The Risk Minimizing Strategy Adopted by Consumers While Purchasing a Laptop: An Exploratory Approach

Abstract

This thesis is aimed at investigating the factors influencing consumer decision-making when purchasing a laptop in the market, with a focus on understanding the role of risk perception and the strategies employed by consumers to minimize the risks during the actual purchase stage of buying behavior. Recognizing the significance of perceived risk in consumer behavior, this research tries to contribute to the formulation of effective marketing strategies in the laptop industry. To explore the complexities of consumer decision-making of purchase, this research draws upon existing theories of consumer behavior. By establishing a theoretical framework, this study aims to enhance the understanding of the relationship between theoretical concepts and the real-world decision-making process. Moreover, this research adopts both a qualitative as well quantitative research approach to collect and analyze data by employing a survey through a questionnaire. The data is gathered from a randomly selected sample representing the target population. The collection of objective and numerical data is carried out along with conducting statistical analysis to uncover patterns and trends in consumer behavior in reference to risk-minimizing endeavors. This research encompasses functional, physical, financial, time, social, and psychological risks associated with the purchase of a laptop, considering their varying degrees of importance across different consumer segments. Furthermore, examining the strategies employed by consumers, such as price choice, store choice, and brand choice enables the revelation of strategies used to minimize risk and make informed and rational purchase decisions. The findings of this thesis may provide practical insights for marketers seeking to enhance their understanding of the consumer decision-making process in the laptop industry.