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Smart Strategies for Consumer Choices: Deciding What, When, Where, and How Much to Buy

Learn how to make wise consumer decisions on buying goods and services. Explore brand vs. generic options, timing of purchases, ideal shopping locations, and effective price comparison techniques.

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Smart Strategies for Consumer Choices: Deciding What, When, Where, and How Much to Buy

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Presentation Transcript

  1. Making Consumer Decisions Buying Goods and Services

  2. Consumer Choices • Deciding What to Buy • Deciding When to Buy • Deciding Where to Buy • Deciding How Much to Pay

  3. Customer vs. Consumer • CUSTOMER • A person who selects and purchases goods and services • CONSUMER • a person who selects, purchases, uses, and disposes of goods and services

  4. WHAT TO BUY BRAND vs. GENERIC http://www.youtube.com/watch?v=wcYJsxkDbUg • Brands – help consumer distinguish it from other products • Generic – priced lower because… • producers spend so little on marketing and advertising • Usually sell for 40% lower

  5. WHEN TO BUY Planning a major purchase in advance can help save money • End of Season • After the holidays • Before new models are released

  6. WHERE TO BUY Department Stores Discount Stores Off-Price and Outlet Stores Limited-Line Retailers Superstores Convenient Stores Warehouse Stores Shopping at Home

  7. Department Stores • Sell a wide variety of goods • Clothing, Furniture, appliances, jewelry • Brand Names • Customer Service • Higher Prices • Examples: • Macy’s • Penny’s • Carsons

  8. Discount Stores • Sell a wide variety of goods but at lower prices • K-mart • Wal-Mart • Target

  9. Off-Price and Outlet Stores • Off-price and outlet stores are able to offer large discounts because the items they sell have minor flaws, are out of season, or have been discontinued, or were overstocks: • TJ Maxx • Marshalls • SteinMart

  10. Limited Line • Sell an assortment of goods in one product line • Such as: Electronics, shoes, sporting goods, clothes • Examples: • Dick’s Sporting Goods • Best Buy • Toys R us • American Eagle

  11. Superstores • Superstores are a complete grocery store but also have a wide variety of other items • Examples: • Super Walmart • Super Target • Meijers

  12. Convenient Stores • Provide easy access that consumers often buy as a necessity • Usually close to home • Examples: • 7-11 • White Hen

  13. Warehouse Store • Typically the size of a football field • Carry a huge selection of food and nonfood items • Bulk • Examples: • Costco • Sam’s Club

  14. Shopping at Home • Examples: • TV • Catalogs • On-line

  15. WHAT TOPAY • Most expensive – best quality? • Least expensive – best buy? • HOW do you know what to pay??? COMPARISON SHOP • WHEN MOST IMPORTANT? • Major purchases • because the cost differences can be enormous

  16. COMPARISON SHOPPINGComparing the prices and characteristics of competing brands or stores Comparison Shopping Checklist • Price (Unit Pricing) • Features • Quality • Convenience • Warranty

  17. COMPARISON SHOPPINGComparing the prices and characteristics of competing brands or stores Comparison Shopping Checklist • Food - http://www.youtube.com/watch?v=bBRpai6gFe0 • Toys - http://www.youtube.com/watch?v=WRUQRXnDpdo&feature=related • Clothing – Online Comparison sites

  18. Preparing to Shop Study Advertisements WHAT IS ADVERTISING? • Advertising is a paid form of communication, to persuade a particular audience to purchase goods/services • Three primary objectives of advertising are to: • Persuade • Remind • Inform

  19. Advertising Strategies • Advertising Strategies • Rational Advertising – facts and information • Emotional Advertising – appeals to your feelings

  20. Preparing to shop… Reading Consumer Publications • Consumer Reports • Examines and rates products • Consumer Research Magazine

  21. Shop at Sales • Promotional Sales • Special buy on new products • Clearance Sales • To clear out goods that are out of season or nolongerprofitable • Loss Leaders • Advertised products that sell at a loss to bring customers into a store

  22. Preparing to shop… Uses Shopping Lists • To avoid impulse buying • To help save money Resist pressure and gimmicks • “Super low prices” • “You’re Won a Prize”

  23. Read Labels and Warranties Warranty • A written guarantee from the manufacturer that states the conditions under which the product can be returned, replaced or repaired • A legal document that states the rights and responsibilities of the consumer and manufacturer • Federal Law requires sellers of products greater than $15 to have a written warranty

  24. Types of Warranties • Implied • Unwritten guarantees that a product is fit for the intended use • Expressed • Written and comes in two forms • Full warranties states that the seller will repair or replace the product. Usually good for a stated time period. (ie: 90 days) • Limited Warranty covers only certain parts of a product. The buyer may have to pay a portion of the repair cost

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