1. How are consumer buying decisions related to successful financial management? We
may state that the financial management that was previously prepared is successful if
the customer chooses to spend their money in accordance with the financial plan that
was made to meet the goals that the company has.
2. What are some of the strategies that you currently use to make consumer buying
decisions? Do you think your strategies are helping or hindering your financial plan?
Why? Are there improvements that you could make in your buying decisions? Consumer
behavior takes into account a variety of individual, environmental, mental, and societal
factors when examining why people search for products, buy them, use them, and then
discard them. Evaluative criteria are desirable characteristics that are important to you,
such as the price, size, number of compartments, and color of the backpack. Some of
these qualities are rated more highly than others. For instance, you might place more
importance on the price and size of the backpack than the color, unless, say, the color is
hot pink and you detest pink.
3. What are some of the ways to reduce your risk of becoming a victim of identity theft?
Delete personal documents and statements, Protect your mail, Keep your Social
Security number private, Avoid leaving a paper trail, Keep your credit card close at all
times, Be aware of who you are dealing with, Remove your name from the hit lists of
advertisers.
4. What are three different advertising techniques that sponsors use to encourage you to
buy a product? Describe each technique. Sponsors employ three main advertising
strategies to persuade consumers to purchase their goods: emotional appeal,
endorsements, and bribery. Emotional appeals might include "you NEED this because
this could happen" to capitalize on your fear and anxiety, "endorsements" when brands
utilize famous people to promote their products, and "bribery" when advertising use
phrases like "buy one, get one free" to induce consumers to buy more goods.
5. What should you do if you are a victim of identity theft? Report identity (ID) theft to the
Federal Trade Commission or online at IdentityTheft.gov. The FTC will gather
information about your circumstance.