tailieunhanh - Lecture Focus on personal finance: An active approach to help you develop successful financial skills (2e) - Chapter 6

Chapter 6 - Consumer purchasing strategies. In this chapter, you will learn to: Implement a process for making consumer purchases, describe steps to take to resolve consumer complaints, describe steps to take to resolve consumer problems, evaluate legal alternatives available to consumers. | 6 Consumer Purchasing Strategies Practical Purchasing Strategies Timing purchases Price variations by time of year (seasons) Store selection Location, price, selection, services Brand Comparison Private-label or store brands (sold by one chain) vs. national brands Label Information Open dating (shelf life of products) 6- Practical Purchasing Strategies Price comparison Unit pricing = standard of measurement Coupons and rebates More store convenience higher prices Ready-to-use products higher prices Large is not always best buy (check unit price, usage) “Sale” prices not always a savings (anchoring) Online sources can save time 6- Practical Purchasing Strategies Warranties Written guarantee from manufacturer or distributor specifying conditions under which a product can be returned, replaced, or repaired. Express Warranty (usually written); 2 Forms Full Warranty (covers entire product; fix or repair for a time) Limited Warranty (covers only certain parts of a product) Implied warranty (covers a product’s intended use) Warranty of title (says seller has the right to sell a product) Warranty of merchantability (product is fit for its use) 6- Warranties Used Car Warranties FTC requires a “buyers’ guide sticker” Tells if car has warranty and, if so, what it covers Warranty of merchantability (item fit for intended use) New Car Warranties Basic parts against defects Power train coverage (engine, transmission) Corrosion warranty (covers holes due to rust) Service Contracts “Extended warranty” 6- Research-Based Buying Major Purchase Decision-making Process Phase 1: Pre-shopping Activities Problem identification: prioritize needs and wants Information gathering: information is power! WHERE to go? Follow the RULE OF THREE (all major products and services) Phase 2: Evaluating Alternatives Price analysis (range of prices and differences in cost) Comparison shopping (especially complex and expensive items) Phase 3: Determining Purchase Price and Selection . | 6 Consumer Purchasing Strategies Practical Purchasing Strategies Timing purchases Price variations by time of year (seasons) Store selection Location, price, selection, services Brand Comparison Private-label or store brands (sold by one chain) vs. national brands Label Information Open dating (shelf life of products) 6- Practical Purchasing Strategies Price comparison Unit pricing = standard of measurement Coupons and rebates More store convenience higher prices Ready-to-use products higher prices Large is not always best buy (check unit price, usage) “Sale” prices not always a savings (anchoring) Online sources can save time 6- Practical Purchasing Strategies Warranties Written guarantee from manufacturer or distributor specifying conditions under which a product can be returned, replaced, or repaired. Express Warranty (usually written); 2 Forms Full Warranty (covers entire product; fix or repair for a time) Limited Warranty (covers only certain parts of a product) Implied

• Tài chính doanh nghiệp
• Personal finance
• Focus on personal finance
• Financial skills
• Consumer purchasing strategies
• Practical purchasing strategies
• Implied warranty
• Personal financial planning
• Financial planning
• Financial decisions
• Money management skills
• Money management
• Personal financial statements
• Lecture Personal finance
• Financial planning process
• Financial plans
• Personal financial process
• Financial goals
• Financial statements
• Personal balance sheet
• Personal financial
• Lecture Personal financial planning
• Characteristics of finance
• Finance tools
• Consumer credit
• Finance charge
• Protecting your credit
• Household finance
• Household structure
• Financial plan
• Calculate taxable income
• Calculate taxes owed
• Financial services
• Payment account
• Payment services
• Closed end credit
• Smart cards
• Financing housing
• Rental activities
• Home buying process
• Automobile insurance
• Insurance company
• Insurance program
• Disability income insurance
• Health insurance sources
• Life insurance
• Stock life insurance companies
• Investing basics
• Evaluating bonds
• Investment program
• Investing in stocks
• Preferred stock
• Evaluate stock investments
• Common stocks
• Investing in mutual funds
• Mutual fund
• Open end funds
• Estate planning
• Starting early
• Tax sheltering
• Income taxes
• Taxable income
• Managing cash
• Purchasing decisions
• Rental option