Asked by Melody Walls on Jul 05, 2024
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Discuss the importance of the theory of cognitive dissonance to a firm in regards to sales revenue.
Cognitive Dissonance
The psychological discomfort experienced by an individual who holds two or more contradictory beliefs, ideas, or values at the same time.
Sales Revenue
Sales revenue is the total amount of money earned from selling goods or services before any costs or expenses are deducted.
- Comprehend the theory of cognitive dissonance and its impact on sales and consumer behavior.
Verified Answer
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Payam MasoodJul 12, 2024
Final Answer :
Many firms do not recognize the need for talking to present customers after their purchases, especially if they do not hear from them. If it is a fairly significant purchase, customers may still be unsure if what they did was the right thing. Many need reassurance, especially in the face of conflicting competitive information they may encounter. This reassurance may help save a significant amount of consumers needing to justify their decision. Further, easing a consumer's post-purchase anxiety will increase the likelihood that they will become loyal to a company, which can lead to future sales. It will also help in facilitating positive word of mouth, which can result in new customers through referrals.
Learning Objectives
- Comprehend the theory of cognitive dissonance and its impact on sales and consumer behavior.
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