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31 Cards in this Set

  • Front
  • Back
Factors that determine save, spend, invest, acheive goals
- economic
- social
- personal
economic factors
inflation

interest rates

tax rates

government regulations

product safety
social factors
lifestyle

interests

peer group

hobbies

culture

advertising

media
personal factors
gender

age

occupation

income

family size

education

marital status
practical purchasing strategies
timing purchases

store selection

brand comparison

label information

price comparison
store selection based on:
location

product selection

services offered

competition and technology have changed retailing


cooperative: alternative
national brand
highly advertised

available in many stores

more expensive

consistency of quality
store brand, private label
sold by one chain of stores

low-cost alternative

identify with specific retail store

frequenly manufactured by same co's thta produce brand-name counterparts
label information - open dating
freshness or shelf life of perishable product

use before

do not sell after
Price comparison
Unit pricing
- divide price by # units of measurement
- compare for various sizes, brands, stores


coupons and rebates
warranties
written guarantee from manufacturer or distributer

specifies conditions under which products can be returned, replaced, repaired
express warranty
usually written

created by seller or manufacturer

two forms
1. full warranty
2. limited warranty
implied warranty
covers products intended use or other basic understandings that are not in writing

1. implied warranty of title
2. imlied warranty of merchantability
Phases of Major Consumer Purchases
1. Preshopping Activities
2. Evaluating Alternatives
3. Determining Purchase Price
4.Post Purchase Activities
Pre-Shopping Activities
PROBLEM IDENTIFICATION

INFORMATION GATHERING
- Personal contacts
- business organizations
- media info
- independent testing orgs
- government
- online
Evaluating Alternatives
- delay purchase or buy now

- cash or credit

- which brand

- price, quality, service

- rent or buy
when comparison shopping is beneficial
items are expensive or complex

items are purchsed often

comparison shopping can be done easily

product quality or prices vary greatly
types of vehicle options to choose
mechanical devices

convenience options

aesthetic features
Common sources of used vehicles
new car dealers

used car dealers

individuals selling on own

auctions

dealers selling previously owned buy businesses, gov't, or rentals

used-car superstores

online used car businesses
- dealernet.com
- americasautomall.com
Advantages of Leasing
1. small cash outflow
2. lower monthly payments
3. detailed records for business purposes
4. more expensive vehicle, more often
disadvantages of leasing
1. no ownership interest
2. need to meet credit requirements
3. possible additional costs incurred for extra mileage, repairs, turning in early, moving
4. ALWAYS HAVE A PMT
how to determine a purchase price for a car
- negotiation
- price bargaining for new cars
low balling
quoted a low price
price increases when add-on costs are included at last moment
high balling
offered very high amount for trade-in vehicle

extra amount is made up by increasing new car price
financing alternatives
cash

credit

loans available from:
- banks
- credit unions
- consumer finance companies
- financial institutions


preapproval : separates financing from negotiating

loan length - consider upside down or negative equity


low interest financing
APR
post purchase activities
1. Maitenence and ownership costs
2. automobile operation costs
-fixed ownership costs
- variable ownership costs
largest automobile fixed expense
depreciation

-decreased value
Steps to resolve consumer complain
1. return to place of business
2. contact company headquarters
3. obtain consumer agency assistance
4. take legal action
mediation
use of third party to settle grievances

use an impartial person
resolve conflict through discussion and negotiation
non-binding
save time an $
arbitratin
settlement of differences by third party - arbitrator

legally binding decision
both sides must agree
both sides present case
organizations that help resolve complaints
-national orgs that specialize
- better business bureau
- mediation
- arbitration
- government agencies
- federal agencies