How can you be an informed consumer? An informed consumer is capable of making sensible decisions by gaining an insight about a product prior to its purchase. This insight equips the consumer with the data to arrive at an evidence based conclusion.
Why do we want you to be an informed consumer? With the wide variety of products made, some are bound to be made poorly.
By keeping yourself informed as a consumer, you know what products have received poor safety reviews or have been recalled.
This is particularly important with bigger purchases like vehicles.
Being well-informed can literally save your life.
How do you become a wise and well informed consumer? Steps to Becoming a Wise Consumer
Compare Brands.
Understand the refund or exchange policy.
Read and Understand the Warranty.
Check for any extra charges.
Think about what you NEED.
Check your bill for accuracy.
Exercise the right to protest.
Read and follow the use and care guidelines.
What are two main steps of becoming an informed consumer? How to Become an Informed Consumer of Psychology Research
Consider the Source.
Be Skeptical of Sensational or Shocking Claims.
Evaluate the Research Methods.
Remember That Anecdotes Do Not Equal Data.
Consider Who Funded the Research.
Realize That Correlation Does Not Equal Causation.
How can you be an informed consumer? – Related Questions
What are your responsibilities as a well informed consumer?
1. While purchasing the goods, consumer should look at the quality of the product, the marked price, guarantee or warrantee card/period. Consumer should preferably purchase standardise products which contain seal of ISI or Agrmark.
What do wise consumers always do before buying something?
To be a wise consumer you have to be able to spot spending traps, avoid impulse buying and be able to get the best value for the least amount of money. Being a wise consumer means doing your research before purchasing item online, and knowing exactly where your money is going.
What is the cost benefit of buying slightly outdated products?
Describe the cost benefit of buying slightly outdated products. There’s very little difference in quality and performance of slightly outdated products. However, the price difference may be significant.
What are the skills of a wise consumer?
Terms in this set (6)
Wise consumer.
Can promote his/her health and well-being can save time and money spending wisely to get the most out of what is spent.
Budgeting.
Plan ahead what to buy and budget money.
Bargaining.
Negotiate for a price.
Data collection.
Comparison buying.
Communication and assertiveness.
What are the consumer rights?
Consumer Rights in India. The definition of Consumer right is ‘the right to have information about the quality, potency, quantity, purity, price and standard of goods or services’, as it may be the case, but the consumer is to be protected against any unfair practices of trade.
What are the responsibilities of consumer?
Consumer Responsibilities
Be Aware. Gather all the information and facts available about a product or service, as well as, keep abreast of changes and innovations in the market.
Beware.
Think Independently.
Speak Out.
Be an Ethical Consumer.
Complain.
Share Experience.
Respect the Environment.
What are consumer problems?
Consumers’ lack of information or bargaining power. False advertising and deceptive business practices. Consumer fraud issues. Predatory lending and financial scams. Issues regarding product safety and defects.
What is the Consumer Protection Act?
The Consumer Protection Act, implemented in 1986, gives easy and fast compensation to consumer grievances. It safeguards and encourages consumers to speak against insufficiency and flaws in goods and services. If traders and manufacturers practice any illegal trade, this act protects their rights as a consumer.
Which of the following is characteristics of an informed consumer?
An informed consumer is capable of making sensible decisions by gaining an insight about a product prior to its purchase. This insight equips the consumer with the data to arrive at an evidence based conclusion.
What are five methods of resolving consumer complaints?
5 Ways to Handle Customer Complaints
Give your staff the authority to deal with the customer’s concern.
Listen to the customer’s concerns carefully.
Empathize with the customer.
Apologize for the inconvenience.
Offer a solution to the issue.
How can you be an effective consumer?
Tips on how to be a Smart Consumer
Buy products that have long life spans – avoid disposable items.
Buy products that have minimal packaging.
Buy products in their concentrated form.
Buy only what you need. Consuming less, you dispose of less waste.
Consider buying in bulk for those necessary purchases.
What are the six smart buying strategies?
6 Smart Shopping Strategies to Save Big
Maximize credit card rewards programs.
Search savings forums for unadvertised deals.
Shop for goods on daily deal sites.
Cash in on cash back shopping sites.
Use shopping apps to find the best deals.
Shop online sample sales – but with caution.
Why you should never invest using borrowed money?
Explain why you should never invest using borrowed money. Borrowing money for an investment is bad because it increases the risk of the investment and if you lose the money, you are still left with payments on it. Investing in mutual funds ensures diversification, which lowers risks.
What percentage of 90 days same as cash purchases are not paid in 90 days?
What are the seven rules of negotiating?
Terms in this set (7)
Rule #1.
Always tell the truth.
Rule #2.
Use Cash when making purchases.
Rule #3.
Use walk-away power.
Don’t get emotionally attached to the item.
Rule #4.
Shut up.
Rule #5.
Use the phrase: “That isn’t good enough”
Rule #6.
Go to the authority.
Rule #7.
Use the “If I were to” technique.
What are the qualities of a good consumer?
Here are six more qualities of an in-the-know buyer:
Enlightened.
Understanding the system is key to avoid being victimized by it.
Polite.
As counterintuitive as it might sound, politeness is your most powerful weapon when dealing with any company.
Frugal.
Resourceful.
Persistent.
Correct.
What are the 8 basic rights of a consumer?
The eight consumer rights are: Right to basic needs, Right to safety, Right to information, Right to choose, Right to representation, Right to redress, Right to consumer education, and Right to healthy environment.
