Geo/Commerce Topic 1

Asha Heffernan
Flashcards by Asha Heffernan, updated more than 1 year ago


Topic 1 Consumer choice Exam Study Flash Cards

Resource summary

Question Answer
What is a consumer? A consumer is someone who purchases goods and services to satisfy needs and wants.
Financial How much of their income to save and how much to spend.
Buisness In someone who produces and sells good and services to make a profit.
Employment The decision of what career path to choose
Legal Make sure to product is not faulty.
Internet Purchasing Definition: On the internet can purchase items online using your credit card. Advantages: • Increase a range of sources • May be cheaper • Quick price comparisons. Disadvantages: • A website may not be permanent and hard to track. • Return takes time and effort. • Scams and internet fraud.
Mail Order Definition: A mail order is a system of shopping in which the consumer completes and post’s an order form then receives the product in the mail. Advantages: • Range of products • Convenience Disadvantages: • Loose money if product is not sent. • Different in reality. • Problems tracking if a refund is needed.
Comparison Shopping Definition: Shopping around to get your best deal! Ten Rules: 1. Think carefully about what you want 2. Shop around for the best deal 3. Investigate the features 4. Decide beforehand how you want to pay 5. Check the refund and return policy 6. Do not sign anything you do not understand 7. Compare after-sales service and guarantees 8. Keep receipts and invoices.
Factors- Service Good pre sales and after sales service.
Factors- Price How much is it? Can I afford this?
Factors- Convenience Does it have a number of stores, close by, online or suitable shopping hours?
Factors- Marketing If is it successful marketing the consumer will think they need this product!
Factors- Age Our wants change over time.
Factor- Gender A person’s gender influences some types of purchases.
Factors- Finance The cost of money, the interest rate, and the ease with which the finance will be arranged will influence your spending decisions.
Factors- Environmental You may be influenced and buy a product with minimal packeting can can be recycled.
Manufacturer Vs Wholesaler A manufacturer produces the product and then distributes large quantities to the wholesaler who paid. It would be cheaper to buy from a manufacturer as they don’t add on a profit as the wholesaler does.
Retail Outlets- Convenience stores Sells a variety of products and is usually attached to a petrol station. E.G. Coles Express.
Retail Outlets- Specialty stores Specialises in one type of service E.G. Hair Dressers
Retail Outlets- Discount variety stores Large plain design and offers cheap products E.G. Big W.
Retail Outlets- Department stores Large product range with some sales assistance E.G. Myer
Retail Outlets- Supermarkets Cheaper than convenience and specialty stores. E.G. Coles.
Payment Choices- Cash Cash- used for inexpensive items
Payment Choices-Credit Credit- supply of money paid back later.
Payment Choices-Direct debit Direct debit- Schedule payments automatically.
Payment Choices- EFTPOS/BPAY EFTPOS/BPAY- computerised system when money is transferred from a consumer account to a business.
Payment Choices-Cheque Cheque- A written communication to pay someone.
Payment Choices- Lay-By Lay-By- Pay for something by instalments.
Payment Choices- Book-up Book-up- credit provided by the retailer to purchase goods and pay the account later.
State – Office of Fair Trading- State – Office of Fair Trading- Provides information and assistance to all consumers on consumer issues.
Ombudsman Ombudsman- Was set up to deal with disputes between consumers and specific business including finance, telecommunications and insurance.
ACA ACA- Largest consumer watchdog.
MEDIA Media- Current affairs television investigates consumer complaints about poor quality products or service.
Elements of a contract 1. Offer- A proposal involving one party. 2. Acceptance- Another party agrees to the proposal. 3. Consideration- both parties to up something of value.
Records- Information Information: It is important to keep records of your payment information in the case of an emergency or an exchange or refund is needed.
Records- Spread sheets Spread sheets: Allows operator to perform mathematical calculations and is an easy way to sort out finance
Records- Databese Database: Like electronic folders and filing cabinet-allows consumer to locate specific files
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