer to them and acts like them, she tries to justify her action by saying she is just “spying” on them, this is said to reduce her cognitive dissonance, which in fact, she is turning into them. For example, if a person buys a really nice television, even though they can't really afford it ,but
The validity of cognitive dissonance is the fact that we are faced with it every day, by making a decision or solving a problem using our subjective values which include beliefs, opinions, attitudes, etc. An attitude describes the positive or negative feelings we have toward people, things, or ideas. As humans, what we do to make these decisions and solve these problems don't always line up, causing inconsistency. This means our beliefs go one way, and our behavior goes in the opposite direction. When we decide to change our subjective value, then the dissonance is resolved. #1 The validity of cognitive dissonance is the fact that we are faced with it every day, by making a decision or solving a problem using our subjective values which include
3) Game theory assumes consumers would make rational decisions, but as we all know, feelings often disrupt our rational decision-making processes, often resulting in irrational choices that we perceive as satisfying.
For durable and luxurious goods when deciding to buy these products, price is one of the most important factors to be considered as the price of these products are high. Therefore, people will compare the price among various shops and purchase from the shore that offers the best deal at the same quality.
Consumers are motivated to spend more when there are incentives presented in the form of discounts and special promotions. Their satisfaction in spending less to buy a desired item indicates how incentives work by influencing an individual’s decision making ability. The fact that the item was on a discount enabled the individual to buy it as the reduction in the price of the item was a strong economic incentive. The concept of incentive is present in everyday life situations as it basically impacts the actions of every individual. Incentives are efficient tools used to manipulate the human behaviour in order to achieve desired outcomes.
I do have to admit that sometimes this can be extremely difficult and may leave one feeling a bit vulnerable. Commitment is the ability to take a risk and to accept the possibility of disappointment or pain. Again, I have to agree that commitment can be demanding, but to look on the bright side, it can also be rewarding. To be able to stay in ...
Cognitive dissonance theory by Leon Festinger (1957) has provided me with a theoretical orientation that has assisted me in understanding the “psychological discomfort” experienced when some beliefs are incongruent with behaviors. As I understand it from my readings, cognitive dissonance refers to any situation involving conflicting attitudes, beliefs, or behaviors. This conflict produces feelings of discomfort leading to attempts to change or modify the attitudes, beliefs or behaviors involved in order to reduce the discomfort and to restore balance, which suggests that people, in general, have an inner drive or need to have all their attitudes and beliefs in harmony and, thus, avoid disharmony, i.e., dissonance. In other words, people seek
Every consumer has a unique way of measuring benefits versus costs and will sometimes pay for higher quality items and other times buy the low costs items, depending on which has the highest value to them.