Consumer Purchasing OBJECTIVE: SWBAT DETERMINE FACTORS THAT INFLUENCES BUYING DECISIONS AND IDENTIFY STRATEGIES FOR MAKING WISE BUYING DECISIONS. DO NOW: WHAT ARE SOME OF THE FACTORS THAT INFLUENCE YOU TO MAKE A PURCHASE?
Influences on Consumer Buying Decisions Economic Factors Social Factors Personal Factors Prices Lifestyle Gender Interest Rate Interests Age Product Quality Hobbies Occupation Supply and Demand Friends Income Convenience Culture Education Product Safety Advertisements Family Size Brand Name Media Geographic region Maintenance Costs Ethnic Background Warranty Religion
Buying Decisions To make the most of your buying power, you need to consider trade-offs Take the time to research and evaluate products you want to buy and you can get more value for your money Follow a research-based approach to buying: 1. Before you shop 2. Weighing alternatives 3. Making the purchase 4. After the purchase
Phase 1: Before You Shop Identify your needs Gathering information Cost Options Consequences Do research only for expensive items Consumer Reports Becoming aware of the marketplace Obtain information on brands and features about similar products Average prices for an item Sales, exchange, and return policy
Phase 2: Weighing the Alternatives Buying? Renting? Borrowing? Cash or Credit? Identify what is important for you: Features? Designs? Brands? Compare Prices (Price does not always equality!) Do comparison shopping Compare prices and features of similar items at different stores
Phase 3: Making the Purchase Negotiate the Price, if possible Decide on Credit or Cash Credit is a type of loan and you could be paying additional fees or interest If you pay by cash, you lose the opportunity to earn interest in your bank account Determine source of loan, type of loan, payment period, and down payment – portion of the total cost of an item that must be paid at the time of purchase Know the Real Price
Phase 4: After the Purchase Maintenance costs Ownership costs Improvement costs Repair costs Consumer complaints on dissatisfied purchase
Smart Buying Strategies Timing your purchase Store selection (department store, discount store, factory outlet, warehouse, superstore, etc. ) Brand comparison Avoid impulse buying – purchasing items on the spur of the moment Label information research Open dating – labeling method that indicates the freshness, or shelf life, of a perishable product Make use of coupons and rebate Rebate - partial refund of the price of a product
Smart Buying Strategies …continued Price comparison Unit Pricing – use of a standard unit of measurement to compare the prices of packages that are different sizes Unit Price = Total Price Unit of Measurement
Smart Buying Strategies …continued Warranty Evaluation Warranty– written guarantee from the manufacturer or distributor that states the conditions under which the product can be returned, replaced, or repaired Implied Warranties – unwritten guarantees that cover certain aspects of a product or its use Express Warranties – written agreement that comes in two forms Full warranty states that a defective product will be fixed or replaced at no charge during a reasonable amount of time Limited warranty covers certain aspects of the product, such as parts; may require the buyer to pay a portion of the shipping or repair charges Extended Warranties (service contract) – a purchased agreement to cover the costs of repairing the item
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