Karteikarten
Flashcards
Karten in diesem Stapel (19)
- 1What are durable goods & what do we expect of them? Provide examplesGoods that can be used many times
e.g. car/television
Come with a higher price expectation that they will last a long time - 2What are non-durable goods? Provide examplesGoods that can only be used once or don't last long.
e.g. a sandwich or a litre of petrol or a plastic poncho - 3What is opportunity cost? Provide examplesSomething that a consumer gives up in order to satisfy a need or want e.g. when choosing between buying 2 items to one the consumer didn't buy is the opportunity cost.
- 4What questions are involved in opportunity cost?What else could the consumer have bought with their money?
Was there a tough choice between 2 options? - 5How are consumers' needs and wants satisfied?Producers use resources to manufacture the goods and services consumers desire.
- 6What are the 4 resources produces use to satisfy consumer needs and wants? Provide examples1. Land- naturally occurring resources e.g. forests or soil.
2. Labour- physical and mental effort of people working
3. Capital- goods used to make other goods e.g. tractors (production of crops)
4. Enterprise- combination of all other resources (land, labour & capital) to earn profit. - 7What does scarcity of resources mean?That resources are scarce or limited
- 8Why are resources scarce? Provide examplesThey can be overutilized and become even more limited.
e.g. fish are rare due to overfishing - 9How does customer service affect consumer decision making? ( 4 reasons)* most consumers will return to a retailer if they get good service.
* Poor service can have the opposite effect
* makes a consumer feel valued
* important as there are lots of businesses offering similar goods and services. - 10How does price affect consumer decision making? ( 3 reasons)A major factor as:
* If price is more than a consumer can afford, they are unlikely to buy it
* Consumers want the best value for money
* CCA 2010(promotes fair-trading/consumer protection), implemented per until pricing code for many goods - 11How does location/convenience affect consumer decision making? ( 2 reasons)Includes travel time, number of retailers in one location, shopping hours:
* consumers don't have a lot of time, and want a hassle free experience (influences when, where and what'll they'll buy)
* online shopping/app purchases are considered convenient - 12How does Marketing affect consumer decision making? ( 3 reasons)Marketing includes: ads, presentation, branding ect.
Has a huge influence on consumer decisions:
* influenced by the marketing of a product thinking they need a product
* effective with continuous exposure
* desentized from saturation - 13How does Gender affect consumer decision making? ( 3 reasons)* Influences some types of purchases e.g. cosmetics and tools
* generally males & females have a no. of common wants e.g. music, cars & entertainment
* Gender may play a role in some ads - 14How does Age affect consumer decision making? ( 2 reasons)* A consumers wants change over time
* E.g. Babies wants rattles, tennagers want a phone, then a car, later you want a house and when you retire you want a world cruise. - 15How does Finance/Disposable income affect consumer decision making? ( 4 reasons)* if a consumer can't afford an item they may be able to access finance to pay for it
* Finance includes interest
* A consumer with a higher disposable income will spend a portion of their income on luxury items or lifestyle items, e.g. vacations or tours - 16What is a disposable income?The amount of money that households have available for spending and saving after income taxes have been accounted for
- 17How does Environmental factors affect consumer decision making? ( 2 reasons)* a consumer might prefer products that don't harm the environment
* Increased consumer awareness of environmental issues impacts purchasing behavior - 18How does Social Media affect consumer decision making? ( 2 reasons)* Websites & apps enable a user to share & create content or to participate in social networking (includes: insta and FB)
* social influences with large followers post regularly, which can influence purchasing behavior. - 19How does Cultural facotrs affect consumer decision making? ( 2 reasons)Refers to a set of basic values, preciptions, wants and behaviors of a particular community:
* influences the way certain consumers may behave
* learned from parents and realities and becomes cultures.
Informationen
- Beschreibung
- Includes: Durability of goods, opportunity cost, the economics of satisfying needs and wants, scarcity of resources, key factors of decision making.
- Erstellt von
- Alyssa Richards
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- 18
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