3. Financial risk—The product is not worth the price paid.
4. Social risk—The product results in embarrassment in front of others.
5. Psychological risk— the risk that a poor product choice will bruise the
consumer’s ego. It reflects consumers’ concern about the extent to which a
product or service fits with the way they perceived themselves.
6. Time risk—The failure of the product results in an opportunity cost of finding
another satisfactory product.
+ BMW launched a high-performance luxury SUV to satisfy the needs of “upper
liberals” who bought the cars of 3,5,7 series in the past (bigger car for active
lifestyles and growing family)
+ Conduct the survey to discover what consumer disatisfy with BMW and they
found that consumer cared less about bragging rights and they expected a
variety of design, size, price and style of choices.
How does this process assist the marketing team at BMW?
How could data analytics be used to research the consumer in order to ensure a strong
understanding of overall business and marketing outcomes at BMW?