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4.2 Consumer behavior

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mrssechler
EducationSelf ImprovementEconomy & Finance
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Consumer Behavior Personal Finance
• After today you will be able to: – Determine the factors that influence buying decisions • Explain a research based approach to buying goods & services, • Identify strategies for making smart buying decisions.
1. Take out a piece of paper… 2. Think back over the last 2 weeks and make a list of everything you have purchased and it’s estimated cost. 3. Looking back, what did you overpay for? 4. What purchases should you have just not made. 5. Total the items from 3 & 4.
• What is the difference between a need & a want? • A want is an unfulfilled desire • New car, new clothes, Starbucks, etc. • A need is anything you require to live • Food, sleep, shelter, water, air • Look back over your list and give me some examples of wants.
Esteem (respect and recognition) Social (friends, love, belonging) Security (physical safety and economic security) Physiological (food, sleep, water, shelter, air) Self-Actualization (to realize your potential)
• Trade-off that one makes when deciding what to buy. • You and a friend have tickets to a big concert tonight. On your way home, your dad calls you and gives you tickets to the Springfield Cardinals for tonight. • Do you go to the concert or the game? You cannot do both.
• Emotional Motives • Based on feelings, beliefs, or attitudes • Rational Motives • Based on saving money, durability, saving time, etc. • Patronage Motives • Based on loyalty to a brand or store
• Economic • Prices, Convenience, Warranty, Maintenance, etc • Social • Lifestyle, Interests/Hobbies, Advertisements, etc. • Personal • Gender, Ethnic background, Religion, etc
Identify Your Needs Gather Information Evaluate Your Options Make the Purchase Post-Purchase Evaluation
• Figure out what is important to you • Features, performance, design, etc. • Compare Prices • Do Comparison Shopping • Most important for complex or expensive items • Use the internet! • Ebay, Craigslist, Yahoo, etc.
• Negotiate the price • Cars, houses, jewelry…you never know if you don’t ask! • Decide on Cash or Credit
• How to make complaints if something goes wrong? – Put it in writing – keep a written record – Be prompt – Talk to the right person – Be specific about what is wrong and what you want – Be reasonable & suggest a solution – Be persistent
• Time Purchases – when is the best time to buy? • Store Selection – what store will best meet your needs? • Compare Brands – are they the same, but with different names? • Price Comparison • Warranty Evaluation
Get Advice1 Sleep on it2 Consider the Opportunity Cost3 Check your motives4 Never buy what you don’t understand5

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4.2 Consumer behavior

  • 2. • After today you will be able to: – Determine the factors that influence buying decisions • Explain a research based approach to buying goods & services, • Identify strategies for making smart buying decisions.
  • 3. 1. Take out a piece of paper… 2. Think back over the last 2 weeks and make a list of everything you have purchased and it’s estimated cost. 3. Looking back, what did you overpay for? 4. What purchases should you have just not made. 5. Total the items from 3 & 4.
  • 4. • What is the difference between a need & a want? • A want is an unfulfilled desire • New car, new clothes, Starbucks, etc. • A need is anything you require to live • Food, sleep, shelter, water, air • Look back over your list and give me some examples of wants.
  • 5. Esteem (respect and recognition) Social (friends, love, belonging) Security (physical safety and economic security) Physiological (food, sleep, water, shelter, air) Self-Actualization (to realize your potential)
  • 6. • Trade-off that one makes when deciding what to buy. • You and a friend have tickets to a big concert tonight. On your way home, your dad calls you and gives you tickets to the Springfield Cardinals for tonight. • Do you go to the concert or the game? You cannot do both.
  • 7. • Emotional Motives • Based on feelings, beliefs, or attitudes • Rational Motives • Based on saving money, durability, saving time, etc. • Patronage Motives • Based on loyalty to a brand or store
  • 8. • Economic • Prices, Convenience, Warranty, Maintenance, etc • Social • Lifestyle, Interests/Hobbies, Advertisements, etc. • Personal • Gender, Ethnic background, Religion, etc
  • 10. • Figure out what is important to you • Features, performance, design, etc. • Compare Prices • Do Comparison Shopping • Most important for complex or expensive items • Use the internet! • Ebay, Craigslist, Yahoo, etc.
  • 11. • Negotiate the price • Cars, houses, jewelry…you never know if you don’t ask! • Decide on Cash or Credit
  • 12. • How to make complaints if something goes wrong? – Put it in writing – keep a written record – Be prompt – Talk to the right person – Be specific about what is wrong and what you want – Be reasonable & suggest a solution – Be persistent
  • 13. • Time Purchases – when is the best time to buy? • Store Selection – what store will best meet your needs? • Compare Brands – are they the same, but with different names? • Price Comparison • Warranty Evaluation
  • 14. Get Advice1 Sleep on it2 Consider the Opportunity Cost3 Check your motives4 Never buy what you don’t understand5