Week 4. Business & Marketing. Kinds of sales and marketing approaches

WEEK 4
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Discuss how an understanding of customers' risk attitudes can help a firm that wants to sell goods and services to those customers? What kinds of sales and marketing approaches might be successful if customers are risk averse?  The customers’ risk attitudes can be risk-averse, risk-neutral, and risk-seeking, where the risk-averse customers are reluctant to take risks and the risk-seeking customers are risk loving (Samuelson & Marks, 2015). Understanding of customers' risk attitudes helps to meet the customers’ needs marketing decisions are based on relevant customers’ information. The risk attitudes influence purchasing behavior, and the sellers can use this to predict the consumers’ behaviors, and their reaction to different market incentives. If the consumers have similar risk attitudes, this makes it easier to target specific market segments based on perceptions about the predicted market behaviors. The sellers use information on the customers purchasing behavior ...