Consumer Awareness Flashcards
Learn how to be an informed consumer
Branding
The promotion of a product or service by identifying it with distinct characteristics (usually associated with public perception, quality, or effectiveness)
Brand recognition/awareness
Refers to the public’s ability to recall and recognize a brand by its logo, jingles, packaging, etc.
Buyer’s remorse
Feeling regret or concern after making a large purchase
Caveat emptor
Latin term for “buyer beware
Financing
To buy an item with credit; paying over time
Marketing
The process of communicating the value of a product or service to customers
Opportunity cost
Refers to the financial opportunity that is given up because you choose to do something else with your money
Significant purchase
An amount of money you spend, usually $300, that causes some pain to part with
Auction
A public sale in which property or items of merchandise are sold to the highest bidder
Consignment shop
Retail store where people sell items and the owner of the shop gets a percentage of the sale
Cost-benefit analysis
The process of quantifying costs and benefits of a decision
Estate sale
Type of yard sale with more items, usually the entire contents of a household
Foreclosure
Process by which the holder of a mortgage sells the property of a homeowner who has not made interest and/or principal payments on time as stipulated in the mortgage contract
Integrity
Having to do with a person’s honesty and moral attributes
Markup
The difference between the wholesale price and retail price
