FHCE 3100 Lecture 6: lecture 6

• School: University of Georgia
• Department: Financial Planning, Housing and Consumer Economics
• Course: FHCE 3100
• Professor: moorman

Document Summary

The buying behavior of consumers the individuals, families, and households who buy goods and services for personal consumption. Pre-purchase: assessing need, searching for information, evaluating alternatives, selecting. The consumer tries to determine how much pleasure or pain will be derived from a product/service: assessing need (versus want) Consumers sense a discrepancy between current state and desired state. Information either internally (go over in your mind) or externally (looking at outside information) accessed. In the economic theory of choice the assumption is that the consumer has perfect information. Consumers cannot make a good decision unless they have adequate information. Deregulation has brought with it more choices and overwhelming more competition. It is a sign of a healthy economy to have a larger number of products and services. Diversity may create confusion for some consumers (phone services, airlines) assessment becomes difficult. Do not use while sleeping on hair dryer inaccurate info: sometimes info given is inaccurate consumer should be wary.