Journal Entry How do you decide what to buy? Do you consider different options before you decide? Do your friends or family influence your decisions?

What is a consumer?  Anyone who buys or uses a product.

Values  Values are your principles or standards by which you live.  In India cow’s are sacred. How have our values changes in the U.S since 1950?

Goals  The things you want to accomplish in your life.  Goals come from your values, needs, wants, your hopes and dreams.  Short Term  Long Term

Needs and Wants  Needs – you can not live without them Food, clothing, shelter  Wants – you can live with out them Junk food, your designer purse, Play Station 2

Opportunity Cost  Is the value of your next best alternative whenever you make a choice.

A Rational buying Decision  Is a choice made in an organized, logical manner.

Impulse Purchase  Is a purchase made on a whim without using a decision making process.

The decision making processes  Specify  Search  Sift  Select  Study

Buyer’s Remorse  To regret a buying decision.  Usually follows an impulse purchase.