Abstract
In the face of intense competition, companies try to retain and acquire customers by improving customer satisfaction (CS). Recent research indicates that CS is not only influenced by companies' customer orientation but also by unrelated external factors such as economic fluctuations. To better understand these mechanisms, this study explores the influences of the 2008 world economic crisis on firm-related customer attitudes (CS, perceived value, corporate image) and the moderating effects of culture on these influences. It utilizes data from a questionnaire survey which was conducted in two waves, before and after the 2008 world economic crisis, and measured Japanese customers' cultural traits and firm-related attitudes in 14 industries. This study yields the following results. (1) The economic crisis positively influences CS but not perceived value and corporate image. (2) Culture affects all analyzed indicators of firm-related customer attitudes. They are positively influenced by risk aversion and negatively by technical orientation. (3) The effects of the economic crisis on firm-related customer attitudes are weaker for risk-averse and collectivist customers and more positive for working customers than for housewives. These results imply the existence of economic and cultural biases in the formation of customer satisfaction, which marketing strategy should take into consideration.
