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Consumers handle risk by:
- Seeking information e.g. word of mouth or advertisements
- Brand loyalty e.g. stay loyal to a chosen brand
- Brand image e.g. evaluate brand based on its image (reputation)
- Store image e.g. evaluate the layout and look of the store
- Most expensive e.g. purchase most expensive product as price is assumed to be an indicator of product quality
- Seek assurance e.g. promise or guarantee that the product is of a sufficient standard
---By Rakib
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∙ 11y ago
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What is exact definition of consumer awareness?
consumer awareness is the knowlege that a consumer should have about his/her legal rights and duties.It is must for a consumer to follow these rights.It is implemented fr the protection of the consumer,so that the consumer is not exploited by the seller of the products.
What is an example of consumer equilibrium?
consumer protection
How does the U.S. Office of Consumer Affairs protect consumer interests?
The U.S. Office of Consumer Affairs, created in 1971, investigates and resolves consumer complaints, conducts consumer surveys, and disseminates product information to the public.
What agency handles monetary policy?
The Federal Reserve
What are features of consumer durable services?
what are the consumer durables
How customer handle risk?
There are six common risk reduction strategies which are customer view points-Ø1.Consumer Seek InformationØ2.Consumer Are Brand LoyalØ3.Consumer Select by Brand ImageØ4.Customer Rely on Store ImageØ Consumer Buy the 5.Most Expensive ModelØ6.Consumer Seek Reassurance
What is consumer risk and what is producer risk?
Consumer risk is the probability that a product will be manufactured that is defective and shipped to the customer. A person with a customer-only focus will typically want to have a very small consumer risk. A person with a producer-only focus typically is not very concerned with consumer risk. Low consumer risk can sometimes be accomplished by rigorous testing and quality control, which, when carried to an extreme in order to reach zero consumer risk, can lead to very expensive products.Producer risk is the probability that a product will be manufactured that is good, but is rejected by the manufacturer's internal quality control processes before it is shipped to the customer. A person with a producer-only focus will typically want to have a very small producer risk. A person with a consumer-only focus typically is not very concerned with producer risk. Low producer risk can be accomplished by lax testing and quality control, which, when carried to an extreme in order to reach zero producer risk, can lead to very poorly-performing or non-yielding products.The key to high yielding and reliable products is in achieving a balance between these two sometimes-competing goals.
What is perceived risk in consumer behavior?
There are five type of perceived risk monetary physical social functional
What assumption does consumer protection make about consumers?
Consumer protection assumes that consumers don't have full information from manufacturers and service providers about the products they are using and purchasing. Consumer protection handles the lack of transparency between producers and consumers.
Which US agency handles consumer complaints?
Several federal agencies handle consumer complaints relative to their particular area of authority. You would have to be more specific about WHAT type of complaint about WHAT product or service.
A consumer who is a reluctant to take chances has a high level of what?
Risk aversion
Why do you date code high risk food?
Consumer safety and litigation reduction.
Which investment type typically carries the least risk?
Real Estate for Consumer Purchases All around, Money Markets are Lowest Risk
What does the Consumer Product Safety Commission do to help the public?
The duty of the Consumer Product Safety Commission (CPSC) is to help the public reduce risk of injuries and deaths from consumer products. They issue mandatory standards for certain products.
What are the consumer reviews for a used Toyota MR2?
"Some of the consumer reviews for those who bought a used Toyota MR2 are that it is a fun car to drive, it is very sporty and still handles well. Some found this car to be a little out of place if driven in the snow."
What are ways media influence consumer behavior?
News broadcasts Advertising Product placement. Risk Aversion
Where is food manufactured?
Food is manufactured in facilities that handle strict sanitation and safety procedures. This way, the consumer is not at risk.
