Risks of consumer products

Abstract

Research on the various aspects of consumer product risk including severity of harm, risk assessment, risk management and compliance are at the core of academic research in the marketing and public policy field. An overview of the various product risks present in the marketplace and their subsequent effects on consumers is presented. Additionally, how risk is measured in the population, an important subject for multiple constituencies (e.g. manufacturers, consumers, legal and regulatory) is examined. Multiple methodologies exist and best practices including types of epidemiological studies, indexing, observational techniques and exposure-based studies are highlighted. Lastly, how to manage risk, the role of compliance and suggested best practices are explained.