Lesson 3-3 Getting More for Your Money

Learning goals:

-Describe strategies used by businesses to sell goods and services, both in meeting and in creating demand

-Discuss strategies consumers can use before, during, and after a purchase

Bell Ringer

How much does it cost to run an advertisement during the Super Bowl?

$

Meeting Customers Needs and Wants Convenience

Location

Pleasant for customers

Clean, comfortable and safe place

Customer Service

Warm, friendly greeting

Prompt and courteous help when needed

Satisfied customers will also tell others of their experience

The Right Product and Price

Meet basic needs

Convenience products

Making customer look good

Branding strategy – carrying well-known brand names to attract customers who are loyal to those brands

Discount Pricing – offering the lowest everyday price possible

Appeals to customers who economize and don’t care about the frills or service.

Advertising Advertising is informing consumers about products and encouraging them to buy.

Ad are created for a target audience, which is a specific group of people who are likely to buy the product

Types of Advertising

Newspaper and Magazine Advertising – reaches large number of people

Television and Radio Advertising – very expensive but can reach millions

Internet Advertising – tracking is often done using cookies

Banner ads – span the top, bottom, or sides of a web page

Pop-up ads open in a new window

Emails

Billboards, Signs, Circulars, and Brochures – advertise to masses rather than a target audience.

Direct Advertising – distribution of product information directly to consumers

Door to door salesmen

Customer Loyalty Programs – designed to encourage a customer’s repeat business

Transit advertising – print ads or signs on public transportation

Consumer Buying Strategies Before you shop

Make a list

Know what you want

Know how much you are willing to spend

While you shop

Stick to the list

Compute unit prices

Be at your peak

Avoid being emotional

Don’t allow yourself to be pressured or to make rapid decisions

After you buy

Keep receipts and warranties

Take advantage of rebates

Keep the box and all pieces until you’re sure the product is working properly

Evaluate your shopping experience

Online shopping

The internet is a valuable tool for better buying practices

Do research and comparative pricing. Buy online if the product and costs are

comparable and you trust the website.

Comparison Shopping

Process of checking prices among several sellers to make sure you are getting the best price for what you buy

Assignment

Due Thursday, Jan. 29 – pg. 99 questions 1-18

Read Lesson 3-4