responses. A widely used personal trait in sales promotion literature is deal-proneness, or rather promotion-proneness (Crespo-Almendros & Del Barrio-García, 2016). This variable can be measured through quite explicit questions such as: “I have a favorite brand, but most of the time I buy a brand that’s on special offer (Crespo-Almendros & Del Barrio-García, 2016).”
Another potential source of valuable insights on personal characteristics in risk reduction research could be to include whether someone is a Maximizer or ‘Satisficer’ (Schwartz, Ward, Monterosso, Lyubomirsky, White & Lehman, 2002). Satisficers (non-maximizers), a wordplay of satisfy and suffice, pursue a good enough option instead of the best option. Maximizers are people who want the best option possible. Therefore, they want to have the feeling they have considered all options. Maximizers tend to depend more on social comparison and self-esteem, hence social and psychological risk, than satisficers. Therefore, which risk perception(s) is most predominant for someone might differ depending on whether they are a maximizer of a satisficer. As a consequence, the most suitable sales promotion type for risk-relieving strategies may vary for these characteristics.
Whereas the literature indicated that non-monetary sales promotions were a more effective tool to reduce consumers’ financial risk perceptions, the other risk perceptions consumers can have of products/services remained untested. Therefore, the goal of this research was to test the effects of sales promotion types on the other risk dimensions as well.
An experiment with a between-subject design (no sales promotion, monetary sales promotion & non-monetary sales promotion) allowed us to test two effects through one manipulation: sales promotion (type). Firstly, the presence of sales promotions. Secondly, the differences between sales promotion types.
The results in this research showed all expected correlations, and their directions, between the included variables: perceived value, perceived risk and purchase intention. Moreover, the expected direct effects of hedonic value, overall risk, financial risk and psychological risk on purchase intention are confirmed in this research. Similar to prior risk studies (Mitchell &
Greatorex, 1993; Stone & Grøhaug, 1993), financial risk perceptions are the highest and have the strongest negative effect on purchase intention. Hedonic value has the strongest (positive) effect on purchase intention. However, not all the hypotheses are supported by the results. There is not found a significant effect of sales promotion presence. Furthermore, the moderating effect of sales promotion type does not take place in this experiment.
Although the moderating effect cannot be supported by the results of this research, there are some unexpected contradictive findings. The results indicate there is a significant difference in overall risk, financial risk and time risk perceptions between the sales promotion groups. In our study, the monetary sales promotion evokes less overall risk than the non-monetary sales promotion and fewer time risk than no sales promotion. For financial risk, the monetary sales promotion evokes fewer risk perceptions than both the non-monetary sales promotion and no sales promotion.
Our findings have implications for managers and should lead to further exploration of the role of sales promotion types in risk-relieving strategies. Managers should be careful with sales promotion choices to evoke fewer risk perceptions. Studies show different results, which may imply more factors play a part in sales promotion effects on risk perceptions. Future research should elaborate on this topic expand our knowledge. Firstly, to generalize the results to the real-world field experiments should be executed. Moreover, this might provide different insights. Secondly, different hotel classes (quality and price levels) should be examined. Risk and value perceptions may vary across these classes which, ultimately, can have consequences for sales promotion choice. Lastly, personal characteristics should be included within the constructs of this research.
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