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The Consumer

Key words

TermDefinition
Consumer A consumer is a person who buys goods or services for there own personal use
Goods a Good is something that you can touch or see for eg Cheese
Service A Service is something done for you eg haircut
Own Label Products Own label products carry the brand of the story that sells them these products are usually cheaper then well known brands and represent better value for consumers
False economy Is a situations where an item appears to be cheaper but in the long wrong turns out to be more expensive
Cavet emptor Is a Latin phrase that means let the buyer beware this means the consumer needs to use common sense when buying goods and services
Sale of goods and supply of services act 1980 This law to protect consumers by providing them with a number of rights when they buy goods from a trader
Mercinal qaulity The good must be undamaged unused and of resonable quality considering the price paid
Fit for Purpose The good must do what you expect it to do. eg ketal boil water
Be as described The good must match the description given by the sales person, packaging, brochure or advert
Match sample shown When the item is purchesd it must be the same as the item shown to you in the shop and you must have the opportunity to check this
Repair The item must be fixed free of charge the repair must be permanent
Replacement You can have the same or an alternative product that is free from damage or faults
Refund You can receive the cost of the item back as cash or as money paid back to your credit or debit card
Current expenditure is repeated or ongoing day to day spending eg food
capital expenditure s once off or long term spending eg new car
Impulse buying Buying good s or services at the spree of the moment with having planned to
Created by: Aaron Donohoe
Popular Business sets

 

 



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