To buy an item with credit; Paying over time.

The promotion of a product or service by identifying it with distinct characteristics (usually associated with public perception, quality or effectiveness).

An amount of money you spend, usually $300, that causes some pain to part with.

Refers to the financial opportunity that is given up because you choose to do something else with your money.

Feeling regret or concern after making a large purchase.

Refers to the public's ability to recall and recognize a brand by its logo, jingles, packaging, etc..

The process of communicating the value of a product or service to customers.

Which of the following is not a common marketing strategy: Providing financial options, Making the customer do product research, Personal selling, or Repitition?

Making the customer do product research.

Explain why you should always consider the opportunity cost when making a significant purchase.

It gives you power over purchase and because money spent in one place can not be spent in another place.

What are the five steps you should take before making a significant purchase?

Wait overnight, consider buying motives, make sure you understand what you are buying, consider opportunity cost, and seek wise counsel.

What effect does inflation have on purchasing power?

It means that your dollars buy less than they did in the past.

Summarize the factors that influence consumer decisions

Marketing, peer influence, brand recognition, opportunity cost, and advice from others.

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Econ Chapter 6

Term	Definition
Financing	To buy an item with credit; Paying over time.
Branding	The promotion of a product or service by identifying it with distinct characteristics (usually associated with public perception, quality or effectiveness).
Caveat Emptor	Latin term for "buyer beware".
Significant Purchase	An amount of money you spend, usually $300, that causes some pain to part with.
Opportunity Cost	Refers to the financial opportunity that is given up because you choose to do something else with your money.
Buyer's Remorse	Feeling regret or concern after making a large purchase.
Brand Recognition	Refers to the public's ability to recall and recognize a brand by its logo, jingles, packaging, etc..
Marketing	The process of communicating the value of a product or service to customers.
True or False: As a consumer, you should consider inflation in your investments and retirement planning	True.
True/False: If you don't have cash on hand, financing a significant purchase is a good option	False.
Which of the following isn't a need: Food, Housing, Eating out, or Utilities?	Eating out.
The purpose of advertising is to: Inform the consumer, Tease the consumer, Persuade the consumer, or All of the above?	All of the above.
Which of the following is not a common marketing strategy: Providing financial options, Making the customer do product research, Personal selling, or Repitition?	Making the customer do product research.
Explain why financing a purchase is a bad idea.	It puts you at financial risk.
Explain why you should always consider the opportunity cost when making a significant purchase.	It gives you power over purchase and because money spent in one place can not be spent in another place.
What are the five steps you should take before making a significant purchase?	Wait overnight, consider buying motives, make sure you understand what you are buying, consider opportunity cost, and seek wise counsel.
What effect does inflation have on purchasing power?	It means that your dollars buy less than they did in the past.
Summarize the factors that influence consumer decisions	Marketing, peer influence, brand recognition, opportunity cost, and advice from others.

Created by: bradenhfsow

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