Chapter 4 consumer purchasing - Honore

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Time and purchases

-buying seasonal clothes mid way through season - shopping at back-to-school sales, spring sales, and others - taking advantage of the clearance sales

Four phases to research base approach

1. before you shop 2. weighing alternatives 3. making the purchase 4. after the purchase

steps of Resolving difference between buyers and sellers

1. return to the place of purchase 2. contact company headquarters 3. consumer agency assistance; BBB (Better Business Bureau) 4. dispute resolution

open dating

A labeling method that indicates the freshness, or shelf life, of a perishable product, such as milk or bread.

what are the two types of warranties?

Implied and expressed

small claims court

a court that deals with legal disputes that involve amounts below a certain limit

class action suit

a legal action on behalf of all the people who have suffered the same injustice

legal aid society

a network of community law offices that provide free or low-cost legal assistance

cooperative

a nonprofit organization owned and operated by its members for the purpose of saving money on the purchase of goods and services

rebate

a partial refund of the original price of the product

Down Payment

a portion of the total cost of an item that must be paid at the time of purchase

Arbitration

a process whereby a conflict and a business

express warranty

a written guarantee

warranty

a written guarantee from the manufacturer or distributor that states the conditions under which the product can be returned, replaced, or repaired

implied warranty

an unwritten guarantee that the good or service is fit for the purpose for which it was sold

Compare options

buy higher quality item if you can afford all choices, consider buying item that gives you best value per dollar if cannot afford all choices.

fraud

dishonest business practices that are meant to deceive, trick, or gain an unfair advantage

phase one

identify your needs and gather information

Phase three

negotiating prices, mostly real estate and cars

impulse buying

purchasing items on the spur of the moment

Price does not always equal...

quality

medianton

the attempt by a central third party to resolve a conflict between a customer and a business discussion and registration

unit pricing

the use of a standard unit of measurement to compare the prices of packages that are different sizes

weighing alternatives

your personal values, available time for research, amount of money you have to spend, convenience of buying the item immediately, and pros and cons of a purchase brand.


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