Factors Affecting Consumer and Financial Decisions
Define Customer Service
The assistance an organization offers to its customers before or after they buy or use products or services
Define Income
Income is the money or value a person, business, or government receives in exchange for labor, services, the sale of goods, or as a return on investments.
Define Mail order
Mail order is a retail system where customers purchase goods remotely—traditionally via print catalogs or mail-in forms, and now primarily online
Define store credit
Store credit is a non-cash, internal currency issued by a retailer to a customer.
Define Scams
A scam is a deceptive scheme or fraudulent trick designed to steal your money, valuables, or personal information.
Define Price
The amount of money a customer pays to buy that good or service. It is the final transactional figure determined by the seller and includes the cost plus a profit margin
Define Budget
A budget is a financial plan that outlines expected income and expenses over a set period.
Define a Specialty Store
A specialty store is a retail business that focuses on a narrow, specific product category rather than a wide variety of goods
Define Direct Debit
A direct debit is an automatic transfer where you authorize a business or merchant to pull agreed-upon funds directly from your bank account.
Name 5 protective strategies
Stop, Check, and Protect, Enable Multi-Factor Authentication (MFA), Never Pay in Unusual Ways, Monitor Financial Accounts and Credit, Limit and Secure Personal Data
Define Cost
Cost: The amount of money, time, or resources required to produce or acquire a good or service. It measures the expenses of the creator or seller (e.g., raw materials, labor, overhead).
Define Retailer
A retailer is a business or person that sells goods and services directly to the end consumer for personal use.
Define Discount Variety Store
A discount variety store is a retail establishment that sells a broad, eclectic mix of general merchandise at lower prices than traditional department or specialty stores
Define Lay-by
Lay-by is a purchasing method where a customer pays for goods in installments, and the retailer holds the items until the full price is paid off.
How does age and gender affect consumer consumption?
Age and gender shape consumer behavior by dictating product preferences, purchasing channels, and decision-making styles.
How does e-tailer aid with consumer consumption?
E-tailers (electronic retailers) drive consumer consumption by eliminating traditional friction
How efficient are supermarkets? (eg. Very efficient, Slightly efficient or Not efficient at all).
Supermarkets are incredibly efficient
What are one inefficiency of cash?
A major inefficiency of cash is the high operational and administrative cost of manual handling
How does Social media come into play in constructing proper advertisement?
Social media builds proper advertising by enabling precise audience targeting, facilitating two-way consumer engagement, and providing real-time campaign optimization.
What are the advantages to comparison shopping?
Comparison shopping is evaluating prices, features, and reviews across different sellers before buying. Its main advantages include saving money by finding the best deals, avoiding overspending on identical or similar items, and discovering better-quality products or hidden alternatives that perfectly suit your needs
State one flaw with factory outlets
Many factory outlets sell products intentionally manufactured with lower-quality materials or simpler construction than those sold in flagship retail stores, meaning "discounted" prices can sometimes reflect cheaper goods rather than actual markdowns on premium, mainline item.
What is the purpose of the memo line at the bottom of a cheque?
The memo line at the bottom of a cheque is an optional space primarily used for personal record-keeping.
Name 5 warning signs of scams
Unexpected high-pressure contact, requests for unusual payments, offers that are too good to be true, demands for personal information, and suspicious or mismatched website links.