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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.

women customers where achieving satisfaction is not necessary; however, the responsiveness of a financial product does not directly lead to a positive WOM, rather through satisfaction. The research is novel in empirically testing and comparing the role of brand sincerity and responsiveness in generating satisfaction and positive WOM. This study provides insights for the financial product designers and marketers intending to target women-customers, by focusing on the specific consumer behavioral dimensions leading to satisfaction and positive WOM to ensure the product success.

Limitations-This study tried to focus on the past research in the marketing context, hence other aspects of management and psychology may have been not addressed. The categorization of the past studies done clearly brings out the areas which remains under explored and gives way for future research in the organizational contexts as well as industrial purchases. Organizational Culture and its effect on Cognitive Dissonance among its consumers may also be studied for the benefit of marketers. Enough studies pertaining to Indian context and emerging economies could not be found in the existing literature, which opens up various research avenues. Practical Implications-The arousal of cognitive dissonance after the purchase decision taken can be a major concern for marketers as it can result in order cancellations, loss of trust for the brand and loss of loyal customers. The study can be helpful for marketers to adopt similar successful strategies in past to keep cognitive dissonance in control. Social Implications-Marketers are responsible for Sales Volume as well as Profits for their organizations. However, they are also responsible for creating happy and loyal consumers for a winwin situation in a sales oriented transaction. Originality -This study has done exhaustive review of past studies and has categorized the past studies on the basis of causes of dissonance, effects of dissonance and what measures marketers adopted in past to reduce dissonance among consumers. This study has further categorized the causes of dissonance under three dimensions -Individual Factors, Socio-Environmental Factors and Organizational Factors. This study also further categorized effects of dissonance under two dimensions -Effects on Individuals and Effects on Organizations. This study proposed a model defining the relationships between causes, effects of cognitive dissonance and the measures adopted to reduce cognitive dissonance.