Give an Example of How Consumers May Reduce Perceived Risk

question 1

Essay

Give an example of how consumers may reduce perceived risk.

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Definitions:

Defensive Strategy

Seeks to protect the organisation by doing the minimum legally required to satisfy social expectations.

Social Responsibility

The ethical framework that suggests an entity, be it an organization or individual, has an obligation to act for the benefit of society at large.

Economic Responsibility

The obligation of an organization to make decisions that benefit the economic well-being of society and its stakeholders.

Legal Responsibilities

Encompasses the obligations that organizations and individuals have to abide by laws and regulations in their professional conduct.