Flashcards
Unit 3 Savvy Consumer
Cards in this deck (28)
- 1Bait and Switch AJAThe fraudulent practice of advertising and luring consumers to a store with promised products or services that then appear to be unavailable and replaced with higher priced items
- 2Bandwagon AJATrend that gains popularity and demand of products
- 3Better Business Bureau (BBB) AJAgathers and reports information on business/service reliability and alerts and informs the public of its findings. Consumers can also file complaints with the BBB.
- 4Brand Loyalty AJAConsumers become committed to a certain brand and make repeat purchases over time. Loyal customers will consistently purchase products from their preferred brands, regardless of convenience or price.
- 5Bundle Plan AJAA pricing plan that combines two or more utilities that offers savings for the consumer (i.e. cable + internet + phone with same company)
- 6Commerce AJAagency to further the interest of the local business
- 7Conserve AJAto save or reduce
- 8Cost per Wear/Use AJAdivide total cost of item or service by how often it is used or worn to determine the true cost effectiveness of this purchase
- 9Electronic messaging AJAAdvertising through the use of unsolicited texts, emails, and banners on web pages
- 10Energy Guide Label AJAYellow sticker, required by law, which allows a consumer to compare the yearly cost to operate an appliance.
- 11Energy Star Label AJAgovernment backed green and blue logo that shows outstanding energy efficiency.
- 12Extended warranty AJAA warranty that is purchased and extends beyond the basic warranty usually giving more time and more coverage.
- 13Federal Trade Commission AJAis an independent agency of the United States government, with a mission to promote consumer protection and eliminate and prevent monopolies.
- 14Food & Drug Administration AJAresponsible for protecting the health of the public in the following areas: food, drugs, medical devices, cosmetics, tobacco, animal products
- 15Full Warranty AJACovers all parts of a product but may have time limitations. The warrant is not valid for normal wear and tear or consumer misuse.
- 16Home owner's insurance AJARequired coverage that provides protection for your residence and its associated financial risks, such as damage to personal property and injuries to others.
- 17Implied warranty AJAA warranty that is not written but is implied that a product sold functions as it is intended
- 18Limited warranty AJAA warranty that covers part of a product but not all. Example: might cover parts but not labor.
- 19Loss Leader AJAA product or service sold at a substantial discount in order to generate additional sales
- 20Phishing AJAsending an electronic message falsely claiming to be a legitimate business for the purpose of gaining personal or financial information
- 21Pop-ups AJAa new web browser window that displays advertisements
- 22Predatory practices/lending AJAWhen lenders conduct business in ways that are deceptive. They may use several fraudulent, deceptive, or discriminatory methods, to lure the consumer into practice that could lead to financial ruin.
- 23Redress AJAmoney or other benefits that a consumer receives as fair compensation for a company’s mistake for remedy for wrong or loss
- 24Renter's insurance AJAA type of insurance that covers the loss of a tenant's personal property as a result of damage or theft. A landlord's insurance does not cover a tenant's possessions.
- 25Rewards AJAItems or perks that are earned by your purchasing history
- 26SPAM AJAAdvertising messages received over e-mail or electronic messaging system that is unwanted
- 27Testimonials AJAStories told by happy consumers about a product or service that may influence others
- 28Utilities AJACost of running a home either rented or owned. Examples include: electricity, water, gas, and trash.
