CORE AREA 2 RESOURCE MANAGEMENT AND CONSUMER STUDIES
CONSUMER STUDIES What you will learn:
• Factors that influence consumer choices • Classification of retail outlets • Retail psychology • Shopping patterns • Types of consumer research • Benefits of consumer research for the retailer and the consumer • Sources of consumer information • Consumer rights • Consumer responsibilities • Consumer protection legislation • Statutory and voluntary consumer protection agencies • Procedure for making a consumer complaint • Small Claims procedure • Quality, safety and hazard symbols
CONSUMER CHOICE A consumer is a person who purchases goods and services for their own use.
Factors that influence consumer choices
• Income: disposable income available influences consumer choices. When disposable income is limited, consumers must ensure their needs, e.g. food and bills, are met before wants or luxuries are purchased. Discount stores and own-brand goods enable consumers to get better value for money if finances are limited.
• Personal preferences: personal likes and dislikes influence consumer choices. If a product appeals to a consumer’s tastes immediately, they will be more inclined to purchase.
