Smart decisions
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Smart Decisions. Choices. Forced You must make a decision Not Forced You can make a decision. 3 Different Brands. Generic Private/Store Brand Name Brand. Generic (No Name). Plain, simple packaging Cheaper Not Advertised Quality?. Store Brand. Meijer Wal-Mart.

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Smart Decisions

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Smart decisions

Smart Decisions


Choices

Choices

  • Forced

    • You must make a decision

  • Not Forced

    • You can make a decision


3 different brands

3 Different Brands

  • Generic

  • Private/Store Brand

  • Name Brand


Generic no name

Generic (No Name)

  • Plain, simple packaging

  • Cheaper

    • Not Advertised

  • Quality?


Store brand

Store Brand

Meijer

Wal-Mart

  • Produced & marketed by store

  • Cheaper

    • Not advertised

  • Quality?

Private Brand

  • Produced & marketed by private company

  • Sold in willing stores

  • Cheaper

    • Not advertised

  • Quality?

Great Value

Malt-O-Meal


Name brand

Name Brand

  • Produced, marketed & distributed nationwide by large company

  • Found in many stores

  • Good looking packaging

  • Advertising

  • Higher price

Coca-Cola

Pepsi

General Mills


Pricing decisions

Pricing Decisions

  • Firecrackers

    • $21.00

    • Package of 7

  • Firecrackers

    • $25.00

    • Package of 10

  • Wheat Thins

    • $4.29

    • 10 oz

  • Meijer Wheat Crisps

    • $3.59

    • 7 oz


Computation

Computation

  • Compute the price for 1

    $21 ÷ 7= $3 each

    $25 ÷ 10= $2.50 each

    Which is the better deal?

    Package of 10

    $4.29 ÷ 10= $.429 or 42.9¢ per oz

    $3.59 ÷ 7=$.513 or 51.3¢ per oz

    Which is the better deal?

    10 oz box


Computations with different measures

Computations with different measures

Which is the better bargain?

2 ½ lbs. of chicken breast for $4.48

OR

45 oz. pkg. of chicken breast for $4.30 each


Chicken computation

Chicken Computation

  • One is in lbs. and one in oz. so you must make them similar measurements

  • There are 16 oz. in 1 lb.

    2.5 lbs. x 16 oz. =40 oz. so

    $4.48 ÷ 40 oz. =$.112 or 11.2¢

    $4.30 ÷ 45 oz. =$.096 or 9.6¢

    45 oz. of chicken breast is the

    better deal


Shopping considerations

Shopping Considerations

  • Don’t Impulse Buy

    • Just because your friends have it

    • Grocery shop when hungry

  • Pay Cash

    • If you don’t have the money for it; wait

  • Timing is Everything

    • Christmas decorations just after Christmas

    • A 2014 new car towards the middle to end of the year as the 2015 models come out the last half of 2014

  • Don’t just buy the Name Brand

    • Research Quality


Clothing considerations

Clothing Considerations

  • Durability—Will it last and Look Good

  • Care—Dry Clean Only, etc.

  • Color

  • Embellishments/Decorations

  • Fit

  • Price


Cost per wear

Cost Per Wear

  • Jenny finds a cute black dress shirt on the sale rack for only $20.00. She picks it up and quickly purchases it without examining the fabric or construction because it is such a good deal.

  • After four washings, the shirt has faded and the sewing is unraveling. What was the cost per wear for the shirt?

    • $20 ÷ 4= $5


Cost per wear1

Cost Per Wear

  • At the same time, Jessica was shopping for a black dress shirt. Jessica compared shirts at several different stores before she selected a classic cut, well constructed shirt made from a polyester/knit blend. The cost of the shirt was $35.00.

  • Jessica wears the shirt 23 times over the next 2 years. What was the cost per wear for Jessica’s shirt?

  • $35 ÷ 23= $1.52


Federal trade commission ftc

Federal Trade CommissionFTC

  • Federal government agency

  • Created to protect consumers from

    • Unfair business practices

      • False advertising

      • Misleading pricing

    • Other consumer crimes

      • Identity theft


Better business bureau bbb

Better Business BureauBBB

  • Nonprofit organization

  • Contact to get business grade (rating)

    • Indicates the trustworthiness of a company

  • Can also report problems you had with a business


Warranties

Warranties

  • Every purchase made is a contract—keep your receipt as proof of contract

  • Purchases over $500 require a written contract

  • All warranties are different be sure to read them


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