And some might worry whether they are choosing the right one or not.Ī guarantee is one way to tackle perceived risk when it comes to a product. The customer might be looking for a car that goes well with their position in society and social status. On the other hand, perceived risks that are social can be due to the brand name or the price value of the car. Or whether it is worth the money they will be spending on it. For example, the buyers could have doubts regarding the technology and functional aspects of the car, like whether the quality and the version are top-notch. There are other types of perceived risks apart from functional and social in between as well. A person could have certain inhibitions about buying an expensive car, which may vary from functional to social. Depending upon the section where the customer can take a hit, this notion can have different bases. Perceived Risk is a doubt which takes root in a customer’s mind before buying a product. However, perceived Risk is still a behavioral aspect of consumers, and business owners should address it regularly. But perceived Risk is something that the consumers assume is a risk if they buy the product, which goes on to say that it is the seller’s or the business owner’s duty to ensure and make the consumers confident in their product. Every product or service might have some inherent risk. Perceived Risk is usually thought about when the product or service in question is expensive or a significant one that could make some changes in the buyer’s life. Perceived Risk is a subjective thought that a consumer has when buying a product or a service. Perceived risk refers to the uncertainty a consumer feels when purchasing goods.
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