Shopping WiselyCoach Markus

Objectives• Compare purchasing choices on items that you use• Gather appropriate information to make wise buying decisions• Choose the best buy using comparison-shopping techniques

Comparison Shopping

Comparison shopping is the practice of comparing products and their prices to find the best buy for our needs.

Comparison Shopping….

Takes planning and practice.And…Time and effort.

Brand Name

A brand name is the name of a product or it’s trademark.Example: Charmin Toilet paperIt is:- Recognizable- Often more expensive

Generic Brand

A generic brand is a product that has no brand name packaging. Example: AAFES brandsIt is:- Often cheaper- Usually made at the same factories as the brand name items

Discount Store

A discount store is part of a chain of large stores that offers merchandise at very competitive prices. Example: Wal-Mart

Thrift Store

A thrift store is a store that sells second-hand or used merchandise at prices much cheaper than if the merchandise was purchased new.Example: Goodwill/Salvation Army

Deciding on the item

Factors:• Quality• Quantity• Timing• Brand Name• Recommendations• Warranty• Research

Quality

What level of quality do I want?Low- cheaper, doesn’t last as longMedium- more expensive, but lasts awhileHigh- most expensive, but longer life of item

Quantity

How much can I afford?Do I have storage space?How quickly will I use the items?

Timing

Do I need this NOW?Should I wait for a SALE?

Brand Name or Generic?

What is more important to me?

Recommendation

What are people saying about this item? Do people recommend buying it, or is it just advertising?

Warranty

Does the item have a warranty?Are the warranty terms vague?Do I have to pay extra for a warranty?

Research

How much have I researched this item?Have I read the reviews?

Comparing Similar Items

Being a consumer involves decision making.Factors to consider:- Store- Brand name- Price- Basic features- Special features- Refund/Exchange policies- Other (Durability, Comfort, Style, etc.)

Comparison Shopping Activity 1Item Name Electronics 1 Electronics 2 Electronics 3

Store Name

Item Name

Brand Name

Price

Basic Features

Special features

Warranty

Refund/Exchange PoliciesOther

Comparison Shopping Activity 2Item Name Clothing 1 Clothing 2 Clothing 3

Store Name

Item Name

Brand Name

Price

Where it will be wornStyle

Durability

Comfort

Refund/Exchange PoliciesOther

Activity Directions

1. Work with a partner and one computer2. Choose an electronic or clothing item that you will

“purchase” using comparison shopping.3. Determine your budget limit and write it on the top of the

page first.4. Use internet shopping sites to locate and research your items

to fill in the form.5. We will present findings at the end of class.