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Discussion on: Overcoming Fears of Consumer

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ShantaMilan

People are very particular about their purchasing decision mainly because of many risks associated with it. Humans are unethical in a lot of ways and so their perception also may not necessarily be based on reality, concrete facts and be practical in nature. But none the less, these perceptions hold power over consumer decision to either purchase or reject products. These risks can be categorized under functional, physical, financing, social, time and psychological.

According to Kotler and Kellar 2011, consumer’s perceived risk depends upon the amount of money involved, uncertainty and their confidence in the product. (Kotler & Kellar, 2012, p. 171) Thus the consumers adopt various ways to reduce the fear brought about by the risk associated with the product before purchase.

One of the most practiced method is through survey. For example when purchasing mobiles these days, especially with so many brands, people tend to scrutinize the pros and cons through survey of user reviews. These days it is not always about the brand, it is equally about the price of the product and the functionality that they offer.

For more expensive products like vehicle, tv, washing machine etc. people go for both brands, warranty and guaranty. People also tend to reduce risks through belief in endorsement of famous and respected figures in the society. Accreditation from legal authorized bodies for the product significantly reduced the fear held by the consumer. This is especially true for consumable products. For example consumers will prefer to buy cooking oil with the accreditation of quality, or check the date of expiry in food products and medicines. Aside from these giving a little extra or free with purchase also reduces fear and motivates customers for purchase. For example adding a few more tomato tipping the weighing scale when purchasing will reduce the fear of women purchasing vegetables and help create an environment that they are not being cheated. They will option to come and buy from that vendor in future as well. Similarly after sales servicing and services also greatly reduces fear of customer.

It is very important for mangers to understand the perception of the consumers instead of staying steadfast in what they believe and perceive. These days online marketing and shopping is gaining popularity. "Providing an information navigation facility based on such risk reduction strategies such as the desired apparel product offerings and the desirable purchasing experience decreases consumer’s perceived social risk as well as increases their purchasing. (Maziriri & Tinashe, 2017)” These are some ways in which marketers can reduce the fear held by people.

Reference

Kotler, P., & Kellar, K. L. (2012). Purhase decision. In K. L. Philip Koter, Marketing Management (pp. 170-171). New Jersey: Prentice Hall.

Maziriri, E. T., & Tinashe, C. (2017). The Conception of Consumer Perceived Risk towards Online Purchases of Apparel and an Idiosyncratic Scrutiny of Perceived Social Risk: A Review of Literature. EconJournals , 257-262. Retrieved from search.proquest.com/docview/198467...