Chapter 15 - Global Economy

15-1 Consumer Buying Decisions

Key Terms

Unit Price- A price per unit of measure.

Brand- The name given to a product or service to distinguish it from other similar and competitive items.

Impulse Buying- The opposite of spending time and effort and buying too quickly.

Key Concepts

Wise Buying Strategies

Consumer Decision Making Process:

1) Identify your wants and needs

2) Know the choices available

3) Determine your desired satisfaction

4) Evaluate the alternatives

5) Make a decision

Keep in Mind

When buying a product, you often trust information provided by others who have bought and used the product.

Smart consumers are comparison shoppers! Compare prices, quality, and brands when shopping.

Also, take your time shopping take your time, time your purchases, and avoid being impulsive.

Types of Retailers

Department Stores- Have extensive product lines and emphasize service. They have personal shoppers, make deliveries, and wrap gifts. (Ex: Macy's)

Discount Stores- Emphasize lower prices on their products. Make most of their success on sales with low prices. (Ex: Walmart)

Specialty Stores- Have special line of products for sale. (Ex: Ikea)

Supermarket- Food-retailing store that carries various brands. (Ex: WinCo)

Convenience- Small stores that emphasize the sale of food items and have long operating hours. (Ex: 7-Eleven)

Vending machines are an example of non-store shopping, meaning they don't belong to a store but to it's manufacturing company.