BUSN380 Week 5 TCO 4 Chap 8 Notes - Consumer Purchasing Strategies & Legal Protection

BUSN380 Week 5 TCO 4 Chap 8 Notes - Consumer Purchasing Strategies & Legal Protection

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BUSN380 Week 5 Notes Every person making personal financial decisions is a CONSUMER Daily buying decisions involve a trade-off between current spending and saving for the future. FACTORS affecting daily buying habits: - Economic (inflation, interest rates, tax rates, Gov regs, product safety) - Social (lifestyle, interest, hobbies, peer group, culture, advertising, media) - Personal (gender, age, occupation, income education, marital status, family size) The only way to have long-term financial security is to not spend all of your current income. Throughout your life your buying decisions reflect many influences. You should consider opportunity costs to maximize the satisfaction you obtain from available financial resources. Commonly overlooked trade-offs when buying include: - Paying a higher price over time by using credit to buy items you need now - Buying unknown possibly poor-quality brands that are less expensive - Selecting brands that may be difficult to service or repair - Ordering by mail or online, which saves time and money but may make it harder to return, replace, or repair purchases - Taking time and effort to comparison-shop to save money and obtain better after-sale service PRACTICAL PURCHASING STRATEGIES - Timing Purchases - Store Selection
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BUSN380 Week 5 Notes The decision to use a particular retailer is probably influenced by location, price, product selection, and services available. Food cooperatives buy grocery items in
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This note was uploaded on 05/27/2011 for the course BUSN 380 taught by Professor Bloch during the Fall '10 term at DeVry NY.

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BUSN380 Week 5 TCO 4 Chap 8 Notes - Consumer Purchasing Strategies & Legal Protection

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