Chapter 20 Personal Decision Making

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Presentation transcript:

Chapter 20 Personal Decision Making MYPF CHAPTER 20 13-SEPT-2001 Chapter 20 Personal Decision Making Making Better Decisions Spending Habits © South-Western Educational Publishing

Lesson 20.1 Making Better Decisions Apply the decision-making process to solve consumer problems. Explain economic needs and wants that influence consumer decision making. © South-Western Educational Publishing

The Decision-Making Process Step 1: Define the problem Step 2: Obtain accurate information Step 3: Compare choices Step 4: Make a decision Step 5: Take action Step 6: Re-evaluate © South-Western Educational Publishing

Economic Wants and Needs Basic needs Individual wants © South-Western Educational Publishing

Individual Wants Values Personal preferences Income Leisure time © South-Western Educational Publishing

Collective Values Legal protection Employment Progress Quality of environment Public and government service © South-Western Educational Publishing

Lesson 20.2 Spending Habits List and describe factors that influence spending decisions. Analyze marketing strategies that influence spending decisions. © South-Western Educational Publishing

Factors that Influence Spending Personal Factors Personal resources Position in life Customs, background, and religion Values and goals Outside Factors The economy Technological advances The environment Social pressures © South-Western Educational Publishing

Planning Major Purchases Questions to ask before a purchase Why do I need or want this product? How long will this product last? What substitutes are available and at what cost? By postponing this purchase, is it likely that I will choose not to buy it later? What types of additional costs are involved? For what other purposes might I use the money spent on or committed for this purchase? What is the total cost of this product? © South-Western Educational Publishing

Marketing Strategies that Influence Spending Advertising Pricing Sales Promotional techniques © South-Western Educational Publishing

Advertising Product advertising Target market Company advertising Industry advertising © South-Western Educational Publishing

Promotional Techniques Displays Contests and games Coupons Frequent-buyer cards Packaging Sampling Micromarketing © South-Western Educational Publishing