Lesson2- managing money Flashcards
1
Q
5 key factors that influence buying decisions
A
- income and price
- status
- current trends
- customs and habits
- promotion
2
Q
Income and price
A
Price is the most important consideration for consumers. It greatly influences the types and quantities of the products and services that consumers buy.
3
Q
Status
A
Some people like showing off their wealth by purchasing high brands products often
4
Q
Current trend
A
Trends influence consumer behavior by shaping their values, beliefs, and motivations.
5
Q
Customs and habits
A
Family, religion, community, and customs often affect consumer choices.
e.g. Christmas
6
Q
Promotion
A
Business advertising and promotion are designed to influence consumer spending and create a desire for products and services
7
Q
Impulse buy
A
When you purchase something that you didn’t plan to buy
