Perceived Risks that influence consumer choice: Consumer behaviour

Dr. Catherine Ngahu talks about the 6 Perceived risks that influence consumer choices in buying decisions. The consumer decision-making process is influenced considerably by perceived risks. This issue of perceived risk is a key part of the psychological factors that influence consumer behaviour. It's an aspect of consumer perception and learning and is more noticeable in relation to new products.
Consumer perceived risks impact consumer behaviour and marketing in various forms including functional risk, psychological risk, social risk, financial risk and time risk. Perceived risk influences the buying choices and marketing in a big way.
Consumers must constantly make choices regarding what products or services to buy, and where to buy them and from who to buy. This is in the context of a crowded market place with many competing products. this is how the question of perceived risk and consumer choice comes in.

In this video, Dr Catherine Ngahu defines consumer perceived risk and explains the importance of understanding these perceived risks in consumer behaviour.
It is even more notable for consumers when buying new products and
services and from new outlets or online stores. The video lists and summarises how the 6 perceived risks influence consumer behaviour. some of these include
perceived psychological, financial, and time risks among others. This is relevant for students of consumer behaviour, sales and marketing, marketing management and communications.


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00:00 Consumer perceived risk
01:53 Consumer decisions and perceived risk
02:31 Perceived risks in online buying
03:23 What is perceived risk?
04:33 1. Perceived risk -Functional risk
05:24 2. Perceived risk - Physical risk
06:08 3. Perceived risk - financial risk
07:22 4. Perceived risk -social risk
07:49 5. Perceived risk - psychological risk
08:22 6. Perceived risk time risk
09:09 List of 6 consumer perceived risks