Maximizers and Satisficers: A Look into Consumer Regret and Dissatisfaction

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Maximizers and Satisficers: A Look into Consumer Regret and Dissatisfaction

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Title: Maximizers and Satisficers: A Look into Consumer Regret and Dissatisfaction
Author: Correia, Tricia
Abstract: There are two types of people in this world: maximizers and satisficers. Maximizers exert extra time and effort in order to select the option with the highest expected utility. Satisficers select the option that is good enough. For marketers, knowing about maximizers and satisficers is important to designing a customer service model and maintaining a strong brand image. Using an online Qualtrics survey, respondents were asked to answer questions taken from existing maximization, regret, and redress-seeking scales along with basic demographic questions. A total of 218 subjects took part in the study. The results confirmed 1) those who score higher on the Maximization Scale will score higher on the Regret Scale; 2) those who score higher on the Maximization Scale will score higher on the Seeking Redress Propensity; 3) an unpredicted relationship between redress seeking scores and regret scores; 4) age had a significant negative relationship with maximization scores; 5) perceived power in society had a significant relationship with maximization scores. Conclusions drawn from these results include 1) If you are a maximizer, you are more likely to feel regret after every purchase; 2) those who are maximizers are more likely to take steps in returning a product and voicing their dissatisfaction; 3) the younger you are, the more likely you are to be a maximizer; 4) the more power you feel you have in society, the more likely you are to be a maximizer. Marketing managers should be aware of these findings when designing their customer service models.
Description: Poster presented at the McDonough Undergraduate Research Symposium on November 7th, 2013.
Permanent Link: http://hdl.handle.net/10822/707681
Date Issued: 2014-02-12
Date Created: 2013-11-07
Type: Presentation


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