I was taught in a marketing lecture that there are six common types of perceived risk when a consumer decides to modify, postpone, or avoid a purchase decision.
- Functional risk — The product does not perform to expectations.
- Physical risk — The product poses a threat to the physical well-being or health of the user or others.
- Financial risk — The product is not worth the price paid.
- Social risk — The product results in embarrassment in front of others.
- Psychological risk — The product affects the mental well-being of the user.
- Time risk — The failure of the product results in an opportunity cost of finding another satisfactory product.
After learning these things, I got a habit that is asking my friends about their buying decisions when they purchase a product. Most of their replies are the same; first: low cost, second: beautiful design, and quality comes third. When they have to choose a product from different unknown brands, they choose the one with the lowest price. Some friends who value the product’s quality choose the most expensive ones.
Yesterday, I went shopping in a mall. I saw many beautiful clothes. I saw one which was very appealing to my eyes. I looked at the price tag. I asked myself, “This one is a bit expensive. Are you gonna buy it?” “No, I have many clothes. I don’t need it right now. I should be careful about how I spend my money.” I went around the mall. Then, I saw the same cloth that has a lower price than the earlier one. I bought it without another thought. Purchasing that cloth accelerated me to buy more. I bought things which I thought “Beautiful”. There were no perceived risks in my brain. I didn’t even ask myself what was my buying decision. I didn’t make thinking. My unconscious mind took over me and money was flying out from my wallet while saying, “Goodbye dear, Goodbye!” I stopped buying things when I had no money left to buy.
I asked myself, “Do you regret buying these things?”
Shopping is the ultimate happiness for ladies!
Nov 4, 2018