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Ch 5 Personal Financ

QuestionAnswer
APR (Annual Percentage Rate) —cost of borrowing money on an annual basis; takes into account the interest rate and other related fees on a loan.
Buyer’s Remorse —regretting a purchase soon after making it.
Brand Recognition —position a product in your mind as associated with a certain value; the extent to which a brand is recognized for stated brand attributes or communications
Caveat Emptor —buyer beware
Financing -- to buy an item with credit; paying over time
Finite —having a beginning and an end
Impulse Purchase —to buy an item without thinking about it.
Opportunity Cost —the true cost of something in terms of what you have to give up to get the item; the benefits you would have received by taking the other action
Rule of 78 —pre-payment penalty in a financing contract; the portion of a “90 day same as cash agreement that states that the entire loan amount plus the interest accumulated over the first 90 days becomes due immediately
Significant Purchase —an amount of money you spend, usually $300 or more, that causes some pain to part with
Branding —creates consumer awareness for a trademark or product
Product Branding —name, term, design, symbol, or any other feature that identifies your good or service
Consumption —use of final goods by consumer
Investment —account or arrangement in which one would put their money for long-term growth; should not be withdrawn for a suggested minimum of five years.
Shelf Positioning —the location of the product in the store
90 Days Same as Cash— paid no interest payment for 90 days; if your balance isn’t paid in 90 days, the interest (24% to 38%) is backdated to the date of the purchase and added to your balance.
Bandwagon: -- Persuading people to do something by telling them that others are doing it, too. “Don’t be left out”.
Testimonial -- Famous people say they use a product or persuade you to use a product.
Transfer/Fantasy -- By using the names or pictures of famous people, but not their direct quotations, the ad is trying to convey that the product will help the consumer imitate the famous person in the ad.
Repetition: -- The product name is repeated at least four times.
Emotion -- Words are used in the ad to evoke strong feelings about someone or something.
Nostalgia --Creates a sentimental tone while pointing back to “the good old days”
Statistics -- Facts and statistics are shown
Humor-- Makes people laugh so they have a positive association with the product.
Sense Appeal: -- Sounds or pictures that are pleasing to the eye.
Product Positioning —Create an image or identity in the minds of their target market
Target Market the group of people who are most likely to buy your product
Created by: eramig