Marketing is all about the creating customer value and makes the customer happy. In business, the customers are the god for marketers. Without customer no any business exists. So that the marketer always understands the real need of customer after that only product design. First marketers study the market, the study provides insight into consumer information processing, decision making, and consumption patterns and is, therefore, critical to making planning and strategies, public policy and ethics (Morney, 2014).
All most customer want to buy reliable, sustainable, and quality good. The consumer always wants to avoid the risk. These risks are a functional risk, Physical risk, financial risk, social risk, and physiological risk (Kotler & Keller, 2012). The consumer always wants to keep safe from all these risks because they earned money from very hard work so they don’t want to waste the money. But marketer always tries to make them safer so that they can trust their product and then only the risk reduced.
Customers always want to stay on the safe side : This is an effective way of reducing the financial risk. Most of the company provides this offer for a short time interval too long time interval 6 months to 5 years. For example, Electricity is essential for all and it is consumed all most household in the globe, CFL bulb is used for emitting light so it is used every household. So that CFL manufacturing company give scheme to its customer for 1 years warranty service to keep them more secure. So customer buys this product without fear.
Always design win/win policy : The value is co-created, customer and marketer create the value of their equal understanding. For example, The EMI system is a suitable example of win/win situation. When a customer wants to buy a car but he/she cannot afford the full price. But he/she can easily afford this through EMI system through the Bank. By helping of bank customer gets the car and marketer get the money. It is the win/win situation for both.
Money Back Guarantee : this types of the facility only possible and applicable to the automobile and technological industry. For example, the brand new Honda Shine 125cc motorbike price is 2.1 lakhs after 5 years, we will easily exchange this bike approx. 1 lakhs cash price. So that customer feels safe from exchange amount and these type of scheme avoid the risk.
Branding : it is a suitable mechanism to make the trust between customer and marketer. Nowadays, school and college in Nepal are following this strategy. For example, V.S Niketan is a repeated school in Kathmandu. A few years ago, V.S Niketan School holds the whole management of Gauri Shanker School and now the G.S school equally branding as V.S Niketen. People equally trust this school as a V.S school. So Branding also reduces the risk of the marketer.
Marketing is all about the creating customer value and makes the customer happy. In business, the customers are the god for marketers. Without customer no any business exists. So that the marketer always understands the real need of customer after that only product design. First marketers study the market, the study provides insight into consumer information processing, decision making, and consumption patterns and is, therefore, critical to making planning and strategies, public policy and ethics (Morney, 2014).
All most customer want to buy reliable, sustainable, and quality good. The consumer always wants to avoid the risk. These risks are a functional risk, Physical risk, financial risk, social risk, and physiological risk (Kotler & Keller, 2012). The consumer always wants to keep safe from all these risks because they earned money from very hard work so they don’t want to waste the money. But marketer always tries to make them safer so that they can trust their product and then only the risk reduced.
Customers always want to stay on the safe side : This is an effective way of reducing the financial risk. Most of the company provides this offer for a short time interval too long time interval 6 months to 5 years. For example, Electricity is essential for all and it is consumed all most household in the globe, CFL bulb is used for emitting light so it is used every household. So that CFL manufacturing company give scheme to its customer for 1 years warranty service to keep them more secure. So customer buys this product without fear.
Always design win/win policy : The value is co-created, customer and marketer create the value of their equal understanding. For example, The EMI system is a suitable example of win/win situation. When a customer wants to buy a car but he/she cannot afford the full price. But he/she can easily afford this through EMI system through the Bank. By helping of bank customer gets the car and marketer get the money. It is the win/win situation for both.
Money Back Guarantee : this types of the facility only possible and applicable to the automobile and technological industry. For example, the brand new Honda Shine 125cc motorbike price is 2.1 lakhs after 5 years, we will easily exchange this bike approx. 1 lakhs cash price. So that customer feels safe from exchange amount and these type of scheme avoid the risk.
Branding : it is a suitable mechanism to make the trust between customer and marketer. Nowadays, school and college in Nepal are following this strategy. For example, V.S Niketan is a repeated school in Kathmandu. A few years ago, V.S Niketan School holds the whole management of Gauri Shanker School and now the G.S school equally branding as V.S Niketen. People equally trust this school as a V.S school. So Branding also reduces the risk of the marketer.
References
Kotler, P., & Keller, K. (2012). Marketing Management. Boston: Prentice Hall-14th edition.
Morney, R. (2014). Customer Relationship ManagementCustomer Engagement. University of Johannesburg, Google Scholar , 62.