Questions and Answers
What often causes you to spend more than you've budgeted for a category?
What are you a victim of if someone used your card without your permission?
Card fraud
Which part of the brain is used to process and manage stress responses?
Amygdala
What do you call the identification of a specific product by its logo, jingle, or name?
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What term describes the feeling of guilt or regret after a purchase?
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What occurs when you use shopping to change or boost your mood?
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What is the term for all the ways the value of a product or service is communicated?
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What is identity fraud?
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What is it called when you choose to spend your money now instead of investing it for future gains?
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What marketing strategy do 50% of retailers spend at least half of their marketing money on?
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What is the first thing you need to have to develop power over purchases?
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Where's the main place a young adult can find daily examples of targeted marketing?
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What are short, entertaining ads on social media called?
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When buying things online, what should you look for first?
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What's the main reason why people have trouble being content?
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What is a surefire way for you to bust your monthly budget?
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Study Notes
Impulse Spending and Its Consequences
- Impulse buying can lead to overspending beyond budgeted amounts, affecting overall financial planning.
- Buyer’s remorse is the regret felt after an impulsive purchase, emphasizing emotional triggers in spending decisions.
Fraud and Security Concerns
- Card fraud occurs when unauthorized individuals use your credit or debit card.
- Identity fraud involves someone using your personal information to commit fraudulent activities.
Psychological Aspects of Spending
- The amygdala is a brain region responsible for processing stress responses, influencing emotional decision-making related to spending.
- Retail therapy describes the practice of shopping to improve mood, highlighting the psychological relationship with consumerism.
Marketing and Brand Recognition
- Brand recognition is the ability to identify products through logos, jingles, or names, essential for business identity.
- Marketing encompasses all communication methods regarding a product's or service’s value to consumers.
Decision-Making in Spending
- Opportunity cost reflects the loss of potential future value when spending money now instead of investing.
- A budget is crucial for exercising control over purchases, allowing for better financial management.
Targeted Advertising
- Social media is the primary platform for young adults to encounter targeted marketing strategies, significantly influencing consumer behavior.
- Mobile social advertising receives substantial investment from retailers, targeting demographics that frequently use mobile platforms.
Online Shopping Guidelines
- An HTTPS site is vital for secure online shopping, protecting personal information during transactions.
- Snack videos are short, engaging ads on social media, reflecting contemporary digital marketing trends.
Factors Influencing Contentment
- Comparison with others tends to be a major reason for dissatisfaction, perpetuated by marketing tactics and social media portrayals.
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Description
Test your knowledge on consumer behavior, including impulse spending, fraud concerns, psychological influences, and marketing strategies. This quiz covers the emotional and cognitive factors that impact purchasing decisions, as well as the consequences of spending and brand recognition.
