Consumers in the Global Economy CHAPTER 15 Consumers in the Global Economy 15-1 Consumer Buying Decisions 15-2 Consumer Rights and Responsibilities 15-3 Consumer Protection Actions

Consumer Buying Decisions 15-1 Consumer Buying Decisions Learning Targets Identify major sources of consumer information. Explain wise buying actions. Describe the main types of shopping locations.

CONSUMER INFORMATION SOURCES Chapter 15 Product testing organizations – tests products and services for the benefit of consumers and businesses. Underwriters Laboratories tests electrical products. UL symbol indicates the product has been tested and is safe. AHAM – the Association of Home Appliance Manufacturers develops and tests appliances. Organizations paid by manufactures Independent testing organizations Media sources – consumers have access to this information Print publishers Broadcast organizations The Internet

CONSUMER INFORMATION SOURCES Chapter 15 CONSUMER INFORMATION SOURCES (continued) Government agencies Federal – USDA, FDA, CPSC State – regulate banking and insurance Local – consumer assistance offices

CONSUMER INFORMATION SOURCES Chapter 15 CONSUMER INFORMATION SOURCES (continued) Business sources Advertising Product labels Customer service departments Better Business Bureau Personal contacts

WISE BUYING STRATEGIES Chapter 15 WISE BUYING STRATEGIES Ask yourself Do you really need the item now or can it wait? Which stores should you consider? What quality do you want? What price are you willing to pay? Use decision-making Identify your needs and wants Know the choices available Determine your desired satisfaction Evaluation alternatives Make the decision Comparison shopping – compare price, quality, services and brands

COMPARISON SHOPPING Compare prices Compare quality Compare services Chapter 15 COMPARISON SHOPPING Compare prices Compare quality Compare services Compare sales Compare brands

WISE BUYING: A SUMMARY Take your time Time your purchases Chapter 15 WISE BUYING: A SUMMARY Take your time Time your purchases winter clothes on sale at a certain time Right season for fruits/vegetables Avoid being impulsive

SHOPPING LOCATIONS Traditional retailers – department stores, discount Chapter 15 SHOPPING LOCATIONS Traditional retailers – department stores, discount Contemporary retailers - specialty Non-store shopping – on-line, mail order, vending machines

Consumer Rights and Responsibilities 15-2 Consumer Rights and Responsibilities Learning Targets Explain the consumer movement. Explain seven consumer rights. Describe consumer responsibilities.

CONSUMER MOVEMENT Consumer Bill of Rights 1. The right to be informed. Chapter 15 CONSUMER MOVEMENT Consumer Bill of Rights 1. The right to be informed. 2. The right to safety. 3. The right to choose. 4. The right to be heard. 5. The right to a remedy. 6. The right to consumer education. 7. The right to service.

Chapter 15 RIGHT TO BE INFORMED You have a right to know what the product or service is and what it will do for you.