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Becoming a Responsible Consumer -

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Becoming a Responsible Consumer
Personal FinanceObjective 6.01 – Understand basic shopping options and effective shopping practices
Options for shopping in stores
Retail stores obtain goods from wholesale sources and sell directly to consumers.Department stores sell a wide variety of goods and services from a single store.Warehouse clubs and superstores offer price advantages and wide product selection.Factory outlet stores are owned by the manufacturer or distributor of the merchandise.Discount stores sell certain lines of merchandise at lower prices.Consignment or thrift stores sell used merchandise at greatly reduced prices.Specialty stores sell specialized goods/services --- e.g., shoe shops and gas stations.
Options for shopping athome
Door-to-door---salesperson comes to home, either by invitation or notCatalog shopping --- shopper calls on telephone to buy goods listed in a catalogTelemarketing – seller calls on telephone to sell goods or servicesT-commerce – shopping in response to ads on televisionE-commerce – buying goods and services on the Internet, including Internet auctions
Pros and cons of shopping instores
Pros and cons ofshopping at home
Basic effective shoppingpractices
Plan before you shopComparison shop for products and servicesShop wisely in stores and at home
Plan before youshop
Decide if shopping at home or shopping in stores is most appropriateWhere there is a choice, decide whether it is advisable to purchase goods or servicesCheck reliability and services of stores and distance-sellersDecide when to buy
Comparison shop forproducts
Research the product --- become familiar with various forms of the productCompare products --- brand name, store brands, and generics; size of packages, featuresUnderstand warranties that guarantee quality standards of productsTalk to people who have made the same purchaseCheck the Internet for consumer information, magazines, and other publications
Comparison shop forservices
Identify a person(s) or a business(es) that provide the desired serviceCheck qualifications --- skills, reliability, and professional ethicsInterview the service-provider; ask for demonstrations/work samplesCheck the provider’s references and his/her record with the Better Business BureauCheck to see if provider is licensed, bonded, or insuredPay close attention to terms of agreements, and read carefully before signing
Shop wisely instores
Consider the value of time and energy, as well as money, when shoppingHandle money, cash, and credit cards with careGet receipts and sales slips; file in an organized placeDeal fairly and honestly with others in the marketplaceReport unfair/dishonest business practices to proper authorities
Shop wisely athome
Know name and physical location of sellerUnderstand what you are buying, all details of sale, and description of productCompare prices with other retailersOnly buy from secure sitesCheck seller’s privacy policy before giving out personal and financial informationPay by credit cardFind out delivery date, return and refund policyCheck product promptly when delivered





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Becoming a Responsible Consumer -