Intro to Business, 7e
CHAPTER 15
Consumers in
the Global Economy
15-1 Consumer Buying Decisions
15-2 Consumer Rights and Responsibilities
15-3 Consumer Protection Actions
© 2009 South-Western, Cengage Learning
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Intro to Business, 7e
15-1
Consumer Buying Decisions
Learning Targets
 Identify major sources of consumer information.
 Explain wise buying actions.
 Describe the main types of shopping locations.
© 2009 South-Western, Cengage Learning
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CONSUMER
INFORMATION SOURCES
Intro to Business, 7e
Chapter 15
 Product testing organizations – tests products and services
for the benefit of consumers and businesses.
 Underwriters Laboratories tests electrical products. UL symbol
indicates the product has been tested and is safe.
 AHAM – the Association of Home Appliance Manufacturers develops
and tests appliances.
 Organizations paid by manufactures
 Independent testing organizations
 Media sources – consumers have access to this information
 Print publishers
 Broadcast organizations
 The Internet
© 2009 South-Western, Cengage Learning
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Intro to Business, 7e
Chapter 15
CONSUMER INFORMATION
SOURCES
(continued)
Government agencies
 Federal – USDA, FDA, CPSC
 State – regulate banking and insurance
 Local – consumer assistance offices
© 2009 South-Western, Cengage Learning
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Intro to Business, 7e
Chapter 15
CONSUMER INFORMATION
SOURCES
(continued)
Business sources




Advertising
Product labels
Customer service departments
Better Business Bureau
Personal contacts
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Intro to Business, 7e
Chapter 15
WISE BUYING STRATEGIES
 Ask yourself




Do you really need the item now or can it wait?
Which stores should you consider?
What quality do you want?
What price are you willing to pay?
 Use decision-making
1)
2)
3)
4)
5)
Identify your needs and wants
Know the choices available
Determine your desired satisfaction
Evaluation alternatives
Make the decision
 Comparison shopping – compare price, quality, services and brands
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Intro to Business, 7e
Chapter 15
COMPARISON SHOPPING
1)
2)
3)
4)
5)
Compare prices
Compare quality
Compare services
Compare sales
Compare brands
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Intro to Business, 7e
Chapter 15
WISE BUYING: A SUMMARY
Take your time
Time your purchases
 winter clothes on sale at a certain time
 Right season for fruits/vegetables
Avoid being impulsive
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Intro to Business, 7e
Chapter 15
SHOPPING LOCATIONS
 Traditional retailers – department stores,
discount
 Contemporary retailers - specialty
 Non-store shopping – on-line, mail order,
vending machines
© 2009 South-Western, Cengage Learning
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Intro to Business, 7e
15-2
Consumer Rights
and Responsibilities
Learning Targets
 Explain the consumer movement.
 Explain seven consumer rights.
 Describe consumer responsibilities.
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Intro to Business, 7e
Chapter 15
CONSUMER MOVEMENT
Consumer Bill of Rights
1. The right to be informed.
2. The right to safety.
3. The right to choose.
4. The right to be heard.
5. The right to a remedy.
6. The right to consumer education.
7. The right to service.
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Intro to Business, 7e
Chapter 15
RIGHT TO BE INFORMED
You have a right to know what the product or service is
and what it will do for you.
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