Year 9 Yearlyz Flashcards
(33 cards)
What are some target markets company may try and focus on
- Age
- Gender
- Income Level
- Lifestyle
- Education level
- Family Structure
- Geographical location
Why do some investments fail
- lack of knowledge
- no goal
- no risk awareness
- lack of patience
- not having a right adviser
- overconfidence
What does the Australian Consumer Law protect you of
- Misleading and deceptive advertising
- unreasonable and unethical conduct
- misrepresenting the contents of the product
- Unfair trade practices
- False claims regarding goods and services
What are some government agencies that provide consumers with protection and remedies to issues.
- Scamwatch
- The Australian competition and consumer commission
- NSW fair trading
- The onbudsman (someone who investigated claimed scams)
- CHOICE
What is the main factor that makes you choose where to buy your product
The type of product to be purchased will usually be the main factor influencing both location and source decisions
What is an investment
An investment is a type of saving that means putting money into something in order to make a profit.
What is the double ticketing scam
Double ticketing occurs when a seller placed 2 or more prices on a product and does not charge the customer the lowest price. This is an illegal practice
Why do people borrow money
- possible savings
- emergencies
- improvd your quality of life
- forced saving
What is a white collar worker
- Usually paid on a salary
- jobs that are considered professionals
- usually went to university
- considered high skilled workers
- usually office based properties
What is the marketing mix
a combination of factors that can be controlled by a company to influence consumers to purchase its productsjyhhhmmzAm
What is the unsolicited goods scam
This includes sending people goods that they did not ask for and then demanding payment for them. If this happens you are under no obligation to pay for them
What are the 4 important steps when getting a loan
- decide how much money you need to borrow
- decide if you have enough savings for a deposit
- decide if your income is sufficient to meet the payments
- shop around for the best deal.
What are ways to save money
There are a number of different financial products available to individuals from banks including:
* savings accounts
* term deposits
* superannuation
The aim of these savings products is to encourage individuals to save their money.
What is mail order
Mail order is a system of shopping in which the consumer completes and posts an order form, usually from a magazine or catalogue and receives products through the mail
What are the 3 sourced you can buy from
Manufactures, wholesalers, retailers
What is the door to door sale scam
Door to door sales involve retailers or their representatives making unvisited visits to private homes and offices in an attempt to sell a product. Sometimes these salespeople use dishonest or high pressure techniques to secure a sale.
What are the 2 types of income
Wage: income received for work done based on the hours worked each week.
Salary: Income received each year for a job, usually despite the number of the number of hours worked
Why don’t people borrow money
- intrest changes
- impulse buying
- additional costs
- loss of control
- inability to repay
- False sense of security
What is a boom
A boom is where there is a positive growth that gets to the highest point before turning into a recession
What are the four basic legal rights and describe them
- Safe Products - they don’t break in a second
- accurate product information and descriptions - ingredients are labeled on food
- Full disclosure of the terms of sale - the full price is always displayed as well as the contract of purchase
- Consumer guarantees and warranties are honoured - customers can expect a refund if the product is faulty
What is product differentiation
Product differentiation occurs when products that are the same of similar are made to appear better or different than the competitor. The difference could be just the packaging and labels or more complex things.
What is online shopping
This is purchasing products over the internet.
What is a recession
A recession is where there are two quarters of negative economic growth. Economic growth is measured by gross domestic product.
What is the bait and switch scam
It is when a person is attracted to a low price a store offers, but when you get there they have already run out of stock. Retailers will then try and convince you to buy a more expensive item. This is deceptive and illegal
