Strategies in Consumer Purchasing, Techniques, Tips and Tricks., Lecture notes of Business Strategy

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Rey ity SUSU eeu Rees ne casts SSR NEC tee ee eet nen tate ett Cesena Sore emtenadtcteutes earnest ent go ae + Identify step take to resolve consumer problem, Bee et ad oe eA Ee Reena Ta + Timing Purchases Beckett) * Brand Comparison + Label information + Price Comparison - = Prezi stoping deen ate based on sees daca akg cca + Small claims court- court that settles legal PT erent eased ae employs a process in which litigants usually do not err ee eres en eee rene nao Seren ee ess ey Sen ee ae en eties Bee cs + Other legal alternatives-legal society support Poem ee Ce cr ae ee  Consumer Purchasing Strategies and Legal Protection i Consumer purchasing:A research based approach Objectives of this Topic Beco CR MCMC TO re tnRO Remsen cig fesncom SUCRE nha Resist as tiene Ts con eee Cc sacle CaM Coes oc OL Be eeatige te el kno tco ues cel y oat Bret Cr tl en emer ne ea tenet shopping decision are hased on specific decision making, fey Practical purchasing strategies - Timing Purchases Belucnotcuty il + Brand Comparison epicure Se eerie ee Resolving consumer complain Peter ye lm a SSO ee Cee e Reet ee ect ee ec Tete a ene ee iene ie A oer a ies Peers ~ Class action suits- A legal action taken by few Pett een ne ee Rs ees aa Feria Renteertateee erent etter Secure eared + Other legal alternatives-legal society support Cea eee ct oder eee Pets on ry |" Prvaarrirs 1 Financial Implications of Purchasing Decisions Objective 1: |dentify strategies for effective consumer buying FINANCIAL IMPLICATIONS OF CONSUMER DECISIONS * Commonly overlooked trade-offs when buying include... — Paying a higher price over time by using credit to buy items you need now. — Buying unknown, possibly poor-quality brands, that are less expensive. Mn) 8-3 oA ae | od Financial Implications of Purchasing Decisions * Commonly overlooked trade-offs when buying include... (continued) - Selecting brands that may be olmicult to service or repair. — Ordering by mail or online to save time and money, but return or repair may be difficult. — Taking time and effort to comparison shop. 8-4  Personal Factors (gender, age, occupation, income, education, marital status, family size) Economic Factors (inflation, interest rates, tax rates, government regulations, product safety) Social Factors (lifestyle, interests, hobbies, peer group, culture, advertising, media) Budgeting — Planned spending and saving Spending Path Vv Actual spending/ cash management 4 Savings and investments Achievement of financial goals $ Exhibit  - Timing Purchases - Store Selection Se sTecViCCMOieleriw keys ea eriCeywrirlecne - Price Comparison — Practical purchasing strategies Practical Purchasing Strate Practical Purchasing Strategies s Timing purchases. Be aware if the price varies with the time of the year. Store selection. Choice of retailer depends on location, price, product. Cooperatives -non-profit organization; members save money. Comparison shopping of store and national brands; avoid impulse buying (unplanned purchasing). Look for information on label and open dating.  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  Resolving consumer complain ee ——— Return to place of purchase or contact online retailer. Provide a detailed explanation and the action you desire. Be pleasant yet persistent in your efforts to obtain a resolution. rites Sonsumer Complaints gg Online m - " Send an e-mail with the details of the situation (Exhibit 8-9). Post your concerns on the company’s online social media sites. Comment on a blog or a consumer review webs g Seek guidance from a local, state, or federal consumer agency. Determine if any laws have been violated in the situation. Consider the use of mediation or arbitration ao Consider bringing your case to smalll claims court. Determine if a class action suit is appropriate. Seek assistance from a lawyer or legal aid organization  - Small claims court-a court that settles legal differences involvingamount below a set limit and employs a process in which litigants usually do not use a lawyer - Class action suits- A legal action taken by few individuals on behalf of all the people who have suffered the same alleged injustice SOB CAao - Other legal alternatives-legal society support community law offices that provide legal assitance PO ROO om wee ton 1.do business only with reputation companies with An cla ay i eeee ent oey Consumer 2.avoid signing contract and other documet you dont understand. 3.be cautious about offering that seem too good to be e true-they probably are! 4. compare the cost of buying on credit with the cost of peeNy etme ere ekeey ener ecmea Be cent | om offer with those offered by a bank or credit union. 5.avoid rushing to get good deal; successful con artist  ther legal alternatives-legal society supp mmunity law offices that provide legal as Personal Consumer Protection - 1.do business only with reputation companies with An satisfying customers Consumer 2.avoid signing contract and other documet you dont understand. 3.be cautious about offering that seem too good to be true-they probably are! 4. compare the cost of buying on credit with the cost of paying cash;also compare the interest rates the seller offer with those offered by a bank or credit union. 5.avoid rushing to get good deal; successful con artist depend on impulse buying.