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10 Cards in this Set

  • Front
  • Back
Impulse buying
unplanned buying, instead comparison shop
Open dating
freshness or shelf life of perishable product, ex: use before may 2011 or not to be sold after.
Types of warranties:
full or limited warranty : usually written

Implied warranty of merchantability: fit for normal use (not written)

Service warranty: aka extended warranty.

*written guarantee from manufacturer, specifies conditions under which product can be returned are repaired.
Service contract
agreement btwn. business and consumer to cover the repair costs of a product
Consumer complaints
because defective products, low quality, short product lives, unexpected costs,, deceptive pricing, and poor repairs
Consumer buying process
based on economic factors: consumer process, interest rates, supply and demand, brand name, product quality,

Social factors: lifestyle, culture, attitude, ads, media/ interest, hobbies, peer groups,
personal factors: sex and age, marital status, occupation, income, education, ethnic group, and religion, family size

affect budgeting (planned spending saving) spending path if overspending potential misuse of credit and financial difficulty goes back to overspending. Appropriate spending goes to achievement of financial goals, via saving path (investments etc)
Product label
look for info on label and opendating (freshness) private label and store brand items can result in extensive saving over time.
nonprofit org. where members save money on certain products . ie credit union.
use of a 3rd party to settle grievances btwn. 2 parties through discussion and negotiation
settlement of differences by a 3rd party whose decision is legally binding.