Consumer Perceived Risk About My Product
The perceived risk associated with unsatisfactory product performance, either instrumental or symbolic, increases information search prior to purchase. Higher perceived risk is associated with increased search and greater reliance on personal sources of information and personal experiences.
Perceived risk is a function of the individual, the product, and the situation. It varies from one consumer to another and for the same consumer from one product to another and one situation to another.
The major types of risks that consumers perceive when making product decision include:
1. Functional risk 2. Physical risk 3. Financial risk 4. Social risk 5. Psychological risk 6. Time risk
Before discuss this case I consider some information about Square company and their new line of Edible oil, priced at taka 65 per litre. Usually products are taka 55 per litre:
First of all, Square today is more than just an organization, it is an institute. In a career spanning across four and a half decades it has pioneered the development of the local business in fields as diverse as Pharmaceuticals, Toiletries, Garments, Textile, Information technology, Health Products, Food Products, Hospitals etc. With an average turnover $ 200 million and a workforce of about 3500 the Square group is a true icon of the Bangladesh business sector. Square is a well known brand .It’s brand image to the customer is very high. For new oil, mainly customer buys the Square not the oil. It is highly considerable for a customer paying 10 taka more, when he or she buys the square oil.
In our market Square means:
1. Quality. 2. Better goods and service than others. 3. Well societal company. 4. And Square is a local company.
As a customer, customer’s think about my product is:
1. High price
2. The quality of Rupchanda and Teer Company’s product is good.
3. And customers buy these companies’s oil at 55 taka per litre.
Perceived risk is a function of the individual, the product, and the situation. It varies from one consumer to another and for the same consumer from one product to another and one situation to another.
The major types of risks that consumers perceive when making product decision include:
1. Functional risk 2. Physical risk 3. Financial risk 4. Social risk 5. Psychological risk 6. Time risk
Before discuss this case I consider some information about Square company and their new line of Edible oil, priced at taka 65 per litre. Usually products are taka 55 per litre:
First of all, Square today is more than just an organization, it is an institute. In a career spanning across four and a half decades it has pioneered the development of the local business in fields as diverse as Pharmaceuticals, Toiletries, Garments, Textile, Information technology, Health Products, Food Products, Hospitals etc. With an average turnover $ 200 million and a workforce of about 3500 the Square group is a true icon of the Bangladesh business sector. Square is a well known brand .It’s brand image to the customer is very high. For new oil, mainly customer buys the Square not the oil. It is highly considerable for a customer paying 10 taka more, when he or she buys the square oil.
In our market Square means:
1. Quality. 2. Better goods and service than others. 3. Well societal company. 4. And Square is a local company.
As a customer, customer’s think about my product is:
1. High price
2. The quality of Rupchanda and Teer Company’s product is good.
3. And customers buy these companies’s oil at 55 taka per litre.