Nature of Commerce
A consumer is someone who purchases _____ & _____ to satisfy their needs and wants.
Goods and services
How much is it? Usually the first thing consumers want to know.
Price
Money received regularly from work, property, business or investment.
Income
Myer is a type of what?
Department Store
An advantage of this payment method is it's accepted almost everywhere, some stores even offer a discount.
Cash
Advertising, product placement, and influencer campaigns are all part of what factor that influences consumer decisions.
Marketing
How businesses and sales staff treat their customer. It can leave the customer feeling valued or unvalued if done poorly.
Customer Service
A business entity or individual that sells goods or services directly to consumers for personal or household use
Retailer
This business purchases goods from the manufacturer in large quantities and sells them to retailers.
Wholesaler
Afterpay is a form of what credit type?
Buy now pay later
These goods can't be used repeatedly, often they can be used only once.
non-durable
Consumers who don't have a lot of free time are heavily influenced by what factor?
Convenience
A plan detailing what to spend your money on over a week, month or year.
Budget
These shops are where manufacturers sell their goods directly to the public.
Factory Outlet
This form of payment is characterised by high interest rates and often even special offers for using it such as Qantas points.
Credit Card
These resources are goods used to make other goods. E.g a tractor
Capital (goods)
The amount of money that households have available after saving and income taxes.
Disposable Income.
Comparing retailers, products and warranties to ensure you get the best deal.
Comparison Shopping
This shopping method makes comparing products very easy but you have a high chance of impulse buying due to its ease.
Online Shopping
This payment method involves paying for bills electronically and automatically. Often used for mobile phones, internet etc
Direct Debit
What an individual gives up in order to satisfy a need or want.
opportunity cost
Set of basic values, perceptions, wants, and behaviours of a particular community or group of individuals.
This term refers to the act of purchasing goods or services without prior planning or careful consideration
Impulse Buying
Purchasing directly from this business is likely to result in the lowest price.
Manufacturer
This payment method is a favourite of online retailers, consumers like it because of its ability to obtain a refund if a dispute arises.
Paypal