Intro to Business 7 e CHAPTER 15 Consumers

Intro to Business, 7 e CHAPTER 15 Consumers in the Global Economy 15 -1 Consumer Buying Decisions 15 -2 Consumer Rights and Responsibilities 15 -3 Consumer Protection Actions © 2009 South-Western, Cengage Learning SLIDE 1

Intro to Business, 7 e 15 -1 Consumer Buying Decisions Learning Targets l Identify major sources of consumer information. l Explain wise buying actions. l Describe the main types of shopping locations. © 2009 South-Western, Cengage Learning SLIDE 2

CONSUMER INFORMATION SOURCES Intro to Business, 7 e Chapter 15 Ø Product testing organizations – tests products and services for the benefit of consumers and businesses. ü Underwriters Laboratories tests electrical products. UL symbol indicates the product has been tested and is safe. ü AHAM – the Association of Home Appliance Manufacturers develops and tests appliances. ü Organizations paid by manufactures ü Independent testing organizations Ø Media sources – consumers have access to this information ü Print publishers ü Broadcast organizations ü The Internet © 2009 South-Western, Cengage Learning SLIDE 3

Intro to Business, 7 e CONSUMER INFORMATION SOURCES Chapter 15 (continued) l Government agencies l Federal – USDA, FDA, CPSC l State – regulate banking and insurance l Local – consumer assistance offices © 2009 South-Western, Cengage Learning SLIDE 4

Intro to Business, 7 e CONSUMER INFORMATION SOURCES Chapter 15 (continued) l Business sources l l Advertising Product labels Customer service departments Better Business Bureau l Personal contacts © 2009 South-Western, Cengage Learning SLIDE 5

Intro to Business, 7 e Chapter 15 WISE BUYING STRATEGIES l Ask yourself l l Do you really need the item now or can it wait? Which stores should you consider? What quality do you want? What price are you willing to pay? l Use decision-making 1) 2) 3) 4) 5) Identify your needs and wants Know the choices available Determine your desired satisfaction Evaluation alternatives Make the decision l Comparison shopping – compare price, quality, services and brands © 2009 South-Western, Cengage Learning SLIDE 6

Intro to Business, 7 e Chapter 15 COMPARISON SHOPPING 1) 2) 3) 4) 5)

Intro to Business, 7 e Chapter 15 WISE BUYING: A SUMMARY l Take your time l Time your purchases l winter clothes on sale at a certain time l Right season for fruits/vegetables l Avoid being impulsive © 2009 South-Western, Cengage Learning SLIDE 8

Intro to Business, 7 e Chapter 15 SHOPPING LOCATIONS l Traditional retailers – department stores, discount l Contemporary retailers - specialty l Non-store shopping – on-line, mail order, vending machines © 2009 South-Western, Cengage Learning SLIDE 9

Intro to Business, 7 e 15 -2 Consumer Rights and Responsibilities Learning Targets l Explain the consumer movement. l Explain seven consumer rights. l Describe consumer responsibilities. © 2009 South-Western, Cengage Learning SLIDE 10

Intro to Business, 7 e Chapter 15 CONSUMER MOVEMENT Consumer Bill of Rights 1. The right to be informed. 2. The right to safety. 3. The right to choose. 4. The right to be heard. 5. The right to a remedy. 6. The right to consumer education. 7. The right to service. © 2009 South-Western, Cengage Learning SLIDE 11