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Chpt. 15 GB

Consumer Buying Decisions

QuestionAnswer
What is unit price? a price per unit of measure
What is a brand? a name given to a product or service to distinguish it from other similar and competitive items.
What is impulse buying? The opposite of spending time and effort to buying too quickly.
What is consumer movement? To fight against unfair business practices, consumers united to demand fair treatment from businesses.
What is fraud? occurs when consumers are given false information in an effort to make a sale.
What is a guarentee? a promise by the manufacturer or dealer, usually in writing, that a product is of a certain quality.
What is implied warranty? imposed by law and is understood to apply even thought it has not been stated.
What is an express warranty? made orally or in writing and promises a specific quality of performance.
What is mediation? involves the use of a third party who tries to resolve the complaint between the consumer and the business.
What is a class action suit? legal action by one party on behalf of a group of people who all have the same grievance.
Created by: main92
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