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Smart Decisions

Smart Decisions. Choices. Forced You must make a decision Not Forced You can make a decision. 3 Different Brands. Generic (Prescription Drugs) Store Brand/Private Brand Name Brand. Generic (Prescription Drugs). Able to be produced after the patent runs out Cheaper

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Smart Decisions

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  1. Smart Decisions

  2. Choices • Forced • You must make a decision • Not Forced • You can make a decision

  3. 3 Different Brands • Generic (Prescription Drugs) • Store Brand/Private Brand • Name Brand

  4. Generic (Prescription Drugs) • Able to be produced after the patent runs out • Cheaper • Don’t have the expense of developing and marketing it • Identical to name brand in ALL ways

  5. Store/Private Brand • Produced & marketed by private companies exclusively for a store • Store then puts their own label on products • Cheaper • Not advertised • Quality? Macy’s Wal-Mart Epic Threads, American Rag, Material Girl Equate, Great Value, George

  6. Name Brand • Produced, marketed & distributed nationwide by large company • Found in many stores • Good looking packaging • Advertising • Higher price Coca-Cola Nike Kellogg’s

  7. Pricing Decisions • Firecrackers • $21.00 • Package of 7 • Firecrackers • $25.00 • Package of 10 • Wheat Thins • $4.29 • 10 oz • Meijer Wheat Crisps • $3.59 • 7 oz

  8. Computation • Compute the price for 1 $21 ÷ 7= $3 each $25 ÷ 10= $2.50 each Which is the better deal? Package of 10 $4.29 ÷ 10= $.429 or 42.9¢ per oz $3.59 ÷ 7=$.513 or 51.3¢ per oz Which is the better deal? 10 oz box

  9. Computations with different measures Which is the better bargain? 2 ½ lbs. of chicken breast for $4.48 OR 45 oz. pkg. of chicken breast for $4.30 each

  10. Chicken Computation • One is in lbs. and one in oz. so you must make them similar measurements • There are 16 oz. in 1 lb. 2.5 lbs. x 16 oz. =40 oz. so $4.48 ÷ 40 oz. =$.112 or 11.2¢ $4.30 ÷ 45 oz. =$.096 or 9.6¢ 45 oz. of chicken breast is the better deal

  11. Shopping Considerations • Don’t Impulse Buy • Just because your friends have it • Grocery shop when hungry • Pay Cash • If you don’t have the money for it; wait • Timing is Everything • Christmas decorations just after Christmas • A 2016 new car towards the middle to end of the year as the 2017 models come out the last half of 2016 • Don’t just buy the Name Brand • Research Quality

  12. Clothing Considerations • Durability—Will it last and Look Good • Care—Dry Clean Only, etc. • Color • Embellishments/Decorations • Fit • Price

  13. Cost Per Wear • Jenny finds a cute black dress shirt on the sale rack for only $20.00. She picks it up and quickly purchases it without examining the fabric or construction because it is such a good deal. • After four washings, the shirt has faded and the sewing is unraveling. What was the cost per wear for the shirt? • $20 ÷ 4= $5

  14. Cost Per Wear • At the same time, Jessica was shopping for a black dress shirt. Jessica compared shirts at several different stores before she selected a classic cut, well constructed shirt made from a polyester/knit blend. The cost of the shirt was $35.00. • Jessica wears the shirt 23 times over the next 2 years. What was the cost per wear for Jessica’s shirt? • $35 ÷ 23= $1.52

  15. Federal Trade CommissionFTC • Federal government agency • Created to protect consumers from • Unfair business practices • False advertising • Misleading pricing • Other consumer crimes • Identity theft

  16. Better Business BureauBBB • Nonprofit organization • Contact to get business grade (rating) • Indicates the trustworthiness of a company • Can also report problems you had with a business

  17. Warranties • Every purchase made is a contract—keep your receipt as proof of contract • Purchases over $500 require a written contract • All warranties are different be sure to read them

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