Final answer:
The six different types of risks to consumers in buying and consuming a product are physical risk, financial risk, functional risk, psychological risk, social risk, and time risk.
Step-by-step explanation:
When buying and consuming a product, consumers face various risks. The six different types of risks to consumers in buying and consuming a product are as follows:
- Physical risk: This refers to the risk of physical harm or injury caused by a defective or unsafe product. For example, a faulty electrical appliance may pose a risk of electric shock.
- Financial risk: This refers to the risk of financial loss incurred due to the purchase of a product. For example, investing in a product that doesn't yield the expected returns.
- Functional risk: This refers to the risk of the product not performing as expected or fulfilling its intended purpose. For example, buying a smartphone that constantly crashes or has software issues.
- Psychological risk: This refers to the risk of the product affecting the consumer's mental well-being or self-perception. For example, buying a cosmetic product that causes skin irritation or allergic reactions.
- Social risk: This refers to the risk of the product affecting the consumer's social standing or reputation. For example, buying a fashion item that becomes unpopular or outdated.
- Time risk: This refers to the risk of the product becoming obsolete or outdated over time. For example, purchasing a technology product that quickly becomes outdated due to advancements in technology.