Risk and Control in Consumer Behavior: A Discussion

Erdoğan Koç, Çağatan Taşkın and Hakan Boz

A chapter in Contemporary Issues in Behavioral Finance, 2019, vol. 101, pp 1-12 from Emerald Group Publishing Limited

Abstract: Consumers are faced with many new products. In almost every product category it is seen that there are more alternatives than provided in previous years. This situation may cause consumers to feel uncomfortable/uncertain, especially about new products. Therefore, since they perceive this uncertainty, customers want to be in control. Control is one of the ways to help customers to decide on perceived risky situations. The main purpose of the study is to explain the effects of the risk and control drive on consumer behavior and determine how businesses reduce the risk that consumers feel. It is critical for enterprises to increase their brand awareness in order to reduce consumers’ risk perceptions and increase their controls (cognitive, behavioral, and decision) during purchasing decisions. Also, it will be useful for them to focus on activities increasing brand loyalty. They can especially carry out marketing activities allowing consumers to try new products or providing money back guarantees. Moreover, in order to reduce the risk perception and increase control by the customers, making the promotional contents of the product understandable and simple without hidden factors will contribute in a positive way.

Keywords: Risk; cognitive control; behavioral control; decisional control; consumer’s buying behavior; neuromarketing (search for similar items in EconPapers)
Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:eme:csefzz:s1569-375920190000101001

DOI: 10.1108/S1569-375920190000101001

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