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Consumer purchasing

Consumer purchasing. What influences you to make a purchase?. Group Activity. Partner with one member of the class Discuss one large purchase you have made during the last year (Greater than $200); What influenced you to make this purchase?

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Consumer purchasing

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  1. Consumer purchasing

  2. What influences you to make a purchase?

  3. Group Activity • Partner with one member of the class • Discuss one large purchase you have made during the last year (Greater than $200); What influenced you to make this purchase? • Discuss one small purchase you have made during the past week (less than $10); what influenced you to make this purchase.

  4. Researching Consumer Purchases • Phase 1 - Before you Shop • Phase 2 - Weighing alternatives • Phase 3 - Making the purchase • Phase 4 - After the purchase

  5. Phase 1:Before you Shop • Do your homework! • Identify your needs • Do you want the product or need it? • Gather Information • Costs • Options • Consequences • Be Aware of the Marketplace • Understand stores sales, Returns, and credits

  6. Common Consumer Myths – True or False? • “ I can return my car within 3 days of purchase” • “It says right here that I’ve won; it must be true” • “If I lose my credit cards, I’m liable for purchases” • “An auto lease is just like a rental; if I have problems paying, I can just bring it back” • “ You can’t repossess my car; its on private property”

  7. Phase 2: Weighing the Alternatives • Identify what is important to you • Your personal values • Available time for research • Amount of money you have to spend • Convenience of buying the item immediately • Pros and cons of a particular brand • Compare Prices • Comparison Shopping

  8. Phase 3: Making the Purchase • Negotiate the price • Is negotiation an option? • Does the store have a ‘price match guarantee’? • Decide on Credit or Cash • Cash • No extra fees to pay • Discounts offered • Credit • Interest charged on outstanding balance • Payment period- ‘When is it due’ • You might spend more than you can afford • Down Payment • A portion of the total cost of an item that must be paid at the time of purchase • Know the Real Price • Shipping and handling fees

  9. Phase 4: After the Purchase • What additional costs or tasks are associated with your purchase? • Can you think of items that have ongoing costs? • Cognitive Dissonance • Are you satisfied with your purchase? Why or Why not?

  10. Smart Buying Strategies • Timing Purchases • Can you buy the product in off season? • Supply & Demand- Wait a few months to buy the hot new product and its price will go down! • Store Selection • What types of stores do you shop at? Why • Cooperatives- Non profit organization used for the purpose of saving money on purchases

  11. Smart Buying Strategies (cont.) • Brand Comparison • National versus Generic or Store Brand • Consider price and quality • What brand name products do you purchase? • What generic products do you purchase? Why? • Impulse buying • Are you buying products you don’t really need? • Can your budget afford impulse buying? • What was the last impulse purchase you made?

  12. Label Information Research • Federal Regulations require labels to contain factual information • All processed foods must have nutritional information • Foods must meet government criteria to be labeled with such items • Open dating- A labeling method that indicates freshness, or shelf life of a perishable product.

  13. Warranty Evaluation • Warranty - A written guarantee from the manufacturer or distributor that states the conditions under which the product can be returned, replaced, or repaired • Types of Warranties • Implied – unwritten guarantee that cover certain aspects of a product or its use. • Express – usually written; • Full- defective product will be replaced or repaired • Limited - may require the purchaser to pay for part of the repair.

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