Marketing Communication Strategies and Consumer Financial Decision Making: The Role of National Culture

Abstract

Consumers frequently make important financial decisions that have short- and long-term impacts on their welfare. The authors expect that these financial decisions are a function of consumers' past experiences and interactions with a financial services firm as well as consumers' long-term priorities (e.g., national culture). They determine how three cultural dimensions (long-term orientation, uncertainty avoidance, and masculinity) and marketing communication type (promotion focused vs. prevention focused) affect three key consumer financial decisions: (1) savings rate, (2) use of credit, and (3) spending pattern. To do so, they empirically test both the direct effect of national culture on consumer financial decision making and its moderating effect on the link between a firm's marketing efforts and consumer financial decision making. Drawing on regulatory focus theory, the authors develop and empirically test their hypotheses using a customer database from a multinational financial services firm based in the United Arab Emirates, with customers originating from 34 countries. They find that national culture directly affects consumer financial decision making and moderates the impact of marketing efforts by the financial services firm, which suggests that financial services firms should account for national culture when managing customers.

Evaluating the impact of social media activities on human brand sales

“…Once again, we rely on the widely used Arellano and Bond's system GMM estimation that uses lagged differences in the dependent variable as instruments for the lagged dependent variable, i.e., (Arellano and Bover 1995;Blundell and Bond 1998) to correct for the dynamic panel bias, and also account-for other unobserved time-invariant effects. Finally, we use cube root transformation for our focal variables to avoid scale issues and those related to non-normality (e.g., Petersen, Kushwaha, and Kumar 2014).…”

Marketing research in China during the 40-year reform and opening

“…Comparative studies driven by cultural elements were expanded by several scholars. Petersen et al (2015) utilized a dataset from a financial institution in the United Arab Emirates to explore how culture affects consumers' financial decisions. This study compared 34 countries, including China.…”

Como a instituição de ensino superior comunica e vende serviços de educação a distância?

“…A comunicação de marketing compreende um conjunto de estratégias direcionadas para a promoção de marcas/serviços e a educação dos clientes (Petersen, Kushwaha & Kumar, 2015). No âmbito da instituição de ensino, Ivy (2008) a definiu como meios para informar, lembrar e persuadir os potenciais estudantes sobre marcas e serviços da instituição.…”

“…As redes sociais promoveram mudanças no comportamento dos consumidores e na forma de promoção de serviços (Toledo et al, 2006;Petersen et al, 2015). Com isso, a instituição de ensino precisa também monitorar a sua presença na Internet e assegurar uma comunicação clara, consistente e alinhada ao ambiente digital (Wertime & Fenwick, 2011;Adjei, Noble & Noble, 2012).…”