Understanding Money-Back Guarantees: Cognitive, Affective, and Behavioral Outcomes |
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| Authors: | Thomas Suwelack Jens Hogreve Wayne D. Hoyer |
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| Affiliation: | aInstitute of Marketing, University of Muenster, Am Stadtgraben 13 - 15, 48143 Muenster, Germany;bCatholic University of Eichstaett-Ingolstadt, Ingolstadt School of Management, Chair of Service Management, Auf der Schanz 49, 85049 Ingolstadt, Germany;cDepartment of Marketing- B6700, McCombs School of Business, The University of Texas at Austin, Austin, TX 78733, United States |
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| Abstract: | Although money-back guarantees (MBGs) have a long tradition in marketing and retailing practice, a deeper understanding of how consumers value this instrument is still lacking. The results of two experimental studies show that in addition to cognitive effects, MBGs evoke a positive emotional response, thereby increasing consumers’ purchase intentions and willingness to pay a price premium. Moreover, MBGs positively affect consumers’ responses for search and experience goods, although for experience goods, MBGs should be designed with stricter return conditions as compared to MBGs for search goods. The results should help retail managers understand the consumer impact of MBGs, as well as assist them in pricing guaranteed items and designing effective MBGs according to the type of product. |
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| Keywords: | Money-back guarantee Risk perceptions Emotions Willingness to pay a price premium Search and experience goods |
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