anjushri

How can Perceived Risk be handled?

Provide some methods of the handling of Perceived Risk?
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rogerpapa
"Perceive risk can be lessened or even ignored, thereby ending the state of tension and anxiety. Some risk-reduction measures that can be taken by the consumer and by the marketer are as follows: 1. Information: Consumers can reduce the degree of perceived risk by acquiring more information. They can communicate informally with his family, friends and peers, or an opinion leader, or with experienced users; this word-of-mouth communication helps to reduce the level of risk considerably. The marketer can also play an important role by providing formal communication, through his salespeople, his channel members (dealers) as well as through print and audio visual media. Information should be provided by the marketer so as to reassure the buyers that they have made the right choice with respect to the product or service offering. The more information that a consumer has about a product offering, the more confident he would about the offering, and lower would be the perceived risk. 2. Brand loyalty: Consumers often decide to be brand loyal so as to escape feelings of uncertainty. They are well informed about the brand and so have tried and tested it before. Purchasing the same brand reduces or even eliminates any kind of negative consequences. So such consumers decide to restrict themselves to well-tested brand(s) rather than to venture out into buying the new. 3. Store loyalty: Similar to brand loyalty, some consumers try to be loyal to the store. They believe in going to stores where they have been before and have built successful relationships with the dealers or the retailers and the salespeople. Buying from such stores reduces their cognitive dissonance and related fears, as they can rely on after sales service, return privileges, warranty as well as other adjustments in cases of any dissatisfaction. 4. Brand image: Consumers may also decide to go by the brand image and make choices based on product reputation of quality, credibility and dependability. They may decide to go in for a trusted and well-known brand, rather than going in for lesser known or unknown brands. 5. Store image: Consumers often decide to go by the store image and make choices based on store reputation of credibility and dependability. This is particularly seen when consumers have no information or less information about the product or service offering. They go by the store image and adhere to the product or service choice recommended by the salesperson from the reputable store. A reputed store also provides the customer with a reassurance that any complaints that arise would be addressed to and adjustments made if the purchase results in any dissatisfaction. 6. Price: Sometimes consumer use price as a cue and decide to buy the most expensive model or variant as they feel that the most expensive offering would probably be the best in quality. A high price is seen as an indicator of good quality. Source: http://in.docsity.com/en-docs/Consumer_Needs_and_Involvment_-_Consumer_Behavior_-_Solved_Quiz_"
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dharmaraaj
Chance notion could be the immanent judgment that men and women shuffle around the characteristics along with severity of A threat. This time period is definitely mostly utilised in mention of the natural dangers in addition to hazards towards the environment or even health and fitness, for example nuclear power. Numerous practices are already planned to clarify the reason why different people make different quotes on the dangerousness connected with challenges.
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