Smart Shopping- The Consumer Key Words

Question 1

Consumer Needs

Answer 1

Consumer needs are generally things we cannot live without.

Question 2

Consumer Wants

Answer 2

Consumer wants are things we would like to have, but they are not essential for living.

Question 3

Brand Name

Answer 3

A brand name is a distinctive name and logo that producer put on their products or services to distinguish it from another similar product or service.

Question 4

Loss Leader

Answer 4

A loss leader is the name given to a product sold below the price paid for it by the retailer with the intention of attracting customers into the shop.

Question 5

Advertising

Answer 5

Advertising is the techniques used by companies to tell you about their product or service and convince you to purchase their item over another company offering a similar product or service.

Question 6

Below Cost Selling

Answer 6

Below cost selling is when retailers sell a product at a lower price than they paid for it. This means they are selling at a loss.