Question

Questions：

“ Explain how a high-end bicycle retailer could reduce the six types of perceived risk.”

It might be helpful for this assignment to think about a specific bicycle retailer (high-end) in your area and use them as the model for this questions.

Demonstrates concepts mastery through clear and thoughtful explanation and analysis of presented question(s). Uses at least one outside (cited*) source to support ideas/opinions and applies course concepts through additional connections, examples, or terminology. No typos or grammatical errors.

Answer 1

The six types of perceived risks that are related to the high-end bicycle are stated below-

Functional risk

Financial risk

Time risk

Social risk

Psychological risk

Physical risk.

In order to deal with the above state's risk, the high-end bicycle retailer can have the following strategies=

Expectation management= Here the retailer has to focus more on understanding the requirement, concerns, and expectations of the customers and providing them the products or services that can satisfy their needs and expectations best

Using quantitative data= The retailer can ensure the customers by facilitating a greater number of quantitative data such as the number of satisfied customers, the total number of bicycles sold till now, and so on. This will help in creating reliability and assurance.

Transparency= By facilitating all the important details related to the products, and associated services, the retailer can develop better trust and reliability in the products.

Use of references= The retailer can also use the references for creating a positive and assuring image of his products and services. He can use referral advertising and the details of the satisfied customers in the retail outlet. This will increase trust in the products.

reference=

Konrath, J. (n.d.). 5 Strategies to Eliminate the 'Perceived Risk' Sales Objection.