Protecting Consumer Chapter 25 Today s Schedule l

Protecting Consumer Chapter 25

Today’s Schedule l Friday’s l speaker wrap-up Stock Market Game l Thursday’s Quiz Review l Homework Collection l Assignment of Homework l Chapter 24 l Quiz

Stock Market Game l Pick two companies l l l You must forecast (predict) which company will see the largest percentage gain from now until December 15. You must forecast which company will see the largest percentage drop from now until December 15. Winner will receive a prize Winner in this class will receive extra credit as well Think of it like Fantasy Football

Thursday’s Quiz Review What is the difference between a metrosexual and a retrosexual? Answers vary l The article gives a name to the person who is in between a metro and a retro. What is that name? Modern Man l The Maturiteen is into products by Adidas, Sony, & Unilever. l Extra Credit – By which week of the semester must an application for a Withdrew Passing (WP) or Withdrew Failing (WF) grade be submitted? Week 6 l

Pass up the Homework

Homework Assignment l Read l Key l Fix Chapter 24 Word definitions your papers for extra credit

Chapter 24 Learning Objectives l Describe what consumers can do when they have problems with products l Identify groups and individuals that act as consumer advocates l Explain how government protects consumers l Name ways in which businesses help and inform consumers

Protecting Consumers From Unsafe Products Everyone will have a problem w/ a product l Who can help? l l l How do they help? l l Agencies (Government & Non-government), organizations, and individuals Legislators Businesses They promote health, safety, and honest treatment of the public Why all this help for the consumer?

Your Power as a Consumer l You send messages to the consumer when you buy or do not buy l You send messages when you visit or choose not to visit a store at its location l You have a voice in what is sold and where stores are located

Customer Satisfaction l Informed consumers can usually avoid problems – But not always l Defective items Stores will generally offer refunds, fix items, and/or replace items l Why? l

Legal Action Stores will generally offer refunds, fix items, and/or replace items – But sometimes they do not l Small Claims Court l l l Settles cases involving relatively small amounts of money Little cost Lawyer not necessary Claims vary but range from $25 to $5, 000 depending on state law Judge Judy & Judge Joe Brown

Consumer Organizations l Consumer Advocates l l Groups and individuals that work to protect, inform, and defend consumers Many are private, non-profit orgs Report their findings through magazines and Websites Consumer Federation of America, National Consumers League, Consumers Union, Major Appliance Consumer Action Program, Radio & Television

Consumer Federation of America (CFA) l One of the largest consumer organizations l l l Lets consumers know when Congress is considering consumer bills Promotes laws that help consumers Six major areas l l l l Established in 1968 50 Million members l l Financial Services Utilities Product Safety Transportation Health Care Food Safety Study federal laws that affect consumers 260 Groups

National Consumers League l Works on behalf of consumer’s rights l Nation’s oldest nonprofit consumer group l Membership open to anyone l Provides government, businesses and agencies w/ the consumer’s point of view l National fraud information center l Monitors Internet to prevent Consumer Fraud

Consumers Union l Nonprofit l publisher of Consumer Reports on consumer products l Tests products in its laboratories and reports the findings l Does not advertise or allow its findings to be used in advertising l Why do you think that is? l Testifies before government agencies on consumer concerns

Major Appliance Consumer Action Program (MACAP) l An active consumer assistance panel l Helps consumers solve problems with large appliances such as washers, stoves, and freezers l Most major appliance dealers are members l MACAP responds to consumers who need help or have a problem with an appliance

Radio and Television l Power of the press l Have consumer reporters l Companies will settle problems to avoid having radio or TV feature the story

Quiz Claims varying in range from $25 to $5, 000 are usually settled in ____ (3 points). l ______ is one of the largest consumer organizations with ____ (#) members. (4 points) l ______ is the nation’s oldest nonprofit consumer group (3 points) l Extra Credit – True or false: Honor Roll is based on Grade Point Average (1 point) l