Consumer Choice
What do you need to enter into a valid contract?
Offer, acceptance and consideration
Identify 4 types of income
Commission
Wage
Salary
Fee
Dividends
Royalties
Superannuation
Overtime
Social welfare payments
Outline ONE personal preference that will influence where you choose to travel to.
Finances
Age
Gender
Religion
Culture
Location of family and friends
Special events such as concerts and sporting games
Identify the type of promotional strategies in the promotion mix.
Personal selling
Advertising
Below the line promotion
Publicity and public relations
What does the key verb Identify ask you to do?
Recognise and name
Identify an example of comparison shopping
Contacting a number of sellers to get the best price
Identify two types of fixed expenses and two types of variable expenses
Fixed expenses:
-Rent
-Mobile phone (in a contract)
-Insurance
-Internet
Variable expenses
-Electricity
-Water usage
-Commissions
-Credit card fees
Identify the two main ways you can organise travel
Yourself
A travel agent
Who would be the target market for an exclusive womens fashion boutique?
Male, rural based/farmer, middle to high income, 25-60 years of age.
Female, 25-45 years of age, city-bases, professional and high income
What does the key verb OUTLINE ask you to do?
Sketch in general terms; indicate the main features of
A need are things that are needed to survive such as food. A want is things that are not essential to survive but that you would like to have.
Identify reasons for borrowing money
Emergencies
Improve your quality of life
Immediate satisfaction
Possible savings
Forced 'saving'
What are some examples of things you need to consider when planning a trip?
Visa requirements
Safety of that country
A valid passport with at least 6 months validity
Health risks
Explain which promotional medium would be most effective to promote a Toyota Corolla?
Advertising
What does the key verb describe ask you to do?
Provide characteristics and features
What is a scam? Give an example
A scam is an illegal business practice.
Example:
Referral selling
False and misleading advertising
Bait and switch advertising
Misleading advertising
Unordered or unsolicited goods
Special prizes and offers
Interest charges
Impulse buying
Additional costs
Loss of control
Inability to repay
False sense of security
What is a passport? Are there any conditions of being able to use your passport?
An official document granting permission to travel between countries.
Must have at least 6 months validity from the return date of trip.
Must not be damaged
What is meant by the term product placement? Can you provide an example?
The inclusion of advertising into entertainment. Example, using a BMW in a James Bond film or having a person in a film drink a Coca Cola.
What does the key verb Discuss ask you to do?
Identify issues and provide points for and/or against
Explain 2 factors affecting consumer decisions
Service
Age
Price
Marketing
Convenience
Gender
Finance
Environmental
Identify two types of loans and describe who would use them.
Personal loan
Mortage loan
Bank overdraft
Credit cards
pg 45
Identify two advantages and two disadvantages of using a travel agent to organise a trip
Advantages
-Qualified and therefore, aware of troubled areas
-Stress free
-Gain access to cheaper holiday packages not available to the public
-Organise travel insurance at a reduced premium
Disadvantages
-Sometimes their costs are higher
-You may have different ideas of what you want your holiday to look like
Explain which promotional medium you would use for Nescafe Blend 43.
Below the line promotion
What does the key verb Explain ask you to do?
Relate cause and effect; make the relationships between things evident; provide why and/or how