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Thursday, 13 September 2018

Strategies for Risk Reduction



Both marketers and consumers initiates or engage in strategies to reduce risk perceived in the purchasing process. First we will consider the strategies used by the marketers to solve the problem of risk perception by consumers.

MARKETERS CONTROLLED STRATEGIES

What marketers do to solve the problem of risk is to reassure consumers before purchase by either reducing the consequences of product failure or increasing the certainty that the product will perfume adequately.

(1) Reducing the consequences of failure; The marker can achieve this by doing the following.
(1) Offering better or longer warranties.

(2) Offering money,back guarantees.

(3) Offering liberal return policies.

(4) Offering a low priced alternatives or

(5) Offering a small package size.

(2) Increasing the certainty of the purchase out come; This can be achieved by..
(1) Providing free samples for new products

(2) Providing endorsement by experts

(3) Providing government or private testing

(4) Providing complete performance information, or

(5) Providing complete ingredient information.

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