Consumer Decision Making Styles and Money Attitudes - Management Assignment Help

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1.1 Background of the study
Consumers are faced with an increasing number of selections to choose from when it comes to deciding on products, services, brands and distribution channel (Mothersbaugh and Hawkins, 2013). They are further encumbered with information on promotions, products and prices than before. And they face these everyday choices differently, others decide within a matter of minutes while others may take hours, weeks or months to decide (Mittal, 2017). These different approaches are called Consumer Decision Making Styles (CDMSs) and they described as a psychological process that characterizes a consumer’s style to making choices. It has both mental and emotional characteristic (Sprole and Kendra, 1986). For marketing professionals, understanding why customers purchase specific products is an important question to answer, yet the hardest to answer (Mehta & Dixit, 2016).
Traditionally, consumers ’attitudes towards financial services industry has been pigeon-holed by disinterest and insignificance (Howcroft, Hewer, & Hamilton. 2013). However, deregulation and introduction of new technology and digitization have made the market highly competitive which may have predisposed consumers’ feelings and thinking in how they make financial product purchase decisions (Howcroft et al. 2013). Moreover, financial services companies are faced with the challenge of how they can better retain their consumers and cross-sell relevant products to them to earn more share of wallet. Thus, financial services companies need to understand consumer attitude and determine their decision-making styles (Howcroft et al. 2013) to better segment and frame their communication messages and assist customers in processing information about investment products.
This study contributes to the current consumer behaviour literature on consumer shopping styles, with focus on financial services industry products, namely investment products. It intends to explore the various decision making styles the South African market follow when having to take up an investment product. This study intends to discover how the money attitudes and personality traits influence the decision making styles when considering investment products, as personality traits and money attitudes have been proven to have an apparent impact on financial product decision making. Personality traits are said to be predictors of economic outcomes too. (Brown and Taylor,2014; Burgess, Battersby, Gebhardt, & Steven, 2015).
From a Services Marketing perspective there has not been a great deal of literature investigating decision making styles in banking services products within in the Emerging Markets (EM) context. Additionally, supplementary literature is needed to give insights to the South African emerging market when it comes to money attitudes and influences of decision-making styles in services industry. Emerging markets (EM) are markets that are growing at a rapid pace and they have been said that by 2023 their gross domestic product (GDP) will exceed that of all advanced western markets. (Wilson and Purushotham, 2003; Sheth, 2011). Thus, the rapid growth in EM is also said to have an influence the way marketers strategize their marketing efforts to grow within those markets. Factors that are said to make EMs so unique to mature markets are market heterogeneity, sociopolitical governance influence, inadequate infrastructure, unbranded competition and shortage of resources. The mention five characteristics impact marketing theory, policy, strategy and practice in that insights from studies made in matures markets may not be generalizable go emerging markets (Sheth,2011).
Previous research on decision making styles have been largely focused on consumers’ shopping for products and this study looks at decision making styles in the context of service-related purchase. There is a substantial need for financial service-related research, because professional and non-professional services are having unique characteristics in which marketing approaches and techniques for the marketing of those goods may not be directly applied (Zeithaml et al., 1985; Turner, 1997). Even though quite a few service-focused research studies have subsequently increased over time (Turner,1997), this proposed research will largely highlight understanding consumer decision behavior for investment products within the emerging such as South Africa.

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