1. 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

2. 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.

3. CONSUMER INFORMATION SOURCES
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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

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

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

6. WISE BUYING STRATEGIES
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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

7. COMPARISON SHOPPING Compare prices Compare quality Compare services
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COMPARISON SHOPPING
Compare prices
Compare quality
Compare services
Compare sales
Compare brands

8. WISE BUYING: A SUMMARY Take your time Time your purchases
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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

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

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

11. CONSUMER MOVEMENT Consumer Bill of Rights 1. The right to be informed.
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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.

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