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BUYING GOOD AND SERVICES

BUYING GOOD AND SERVICES. UNIT 5. CONSUMER PURCHASING Influences on Consumer Buying Decisions. MAKING A DIFFERENCE: How might a family’s size and income affect the type of house that they buy?. Consumer Purchasing: A Research-Based Approach. Phase 1: Before You Shop 1. Identify your needs

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BUYING GOOD AND SERVICES

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  1. BUYING GOOD AND SERVICES UNIT 5

  2. CONSUMER PURCHASINGInfluences on Consumer Buying Decisions MAKING A DIFFERENCE: How might a family’s size and income affect the type of house that they buy?

  3. Consumer Purchasing: A Research-Based Approach Phase 1: Before You Shop • 1. Identify your needs • 2. Gather information • Costs, options, and consequences • 3. Becoming aware of the marketplace

  4. Phase 2: Weighing the Alternatives A. Decide what’s important to you B. Compare prices C. Do some comparison shopping

  5. Phase 3: Making the Purchase • A. Can you negotiate the price? • B. Should you use cash or credit? • The source of the loan (parents, bank, credit co.) • The type of credit account • The payment period • The amount of the down payment • C. Do you know what the real price is?

  6. Phase 4: After the Purchase • You may have other costs or tasks. • You may be dissatisfied with a purchase and want to return or replace it. • Remember: the purchasing process is an on going activity. You’ll continually need to rethink and reevaluate your decisions.

  7. Smart Buying Strategies • Timing Purchases • Back-to-school • White sales • Selecting the Store • Comparing Brands • Impulse buying – purchasing items on the spur of the moment (DON’T DO!!!) • Label Information

  8. Comparing Prices • The following guidelines can be very helpful: • More convenience (location, hours, sales staff) usually means higher prices • Ready-to-use products (frozen prepared dinners, preassembled toys) usually have higher prices. • Large packages are usually the best buy, although you’ll need to use unit pricing to compare brands, sizes and stores. • “Sale” may not always mean that you save money; the sale price at one store may be higher than the regular price at another store.

  9. Evaluating Warranties • Warranty – a written guarantee from the manufacturer or distributor that states the conditions under which the product can be returned, replaced, or repaired. • Service contract – a separately purchased agreement by the manufacturer or distributor to cover the costs of repairing the item….sometimes called ‘extended warranties’.

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