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Smart Buying Strategies - Coggle Diagram
Smart Buying Strategies
Timing of Purchases
more likely to find a bargain at certain times of the year, supply and demand could also affect timing
Ex: if you wait a few months to get a popular DVD, the price may be lower because there is no longer high demand for it
Store Selection
quality and variety of goods could affect your decision to shop there, also location, hours, reputation and policies could too.
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Brand Comparison
Known brands are usually more expensive than off-brand goods, stores that don't carry brand-name goods and have knock-offs usually sell them for less. Helps reduce impulse buying
Ex: A coach bag might be really expensive at the coach store, but at a smaller retail-store that also sells it will sell it at a lower price.
Label Information
federal laws require packages to have factual info; Open dating to help determine freshness; labels on machines determine most energy efficient models
Ex: food labels must present all ingredients, the name and address of manufacturer/distributor, net weight, etc.
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Warranty Evalution
guarantee quality from the manufacturer that states the conditions under which the goods can be returned, repaired, or replaced; often printed on package
Ex: A service contract on your car can help protect your car and money if it needs repairs by providing them with extra insurance against problems after the warranty ends.