Consumer Anxiety, Essay Example

Suppose research at Panasonic reveals that prospective buyers are anxious about buying high-definition television sets. What strategies might you recommend to the company to reduce consumer anxiety?

Consumer anxiety can turn out to be one of the most devastating things for any business. It makes consumers weary about your products as well as making them seek close alternatives to your products. In this case, Panasonic Company realizes through their research that their prospective customers are anxious about purchasing their high definition television sets. Consumer behavior and anxiety can be brought about by a number of issues; for instance the opinions people post about your products on social medias, the cost of products, harm that the products may cause to health or just general interference.

Consumers are known to be very keen especially when they are buying items that are new in the market. The high definition TV sets are new market products and because people lack experience in using them, they must develop anxiety since the items are costly and they are completely unaware of what to anticipate. Thus, the opinion by the first correspondent that consumer behavior is highly influenced by many factors including advertising, family, personality and culture among others is true. Insufficient advertising denies customers sufficient information regarding these products thus making it very difficult for them to satisfactorily accept them immediately (Korean Times, 2013). Proper promotion may also help refute various negative claims circulating social media about these products.

The first correspondents’ strategies for reducing consumer anxiety are also relevant to this situation. Good advertising strategies can help reduce consumer anticipation as well as anxiety. It makes them aware of what to expect in terms of product performance, product life, quality and even costs (Richards & Guynes, 2012). By providing consumers with such assurance, the tension about product failure will ease making it even more easier for them to accept them. The advert needs to include lucrative ideas like the high definition Televisions will offer clear view as well as low power consumptions among other things.

Consequently, the Panasonic Company should take advantage of its long market existence and capitalize on customer loyalty. Customer loyalty refers to a situation where groups of customers believe that your products are the best in the market as compared to others. Basing on this, they should embark on a program that will attract as many customers as possible and lure them into buying the products. The products should also be brought within customers reach for easy exposure. In addition, product improvement needs to be observed. For instance, improving the quality of sound as well as the visual aspect of the television can attract customers and ease their anxiety.

In regards to the second correspondent’s feedback, the cost of purchasing these products plays a very crucial role in easing customer anxiety. Most customers tend to focus on price and most often visit various stores and compare different brand of products with an effort to find the best. In this regard therefore, the Panasonic Company needs to check the various prices charged by their competitors and then put their product prices within that range (Titus, 2009). And of course this should be done after evaluating the customers purchasing power within that specific region. Technology is also an important aspect of consideration. It is vital that the company ensures that the products produced embrace the current technology. It is notably evident that most companies competing Panasonic are working hard each day to come up with a much more improved products. The company should also have the same in mind, producing highly competent materials in the market. In this way, it will very easy for them to ease customer anxiety and stay competent in the market.

Coming up with good and intensive advertising techniques can help the Panasonic company to reduce customer anxiety regarding the products. The promotions and advertising campaigns need to be extensive in the sense that they talk about cost, quality, efficiency and durability of the products (Times, 2013). Applying these strategies will greatly help the Panasonic Company stay ahead of its competitors in the market and ease the customer anxiety.

References

Times. (2013, April 6). Consumer anxiety in marketplace and how to reduce it . Money. Retrieved October 5, 2013, from www.koreatimes.co.kr/www/news/biz/2013/08/343_124378.html

Richards, M., & Guynes, J. (2012). Reducing Consumer Anxiety About products. ACM SIGSAC Review, 4(2), 4-5.

Titus, R. (2009, December 1). Buyer Behaviour: Consumer Anxiety is as much, post purchase. Buyer Behaviour. Retrieved October 5, 2013, from http://www.buyerbehaviour.org/2009/12/consumer-anxiety-is-as-much-post.html