Consumer Perception of Product Risks and Benefits by Gerard Emilien Rolf Weitkunat & Frank Lüdicke

Author:Gerard Emilien, Rolf Weitkunat & Frank Lüdicke
Language: eng
Format: epub
Publisher: Springer International Publishing, Cham

3.3 Perception of Risk

As shown above, the engagement with a particular product offers consumers important hedonic and utilitarian benefits. The potential gain in form of this customer value however runs counter to the perception of risk attached to the product. Perception of risk is dependent on two aspects: (a) a product-based perspective, where particular attributes make a purchase more risk-prone, and (b) a consumer-related angle, in that the pursuit of specific values makes consumers more or less vulnerable to certain types of risk at conflict with the achievement of this desirable end-state.

In general, five types of risks can be distinguished: monetary, functional, physical, social, and psychological risk (Solomon 2009). In each case, particular product categories are associated with each type of risk, and simultaneously particular consumer groups feel more vulnerable with regard to this risk category. Table 4 shows the relationship between types of risk in relation to product category and consumer groups.Table 4Risk sensitivity

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