Influence of Risk Relievers on Dimensions of Perceived Risk in Car Purchase

Perceived risk is the uncertainty that is created in the minds when they doubt the success of their purchase or when they are unable to decide as to which brand or model to choose out of the multiple options on offer before them. Perceived risk was classified into nine components namely physical risk, psychological risk, functional risk, social risk, financial risk, time risk, decision risk, obsolescence risk and facility risk. Risk reducers are strategies that are used by consumers in order to bring the risk to a certain level below which they feel comfortable to take a decision. In this paper seventeen risk relievers has been identified. The influence of risk reliever s on the specific component of risk is identified. This study will help manufacturers to identify risk reliever s which they can promote in their own subtle way so as to overcome the perceived risk barrier in customers. Future studies can incorporate new risk relievers that have not been considered for this study and this study can be extended to other geographical areas.