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Smart Shopping
| Question | Answer |
|---|---|
| Consumer | This is anyone who purchases goods or services for this own use. |
| Consumer needs | These are things that we generally cannot do without. For example: water, food. |
| Consumer wants | These are all the things that we would like to have, but that are really not essential. |
| A budget | This is a plan of how much money you are prepared to spend. |
| False economy | This is when we purchase a cheaper product to spend. |
| A false economy | This is when we purchase a cheaper product, but it turns out to be more expensive in the long term. |
| Unit Price | This is the price of a single amount of something. |
| Brand | This is the name and logo that producers put on their products, services or businesses. |
| Impulse purchase | This occurs when we make a sudden, unplanned decision to buy something. |
| Below-cost selling | This is when retailers sell a product at a lower price than they paid for it. This means that they are selling it at a loss. |
| Guarantee | This is a promise from the manufacturer or the seller to offer a refund or a replacement to anyone who purchases faulty goods within a specific period of time. |
| Warranty | This is a promise from the manufacturer or the seller to repair any faulty goods within a specific period of time. |
| Informative advertising | This gives you information about a product, such as size, colour and availability |
| Conspicuous Consumption | This refers to spending in an extravagant way with the deliberate intention of trying to impress others. |
| Loss Leader | This is a product sold at below cost price with the intention of attracting customers into a shop. |
| 3 main reasons for storing a receipt safely | 1.As proof of Purchase: It is a proof of purchase that can be used to get a refund, repair or replacement of the item if you have a problem with the item. |
| 2.To monitor spending: By reading through your receipts, you can keep a record your income and expenditure in order to have a better control your spending. | |
| 3. To check bills for accuracy: If a consumer holds onto their credit card bills, it allows the consumer to check to see that they are not being overcharged. | |
| Persuasive Advertising | This tries to convince you that you really 'need' a product. It can be manipulative as it tries to influence your emotions. |
| Persuasive Advertising is designed under AIDA principles. What does AIDA stand for? | Attention, Interest, Desire, Action |
| Legal Tender | This means that the notes and coins must be accepted as payment by retailers if offered by a customer. |
| Debit card | This allows money to be transferred electronically from a customer's bank account into the retailer's bank account. |
| Deposit | This is a small part of the cost of the product which will reserve the product for you until you return and pay the rest of the money owed. |
| Electronic Funds Transfer: | This allows money to be transferred from one bank account into another Example: direct debits or standing orders. |
| How to shop safely online: | 1.Trustworthy websites 2. Secure payments 3.Postage charges 4.Taxes 5.Delivery time 6.Complaints |
| How can we be smart shoppers: | 1.Do I really need it? 2.Can I afford it? 3.Is it value for money? 4.Can I get it cheaper elsewhere? 5.Don't make impulse purchases 6.Get a receipt. |
| Calculating the unit price | Price divided by Quantity |
| Special pricing | This is sales tactic that fools people into buying things that they would not usually buy. Example: Charging €9.95 instead of €10 |
Created by:
MsHayes1