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Persnl Finance - 6

Personal Finance Chapter 6

QuestionAnswer
The purpose of advertising is to tease the consumer, persuade the consumer, and inform the consumer
What concept is best explained by the statement, "Money spent here cannot be spent there"? opportunity cost
Identify which method companies are using to compete for your money: Reputation for holding its value product positioning
When a company places an ad and offers no interest on your purchase for 3 years the cost of financing is built into the price of the item.
Identify which method companies are using to compete for your money: Car salesman personal selling
Four common marketing tactics are personal selling, financing, repetition, product positioning
A spur-of-the-moment, unplanned decision to buy a product or service impulse buy
The promotion of a product or service by identifying it with distinct characteristics; usually associated with public perception, quality or effectiveness branding
To buy an item with credit; paying over time financing
Dave tells the story of a man who bought his dream car, drove it home, but then returned it the next day after some money calculations. This story is an example of opportunity cost
Identify which method companies are using to compete for you money: TV commercials media
The persistent increase in the cost of goods and services or the persistent decline in the buying power of money inflation
Why is financing a purchase a bad idea? Going into debt is a bad idea, causes you to pay more than the cost of the item, and prevents you from building wealth
Why should you consider the opportunity cost? the money spent in one place can not be spent in another.
An economic system based on a free market, profit motive, open competition and private ownership of the means of production capitalization
Ways companies compete for your money: personal selling, creative financing, repetition, and product positioning
Identify which method companies are using to compete for your money: "90-days-same-as-cash" financing
List 5 steps you should take before making a significant purchase. wait overnight, consider your buying motives, make sure you understand what you are buying, consider the opportunity cost, seek wise conunsel
What effect does inflation have on purchasing power? it means your dollars buy less than they did in the past.
Why is consumer awareness such an important part of a healthy financial plan? We live in the most marketed-to culture in the world. Buying too many things, with money you don't have, to impress people you don't really like, will make winning with money impossible.
Created by: gcowing