What are the various types of perceived risks?

Explain some of the perceived risks Types in the knowledge of Consumer Behavior?

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"Perceived risk is of various types. Given below are the various types of risks with marketing examples: 1. Functional Risk: this refers to the risk which a consumer perceives when he is uncertain about the product’s attributes, features and overall benefit; His doubt is whether the product will perform as it is expected to perform? Example: Will the microwave oven function well once I take it home? 2. Physical Risk: this kind of a risk is perceived when a consumer doubts about his and his family’s safety with respect to the usage of a product? It refers to the dangers that the product usage could bring with itself. Example: Will cooking in the microwave oven emit harmful radiation and kill food nutrients, or will consumption of food cooked in a microwave lead to cancer? Or. Will it lead to shocks and short circuit in times of voltage fluctuation? 3. Financial Risk: this kind of a risk is perceived when a consumer doubts as to whether the product is worth its cost? In other words, the consumer assesses the benefit versus cost of the product? Example: Is the microwave at Rs. 20000, worth its cost (keeping in mind the benefits)? Will it serve me for 5 years? 4. Social Risk: this is the kind of risk that a consumer faces when he doubts the product purchase and usage to sanctions and approval by the social group or class to which he belongs. Example: Will my old mother approve of such a product and at this high price (would she consider it worthy)? 5. Psychological Risk: this kind of a risk is perceived when a consumer fears social embarrassment. Example: Is the microwave aesthetically appealing enough not to cause ridicule? 6. Time Risk: the consumer is uncertain and doubts whether his time has been wasted by making a wrong choice or that he would have to spend time again if the product does not perform as expected. Example: Will the microwave oven function well or would I have to replace it soon? Source:"

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"You will discover vi types of perceived danger: Running(a) - May the item accomplish as I expect? In the event the client is actually purchasing green corn, this implies, ""Will this specific corn always be just like a few things i bear in mind by this past year as well as what I experienced the other day?"" If the consumer is definitely purchasing petunias, raise the risk can be, ""Do they really help make my own backyard search the way in which I would like the item to look?"" Physical - Tin the product hurt me, our children or the dogs and cats? The application of inorganic pesticides inside production of food crops is frequently the actual issue right here, nevertheless ornamentals in which bear dangerous berry will also be a concern. Cultural - What is going to my own colleagues imagine? When clients are purchasing green corn to nibble on in the privacy in their house, the danger suggestions minimal. When they acquire petunias in addition to grow these in the yard and petunias tend to be socially available in 2010, it really is just like having an enormous logon your own garden regarding a few weeks stating, ""geek day-to-day lives right here"". Mental - Are My partner and i doing the right thing? This is sometimes a strong motivator throughout seed sales for the environ-in your head concerned or even an difficult barrier with the definitely weird. Economic - Am i able to pay the leverage? This isn't a problem for many getting sweet corn or petunias. This is a key obstruction pertaining to buyers take into account-e some sort of example of beauty grow or maybe blooming bushes which could cost $62 to be able to $one hundred. Moment - The amount of commitment may My spouse and i drop to create this kind of invest in? This can be the best identified chance with the place in addition to develop shop to overcome. Image the possible client inside their car or truck considering, ""Should i desire to draw into of which jampacked car park? Will i desire to stand in which range for any twelve the ears regarding hammer toe?"" This can be intimidating! Lots of the stands One sojourn forget to get the best that identified threat. Their customers get simply by"

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