Comparison Shopping

Comparison Shopping

1. careful consideration and evaluation of the product's features, price and quality

2. allows individuals to purchase the same product or service for less money, buy more goods and services with the same amount of money, or buy a better quality product for the same amount of money, increasing their long-term satisfaction with the product

3. Basic Steps to Comparison Shopping

   • 1. Decide what it is that you need
     • Do I need this product?
     • What is my budget?
     • What features do I really need?
   • 2. What is the quality of the product?
     • Product quality depends upon the materials used, craftsmanship and durability
     • It is also beneficial to ask others who own the same product if they are satisfied with the product's durability.
     • The Better Business Bureau is another source of consumer information
   • 3. How much will it cost?
     • The price of an item is usually one of the most important considerations when shopping for an item
     • A person needs to consider additional costs other than what is shown on the price tag.
   • 4. How will it be used?
     • individuals should consider how the product will be used, how often it will be used and what price is appropriate for the use
     • if a product will be used daily, one may desire higher quality to reduce replacement and repair costs
     • Thinking about other products where the cost per use/wear is a consideration is when purchasing clothing
   • 5. Make a decision.
     • Opportunity cost is something an individual gives up to receive something else, this can include quality, price or features of a product
     • Whenever a choice is made, something is given up. Opportunity cost is the best alternative that we give up when we make a choice