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Consumer perception - Perceived risk - How consumers handle risk

5 important questions on Consumer perception - Perceived risk - How consumers handle risk

Consumers seek information:

Consumers seek information about the product and product category through word-of-mouth communication (from friends and family and from other people whose opinions they value), from salespeople and from the general media --> more risk, more time

Consumers are brand loyal:

Consumers avoid risk by remaining loyal to a brand with which they have been satisfied instead of purchasing new or untried brands. High-risk perceivers, for example, are more likely to be loyal to their old brands and less likely to purchase newly introduced products.

Consumers rely on store image

If consumers have no other information about a product, they often trust the judgement of the merchandise buyers of a reputable shop and depend on them to have made careful decisions in selecting products for resale

Consumers buy the most expensive model:

When in doubt, consumers often feel that the most expensive model is probably the best in terms of quality; that is, they equate price with quality

Consumers seek reassurance:

Consumers who are uncertain about the wisdom of a product choice seek reassurance through money-back guarantees, government and private laboratory test results, warranties and pre purchase trial.