Knowledge of business responsibilities towards customers
Self-test one
Using the warranties itemized on the previous page, answer the following questions.
1 List the key factors in development of consumerism.
There is no one factor attributed to consumerism as all consumers are different people with different needs. To narrow the list down I will show a few common things shared by most consumers.
1)Purchasing power
The cost of everyday living has gone up, so most couples work, people work longer hours and tend to stay in the work force longer. On the other side the cost of a lot of everyday items has gone down and become far more affordable, especially with regards to electronics. As living becomes more expensive wages go up and disposable income becomes better.
2)Buyer demand
More disposable income means a greater demand for products. This has an impact on almost every industry
3)Extended trading hours
Because shops are now open for longer trading hours and often 7 days a week its easier for consumers to buy stuff when it suits them.
4)Retail facilities
Places like mall are becoming an everyday commodity. Not only can shop during the weekends you can also shop for numerous things as there are other retailers available. Retailers are now staying open for longer hours to compete with other retailers.
2 List the key factors in consumer behavior
The behavior of a consumers behavior will vary depending on a lot of things like what they do, what their interests are and how much time they have available. Some of the key factors are
Purchasing power
A person that has a higher salary and more disposable income can spend more money.
Lifestyle changes
As people’s lives change they have to spend accordingly. This can be an improved or hindered depending on circumstances. Getting a better paying job could increase purchasing power while having a mortgage could hinder it.
Technology
Electronic items are improving on a regular basis as things become more reliable and cheaper to mass produce. This in turn creates a very competitive market and. The need to have things do multiple tasks is also a market heavily focused on. Phones are an example as they used to be used for calling. Now their mobile and can do all sorts of things like take photos, record videos and check your cars ECU.
Dependents
People who have to support others are less likely to spend money on things they don't consider important as they are more likely to save it for emergency's, or invest it in their dependents future instead of non essentials.
Advertising
Advertising is a major factor as more people watch TV and listen to the radio and surf the net. Commercials advertise everything from food, sex novelties, cars and even sports equipment.
3 What are the main developments in consumerism technology?
Computerized Registers and Bar Coding
Not only is it easier to purchase things now that we have EFT-POS cards, it’s also easier to quickly purchase things as almost everything is barcoded.
Transport
Transport is becoming a lot easier to obtain from cars and trains to even boats and planes. This has also made trade easier as hard to obtain items can be brought to your country from overseas.
Internet sales
Companies like EBAY and AMAZON can often sell you things cheaper and deliver them to your door without you actually having to buy them. This is very popular to people with little time or a basically just lazy.
Electronic Fund Transfer at Point of Sale
This has enabled customers to access their money 24 hours a day. This is not only convenient but also a lot safer as people no longer have to carry large amounts of cash on them. Also expensive things can be brought with credit cards and paid off at a later date (suckers).
Advertising
Advertising is a major factor as more people watch TV and listen to the radio and surf the net. Commercials advertise everything from food, sex novelties, cars and even sports equipment.
Technology
Electronic items are improving on a regular basis as things become more reliable and cheaper to mass produce. This in turn creates a very competitive market and. The need to have things do multiple tasks is also a market heavily focused on. Phones are an example as they used to be used for calling. Now their mobile and can do all sorts of things like take photos, record videos and check your cars ECU.
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