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Chapter 2

by: Jocelyn Norfleet

Chapter 2 FCS 103

Jocelyn Norfleet
Management for Consumers
Donald Meyer

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Chapter 2 notes.
Management for Consumers
Donald Meyer
Class Notes
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This 3 page Class Notes was uploaded by Jocelyn Norfleet on Sunday September 13, 2015. The Class Notes belongs to FCS 103 at Illinois State University taught by Donald Meyer in Fall 2015. Since its upload, it has received 34 views.


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Date Created: 09/13/15
Management For Consumers FCS 103 Chapter 2 Making Rational Consumer Choices Rational Consumer Decisions 0 Making consumer decisions maximize satisfaction from time and money resources and that can assist in attaining lifelong and short term goals 0 Write down a lifelong consumer goal 0 Write down a short term this week or this month consumer goal Transaction Costs 0 All the costs associated with completing an exchange 0 Save money on price at what investment 0 Save time at what investment 0 Riskscosts of online purchasing 0 What are the costs of your college education Item Value TuitionFees 30 Hours Room and Board Books and other Total Value Per Credit Hour 3 Hour Course Value This Course per day of class 15 weeks 2week What other cost have we not included above Do vou reallv even need it the purchase 0 Have you made spontaneous purchase you wish you hadn t made 0 Have you spent more on a bargain Cost Benefit Analysis 0 A way to reach consumer decision by adding up all of the costs as well as all of the benefits 0 If benefits minus costs gt zero net bene t 0 If benefits minus costs lt zero net cost 0 How do you place a value on pride of 0 What could you have done without that purchase Values 0 High level preferences that regulate our behavior even extend beyond our consumer choices 0 Values you have may be based onfamilysociety most common ethnic or cultural background religious belief mentors Life Span Goal 0 A central goal that you want to achieve within your 0 What is yours 0 Is it related to your personal values 0 You may have more than one Do you have a bucket list or things to do before I die list 0 Are your daily consumer choices affected by your values or goals 0 Some individuals don t plan at all while others overplan and have to even plan to plan 3999 Decision Making Process 0 Generally considered to be 5 steps 0 Deciding to act 0 Identifying alternatives 0 Evaluating alternatives 0 Committing to a decision 0 Evaluating the results 0 Have you ever made a decision you wish you had evaluated further before you did it 0 Example 1 If you have access to a computer how did you arrive at the system you have 0 What decisions did you have to make and how did you arrive at your decision 0 Example 2 If you have access to a cell phone how did you arrive at the system you have 0 What decisions did you have to make and how did you arrive at your decision 0 What would you do differently next time Pitfalls in your decisionmaking 0 Impulse Buying 0 When was it a poor choice 0 When was it a good choice 0 Habit Buying 0 What is a habit purchase you have made 0 Fine print 0 When have you wished you had read the fine print 0 Easy credit 0 Have you made a purchase and regretted the easy access to credit How did that impact you Conspicuous Consumption 0 Making a purchase more to impress others than for the inherent value to the purchase 0 What are some examples of this Time Management Parkinson s Law 0 C Northcote Parkinson management expert 0 work expands to t the time allotted for it 0 Being aware of it may allow you to fight it 0 Solutions 0 Making lists 0 Give yourself a reward 0 Quiet re ection from time to time may be needed Technological Obsolescence 0 When products lose because they are out of date rather than being worn out 0 What are some examples of this that you have experienced


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