Consumer Studies Flashcards
Factors that influence a consumers choice
Income Personal preference Advertising Marketing Packaging Values Other people’s recommendations
Classification of retail outlets
Supermarkets Hyper markets Independent shops, Department stores Multiple chain stores Discount stores
Advantages of on,one shopping
Don’t have to leave house
Easy - many websites
Cheaper because it’s easier to shop around
Not restricted by shop opening times
Disadvantages of online shopping
Risk of credit card fraud Risk of impulse buying Product may not be as expected Delivery takes long Postage charges Returning is annoying
Examples of retail psychology
Shop layout Background music In store smells Product placement Shelf position Pricing Food samples Loyalty schemes
Changes in shopping patterns over recent years
Online shopping
Higher expectations regarding quality, price, stock, hygiene
Later opening times or 24 hour
Environmental awareness
Tradition eg independent shops has loyal customers
Payment methods from cash to card
What is field research
Collecting data and information that has not been collected previously eg by interviews, surveys
Advantages of field research
Specific
Current
Accurate
Disadvantages of field research
Time consuming
Expensive
What is desk research
Involves collecting and analysing data and information that already exists eg by newspapers, internet, company reports
Advantages of desk research
Cheap
Quick
Disadvantages of desk research
General
Not specific
May not be current
How does consumer research help manufacturers and retailers
Provides info about their customers, target market, their age,gender lifestyle
Reduces financial risk - avoid investing in a product that won’t sell
Overproduction is avoided
Helps determine recommended retail price
Benefits of consumer research for consumer
Their needs and wants are identified
Competition between producers means better and cheaper products are always being made
Sources of consumer information
Websites Salespeople Showrooms and exhibitions Advertising Manufacturers leaflets Other people
Consumer rights
Right to correct information Right to choice Right to value for money Right to safety Right to redress
Consumer responsibilities
To be informed To be aware of quality and value To follow instructions To complain To avoid waste
4 laws for consumer protection
Sale of goods and supply of services act 1980
Consumer protection act 2007
Electronic commerce act 2000
Consumer credit act 1995
Under s.o.g.a.s.o.s.a.1980 all goods must be
Of merchantable quality
Fit for purpose
As describe
Correspond to samples
Under s.o.g.a.s.o.s.a.1980 all services must be
Supplied by a person with necessary skills
Supplied with care and diligence
Completed with good quality materials