Thursday, September 26, 2019

(Consumer behavior) Critically discuss the barriers associated with Essay

(Consumer behavior) Critically discuss the barriers associated with perceived risk in decision-making processes for the chosen - Essay Example The company may instigate customer interest by creating a website which maps the development of the product as Toyota had done before the launch of Prius. Also creating online brochures and e-marketing are ways to reach more customers. Discussion The barriers associated with perceived risk in decision-making processes Petrol-electric hybrid cars are launched as alternatives to conventional, internal combustion engine cars. The hybrid automobiles are aimed at achieving higher economy of fuel by combining a conventional engine with a rechargeable battery. The fuel economy of hybrid cars are important in today’s world in perspective to the climatic changes as well is because of the concerns of energy security. The use of petrol-electric hybrid cars causes almost half of the carbon dioxide emissions petrol consumed in conventional fuel cars. Hybrid cars are capturing an increasing share of the domestic automobile (The New York Times, 2007, p.2). Though hybrid cars are not widely i ntegrated into the market still it is a growing range of product and can be successfully used to combat energy and ecological issues. Therefore, it is vital to know the main influencing factors which influence the decision making process of a customer in buying a hybrid car. Some factors are similar to those arising in the acceptance of a new technology by the consumer market. In consumer behaviour, the choice of a product depends on a varying number of factors. In the case of choosing an automobile for buying, customer decision making is a high involvement and often quite complicated process. An automobile, though being a product for regular use, it comes under a product category which is rarely bought and bought after an intricate evaluation process followed by the customer. Also, a car is expensive, a certain range of automobiles come under the premium products category and a number of alternative brands and types can be found in the market. Additionally, the customer has the per ceived risk of not choosing the perfect automobile to suit his needs and having to bear a huge cost to rectify the mistake and cars being an investment for a long time, consumers show the trend of having a more complex and long process of decision making. The consumer decision making process involves both intrinsic and extrinsic methods (The Wall Street Journal, 2009). Mostly, hybrid cars are seen to be purchased for social reasons and concern for environment is a lesser influential factor in the consumer decision making process. It is seen that though many people are aware of the potential damage and threats to then ecological system and want to help in balancing the environment, the willingness of the customers rarely changes into the actual buying behaviour due to the above mentioned factors that majorly influence their buying behaviour. The increase in energy prices and incomes largely and most significantly impact the buying behaviour of the consumers for the hybrid vehicles (E dwards, 2010, p. 56). Some factors like high energy consumption and

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