a characteristic that consumers value but may have difficulty assessing even after purchase because they do not have the necessary knowledge or experience is referred to as

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08-11-2022
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a characteristic that consumers value but may have difficulty assessing even after purchase because they do not have the necessary knowledge or experience is referred to as

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qwcricket qwcricket · Answer 1 · 2022-11-12T14:14:34+01:00

The characteristic is referred to as credence quality.

Credence quality is when a commodity has features that the buyer is unable to ascertain even after buying it. This causes difficulty for them to use it for things like professional services, medical operations, car repairs, etc. It is related to commodities whose evaluation calls for specialised knowledge or whose outcomes take time to manifest.

Due to knowledge asymmetry, credibility products frequently show a direct link between price and demand. Due to the imbalance, vendors are motivated to defraud customers by charging exorbitant rates for subpar goods. Credence quality thus denotes a feature that consumers desire but may find challenging to evaluate even after purchase because they lack the requisite information or experience.

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