Business and Personal Finance © 2007Chapter 4:
Consumer Purchasing and ProtectionChapter Summaries- Buying decisions are influenced by several factors: economic factors, such as prices, brand names, quality, and maintenance costs; social factors, such as lifestyle and culture; and personal factors, such as age, occupation, and family size.
- A research-based approach to buying involves identifying needs, gathering information, becoming aware of the marketplace, weighing alternatives, and making the purchase. The purchase may involve negotiation, plus you will need to determine whether to pay cash or use credit.
- Make buying decisions by using the following strategies: time your purchases, select stores, compare brands, check labels, compare prices, and evaluate warranties.
- To solve consumer problems, return to the place of purchase, contact the company that manufactured the disputed product, obtain help from a consumer agency or dispute resolution program, or initiate legal action.
- Legal alternatives available to consumers include lawsuits in small claims court, joining in a class-action suit, hiring a lawyer, and obtaining assistance fro a legal aid society.
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