Consumers Buying Decisions 15-1

Consumers in the Global Economy

Key Vocabulary

Unit Price : a price per unit of measure

Brand : a 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 is buying too quickly

Product Testing Organizations

Testing products can benefit the consumers and business.

Media Sources

There are a range of media sources. Print-Based Media is where it can be a magazine and newspapers. Broadcast-Based Media is like radio and television. Internet-Only Media can be websites.

Government Agencies

The federal government has agency that puts a quarterly catalog of publications. It is called Consumer Information Center.

Business Sources

There are different business sources that include, advertising, product labels, customer service departments, and better business bureau.

Personal Contacts

There will be people talking about your product. It is a valuable resource when making consumer decisions.

Use Decision-Making Steps

You must follow these steps when considering purchasing a product:

1) Identify your needs or wants

2) Know the choices available

3) Determine your desired satisfaction

4) Evaluate alternative

5) Make the decision

Comparison Shopping

To be a smart consumer, you must think about the prices, quality, services, sales and brands.

Wise Buying: A Summary

To be very skilled consumers, you need to save time, energy and money by planning.

Traditional Retailers

There are different kind of stores that include, department stores, discount stores, specialty stores, supermarkets and convenience stores.

Contemporary Retailers

There are different stores with different purposes. Specialty superstores offer low prices and have different variety of a limited product line. Superstores include bakery's, restaurants, etc. Warehouse club focuses on the sale of large quantities at reasonable prices. Factory outlets have a reputation for selling high-quality products for low prices.

Non-Store Shopping

There are different ways to shop without going to the store. For example , mail order and vending machines.