Chapter 20-Personal Desion Making Flashcards
All activities related to production and distribution of goods and services in a geographic area
Economy
Principles by which a person lives
Values
Advertising that promotes the image of a store, company, or retail chain
Company advertisement
A specific consumer good to which advertisements are designed to appeal
Target market
Promotes a general a general product group without regard to where the product is purchased
Industry advertisement
Making an item to sell for $5.98 instead of $6.00
Odd-number pricing
On who purchases only loss leader items
Cherry picker
New ideas, methods, or devices that bring about change an progress
Innovations
To attempt to sell a specific product to a specific customer
Micro marketing
What you give up buying in order to buy something else
Opportunity cost
Money left over when expenses are paid and can be spent as you wish
Discretionary income
You should keep a written record of the information you collect on choices of product and services
True
Time, money, energy, skills, abilities, and available credit, which add to your purchasing power
Personal resources
A long-established practice, which is the same as an unwritten law
Custom
The primary goal of advertising is to create in the consumer the desire to purchase a product
True
Those things important to society as a whole, the costs and benefits of which are shared by all
Collective values
Advertising that attempts to sell a specific good or service
Product advertisement
Punched by stores with each purchase made by a customer
Frequent-buyer cards
What can coupons not be used for
Redeemed for cash
Your friends, relatives, and co-workers rarely influence your buying decision
False
What is are not considered to be an outside factor that influences consumer spending
Values and goals
When interest rates are high, fewer people are able to make purchases that require the use of credit
True
The physical environment and quality of life are known as environmental concerns
True
In order to attract customers into stores, retailers may use…
Displays, frequent buyer cards, contests and games
A billboard advertisement promoting the use of milk is an example of….
Industry advertising
What is not a promotional statement to get customers into the store
Cherry pickers
Ingredients necessary for maintaining physical life
Needs
If a product name is mentioned several times during commercials, it is an example of
Product advertising
Values are quick to change while goals are usually based on traditions and lifelong results of heredity and environment
False
An item of merchandise marked down to an unusually low price, sometimes below store’s actual cost
Loss leader
Spending patterns vary accordingly to age and sex, as well as within different stages in one’s life
True
With company advertising, price of merchandise are not emphasized; the purpose is to get you to retain loyalty to the store
True
