Consumer Information and Decision Making

Consumer Information and Decision Making

1. Sources of Consumer Information

   • advertising
   • showrooms/ exhibitions
   • salespeople
   • TV/radio
   • manufacturer's leafles
   • other consumers
   • magazines/ newspapers

2. Factors which influence our decision

   • internal factors
     • personal preferences
     • personal values
     • needs
   • external factors
     • advertising/marketing
     • peers/friends
     • family
     • price/cost
     • fashion
     • salespeople
     • time

3. Why do consumers need to be informed?

   • help them make wise decisions about goods and services
   • ensure that they get value for money
   • understand the laws which protect the consumer