Chapter 6~Household Consumer Flashcards
Brand?
The identity of a particular product. It usually refers to the manufacturer of the product
E.g Kelloggs
False economy?
A situation where we buy something that costs less than other brands or seems to be better value that turns out to be more expensive in the long run
E.g ~ buying shoes in penny’s for €2 that lasts for 1 week or buying shoes in Clarks for €10 that last for a year
Caveat emptor?
Let the buyer beware
Guarantee?
A promise from a manufacturer to offer refund or replacement to customers who have purchased faulty goods
Warranty?
An additional promise by a manufacturer or seller to repair damaged goods within a stated period of time
Credit note?
A document (voucher) given by the retailer to the consumer for the value of the goods returned. It allows the consumer to purchase other goods from that shop equal in value to the goods returned
Receipt?
Written proof to the consumer that they have purchased and paid for a good or service
Below cost selling/loss leaders?
When a shop sells popular products very cheaply
i.e below their cost price, in order to attract people into their shop. The retailer hopes that once the shopper comes into the store to buy the product, they will make other purchases too
Bar code?
A small rectangle containing black and white lines and figures found on the packaging of most products. The bar code contains information such as product name, price, weight, origin, ect
What should an informed consumer(caveat emptor) do? (3)
- keep receipts
- aware of legal rights under consumer law
- doesn’t impulse buy
- looks around for value and quality
Considerations when choosing a brand (3)
- the cheapest brand
- the quality of each brand
- any special offers available
What consumers need protection against (3)
- aggressive selling (pressuring consumers to buy now as the price increases tomorrow)
- traders making false claims regarding prices (price was €20, now €10, but the price was never €20
- goods/services which are faulty, damaged, poor quality or unsafe
Under The sale of goods and supply of services act 1980 goods must be:
- of merchantable quality
- fit for purpose
- be as described
- same as sample
Under The sale of goods and supply of services act 1980 services must:
- use materials of merchantable quality
- use materials fit for purpose
- be taken with due care
- be supplied by someone with the necessary skill
What are the 3R’s? (Remedies, forms of redress)
Refund, repair, replace
