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Business - 2023 > Consumer rights > Flashcards

Consumer rights Flashcards

1
Q

what are the factors influencing consumer decisions?

A

psychological
sociocultural
economic
government

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2
Q

what are the psychological factors influencing consumer decisions?

A

Psychological:
Perception
Motives
Attitudes
Personality

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3
Q

what are the sociocultural factors influencing consumer decisions?

A

Sociocultural:
Family and roles
Peer group
Social class
Culture and subculture

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4
Q

what are the economic and government factors influencing consumer decisions?

A

Economic:
General economic conditions
Government:
Laws
Regulations

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5
Q

what are consumer rights?

A

Consumers have the right to expect certain things when they buy a product or service. In consumer law, these basic rights are called consumer guarantees.

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6
Q

what are consumer guarantees?

A

An automatic right given to consumers that businesses must meet when they sell a product or service. If a business does not meet a consumer guarantee, it must offer the consumer a solution

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7
Q

what are consumer warrantees?

A

Warranties are extra promises that a business can choose to make on top of the consumer guarantees.

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8
Q

rights when purchasing a product

A
  • Acceptable quality
  • Fit for a particular purpose
  • Matches description
  • Matches sample or demonstration model
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9
Q

rights when paying for a service

A
  • Due care and skill
  • Fit for a particular purpose
  • Provided within a reasonable time
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10
Q

rights cannot be taken away if

A
  • displaying a ‘no refunds’ sign, or otherwise saying that refunds are not available at all, or not available at all after a certain number of days
  • saying they aren’t responsible for problems with a product or service
  • suggesting the consumer must sign an extended warranty to avoid losing these basic rights after a certain date.
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11
Q

when do consumer rights apply?

A
  • Personal or household use
  • Products and services that are normally bought for personal or household use are covered by consumer guarantees.
  • Business use
  • A business can be a consumer too. A product or service bought for business use is covered by consumer guarantees, when it meets at least one of the following conditions:
  • it costs less than $100,000 including GST
  • it is a product or service commonly bought for personal, domestic or household use
  • the good is a vehicle or trailer that is used mainly to transport goods on public roads.
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12
Q

when do these rights not apply to businesses?

A

However, there are some exceptions. Even when meeting one of these conditions, a product is not covered by consumer guarantees when it’s purchased:
* for resupply
* for use or transformation in production or manufacturing, or
* to repair or treat other goods.

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13
Q

Organisations that support Consumer Rights

A

ACCC – Australia competition and consumer commission
- Federal body, no political bias, regulate and oversee business operations and protect consumer rights. Monitors and regulates competitive market place and much more.
Choice - independent organization founded to protect consumers from substandard products and service

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14
Q

Organisations that support Consumer Rights

A

ACCC – Australia competition and consumer commission
- Federal body, no political bias, regulate and oversee business operations and protect consumer rights. Monitors and regulates competitive market place and much more.
Choice - independent organization founded to protect consumers from substandard products and service

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15
Q

what is ethical consumerism? companies?

A
  • Ethical Consumerism - relates to ethical consumption, ethical purchasing, moral purchasing, ethical sourcing, ethical shopping or green consumerism
  • Eg thank you water, Maquarie group, Kao Corporation
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16
Q

how is ethical consumerism beneficial to companies

A
  • Clever businesses respect this trend and now can gain customers by promoting ethical behavior and positive environmental activities
17
Q

what is unethical consumerism? companies?

A

Unethical Consumerism - unethical business practices are those that hurt people, the environment, and/or society in some way.

eg contract terms that are unfair
false or misleading claims
not delivering products or services that are paid for
pressuring or harassing consumers

  • Eg Fiji Water, Nestle, Shein
18
Q

what is innovation? examples?

A
  • Innovation can mean many things to different people but essentially it is about devising new and improved ways of doing things.
  • This can include many things, such as developing ideas for a new good or service (invention); improving an existing good or service; and changing the way that a good or service is produced or delivered.
19
Q

what is product innovation?

A
  • Product innovation occurs when a new product is created or an existing product is improved. This may mean modifying the features of a product or changing the features altogether.
20
Q

what is process innovation?

A
  • Process innovation occurs when changes and improvements are made to the production process of a product or service. The final product may not necessarily change but the way it is produced does change.
21
Q

examples of innovation from companies?

A
  • Egs Snap Laundromat in Brisbane has introduced an innovative new technology to its washing machines and dryers that enables customers to pay for and operate the laundry services with their smart phones.
  • the ‘mymacca’s’ app, which allows customers to order ahead, save favourite orders, provide feedback, receive offers and access product information.
22
Q

what are the 4 p’s of marketing

A
  • Promotion
  • Price
  • Product
  • Place
23
Q

describe promotion

A
  • Promotion refers to any type of marketing communication
  • used to inform or persuade target audiences of the relative
  • merits of a product, service, brand or issue. …
  • The aim of promotion is to increase awareness, create interest, generate sales or create brand loyalty
24
Q

describe price

A

Price: This is really, important for any business. If your customers do not have a lot of money, are they going to buy a product that is way too expensive? Consider your target market.

25
Q

describe product

A

Product: What is your product? Is it an invention? Is it a social change movement? Is it something new? Is it something needed?

26
Q

describe place

A
  • Place: Where should you promote your product? How can someone actually purchase it and where from?
27
Q

describe the factors of marketing

A
  • research: gathering information from potential consumers about their wants and needs
  • publicity: providing information about a new product or service
  • promotions: assisting the launch of products and services (for example, events)
  • advertising: promoting new behaviours (for example, anti-litter, Quit campaign, road safety programs)
  • evaluation: finding out the success of the product or campaign
28
Q

what are marketing campaigns?

A
  • Marketing campaigns are designed specifically with these attitudes and consumer decisions in mind. Consumers need to be aware of the various strategies employed by businesses.
29
Q

what do entrepreneurs do and based on what?

A
  • Entrepreneurs aim their products at target markets i.e. the specific group of consumers you are hoping to sell your products to.
  • Eg age, gender, income, occupation, education or geographical location.
30
Q

what is blended marketing?

A
  • Blended marketing is a mix of internet (online) marketing and traditional (offline) marketing methods to create a more wide-ranging and comprehensive marketing strategy
31
Q

what is open innovation? list 3 examples of companies that use these.

A
  • The term open innovation means a situation where an organisation doesn’t just rely on their own internal knowledge, sources and resources for innovation (of products, services, business models, processes etc.) but also uses multiple external sources (such as customer feedback, published patents, competitors, external agencies, the public etc.) to drive innovation.
  • Egs of companies using this – facebook, Samsung, Lego
32
Q

what are the negatives of social media in business?

A
  • lose control over what customers write or say about its product.
    Individuals using social media are free to discuss, review and criticize a product or a business.
    Various legal problems can arise from the use of social media, such as false and misleading claims, copyright issues and privacy concerns.
33
Q

benefits of social media in business?

A
  • Social media The range of social media that individuals and businesses can access is both diverse and constantly changing.
  • Social media includes social networks, blogs, collaborative projects, content communities, virtual game-worlds and social worlds, social bookmarking and crowdsourcing.
  • Social media offers businesses a relatively inexpensive means to interact with customers and form stronger relationships with them.
  • A business joining a social network can achieve a competitive advantage because it is able to communicate with customers directly and respond to their needs accordingly.

Business - 2023 (3 decks)

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