Impulse Vs. Planned Buying By: Ms. Hughes. What is impulse buying? Impulse buying is an unplanned or otherwise spontaneous purchase Marketers and retailers.

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Presentation transcript:

Impulse Vs. Planned Buying By: Ms. Hughes

What is impulse buying? Impulse buying is an unplanned or otherwise spontaneous purchase Marketers and retailers tend to exploit these impulses which are tied to the basic want for instant gratification

Interesting facts Impulse buying generates over $4 billion in annual sales volume in the United States

Triggers Impulse Buying Sales or Low Prices Appeals to the emotional side of consumers Availability: “Get it while it’s still in stock” New products with more features Easy access: stores/television/web Advertisement: commercial/products image Instant Gratification

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Negative effects of impulse buying Hurts pocket book Encourages more purchases Something else better or cheaper Not functional or do not need Pressure to buy Buyers remorse

Planned Buying Work it into budget Time to research purchase/get what you want Set spending limit Know what you are going to buy Search for best prices

Negative effects of planned buying Item may not be available Waiting period Price could rise or go off sale

Tips for shopping smart Make list of what you will get Set a spending limit Bring cash/leave the cards at home Comparison shop Take time to think about purchase Go to familiar stores

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