Making Consumer Decisions Buying Goods and Services
Consumer Choices • • Deciding What to Buy Deciding When to Buy Deciding Where to Buy Deciding How Much to Pay
Customer vs. Consumer • CUSTOMER – A person who selects and purchases goods and services • CONSUMER – a person who selects, purchases, uses, and disposes of goods and services
WHAT TO BUY BRAND vs. GENERIC http: //www. youtube. com/watch? v=wc. YJsxk. Db. Ug • Brands – help consumer distinguish it from other products • Generic – priced lower because… – producers spend so little on marketing and advertising – Usually sell for 40% lower
WHEN TO BUY Planning a major purchase in advance can help save money – End of Season – After the holidays – Before new models are released
WHERE TO BUY Department Stores Discount Stores Off-Price and Outlet Stores Limited-Line Retailers Superstores Convenient Stores Warehouse Stores Shopping at Home
Department Stores • Sell a wide variety of goods – Clothing, Furniture, appliances, jewelry – Brand Names – Customer Service – Higher Prices • Examples: – Macy’s – Penny’s – Carsons
Discount Stores • Sell a wide variety of goods but at lower prices – K-mart – Wal-Mart – Target
Off-Price and Outlet Stores • Off-price and outlet stores are able to offer large discounts because the items they sell have minor flaws, are out of season, or have been discontinued, or were overstocks: – TJ Maxx – Marshalls – Stein. Mart
Limited Line • Sell an assortment of goods in one product line – Such as: Electronics, shoes, sporting goods, clothes • Examples: – Dick’s Sporting Goods – Best Buy – Toys R us – American Eagle
Superstores • Superstores are a complete grocery store but also have a wide variety of other items • Examples: – Super Walmart – Super Target – Meijers
Convenient Stores • Provide easy access that consumers often buy as a necessity • Usually close to home • Examples: – 7 -11 – White Hen
Warehouse Store • Typically the size of a football field • Carry a huge selection of food and nonfood items • Bulk • Examples: – Costco – Sam’s Club
Shopping at Home • Examples: – TV – Catalogs – On-line
WHAT TO PAY • Most expensive – best quality? • Least expensive – best buy? • HOW do you know what to pay? ? ? COMPARISON SHOP • WHEN MOST IMPORTANT? – Major purchases • because the cost differences can be enormous
COMPARISON SHOPPING Comparing the prices and characteristics of competing brands or stores Comparison Shopping Checklist – Price (Unit Pricing) – Features – Quality – Convenience – Warranty
COMPARISON SHOPPING Comparing the prices and characteristics of competing brands or stores Comparison Shopping Checklist – Food http: //www. youtube. com/watch? v=b. BRpai 6 g. Fe 0 – Toys http: //www. youtube. com/watch? v=WRUQRXn. Dpdo&feature=related – Clothing – Online Comparison sites
Preparing to Shop Study Advertisements WHAT IS ADVERTISING? • Advertising is a paid form of communication, to persuade a particular audience to purchase goods/services • Three primary objectives of advertising are to: – Persuade – Remind – Inform
Advertising Strategies – Advertising Strategies • Rational Advertising – facts and information • Emotional Advertising – appeals to your feelings
Preparing to shop… Reading Consumer Publications – Consumer Reports • Examines and rates products – Consumer Research Magazine
Shop at Sales – Promotional Sales • Special buy on new products – Clearance Sales • To clear out goods that are out of season or no longer profitable – Loss Leaders • Advertised products that sell at a loss to bring customers into a store
Preparing to shop… Uses Shopping Lists • • To avoid impulse buying To help save money Resist pressure and gimmicks • • “Super low prices” “You’re Won a Prize”
Read Labels and Warranties Warranty – A written guarantee from the manufacturer that states the conditions under which the product can be returned, replaced or repaired – A legal document that states the rights and responsibilities of the consumer and manufacturer – Federal Law requires sellers of products greater than $15 to have a written warranty
Types of Warranties • Implied – Unwritten guarantees that a product is fit for the intended use • Expressed – Written and comes in two forms • Full warranties states that the seller will repair or replace the product. Usually good for a stated time period. (ie: 90 days) • Limited Warranty covers only certain parts of a product. The buyer may have to pay a portion of the repair cost
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