Financial-Literacy.pdf

Economics 9 2nd topic Reporters : Demi & Maiko Financial Literacy (Mga Dapat Isaalang- alang sa Pagpili bilang Isang Mamimili at Mga Salik sa Pagpili bilang isang Mamimili)  Financial concepts such as interest, inflation, basic numeracy skills, financial capability for knowledge, skills, behavi...

Economics 9 2nd topic Reporters : Demi & Maiko Financial Literacy (Mga Dapat Isaalang- alang sa Pagpili bilang Isang Mamimili at Mga Salik sa Pagpili bilang isang Mamimili)  Financial concepts such as interest, inflation, basic numeracy skills, financial capability for knowledge, skills, behaviors, awareness and good budgeting are all skills that are related to financial literacy. Select considerations of a buyer 1) Do I need it? 2) Can I buy it? 3) How can I make the most use out of this? Selection 1) Personal Factor - Value, Gender, Preferences, and other characteristics factors of a that affect their preference when it comes to choosing their needs. Buyer 2) Socio-economic status - Job, income, livelihood, an ability to purchase their necessities. 3) Cultural - Factors such as religion, tradition, and belief, how they live life. General perspective of an individual which becomes a guide in choosing needs. Question - Why is it important to distinguish needs between wants?  Answer to “Why is it important to distinguish need and wants?” - It will help make a right decision in the use of limited resources. Keep in mind! - As a consumer it is important to prioritize needs over wants. Consumer Buying Behavior Refers to the decisions and actions people undertake to buy products or services for personal use. Buyer’s Black Box - Goes onto the human mind also known as the “Stimulus-response model.” These Stimuli goes into your black box. Consists of 2 parts. 1) Buyer characteristics 2) Buyer decision-making progress Your response is the outcome of the thinking that takes place in that black box. What will you buy, where, when, how often and how much?  Buyer’s Journey > Defined as actions a prospect makes to make a purchase > Consists of 3 stages - > Awareness, Consideration and Decision. Types of 1) Complex buying behavior - Occurs when there is a significant or expensive Consumer purchase. Highly involved in research, friends and family to make this decision. Buying Behavior 2) Dissonance-reducing buying behavior - Occurs when you’re highly involved in a purchase but see little difference among brands. 3) Variety seeking behavior - lowest customer involvement because you constantly switch between brands, it’s often for the sake of trying something new.  End of Reporting! You are free to ask questions, and we will try to answer to the best we can! Thank you for listening and hope you’ve learned something new or improved your understanding!  References - 1) AP book (Pahina 20 - 22) 2) https://www.zendesk.com/blog/buyer-journey/ 3) https://openstax.org/books/principles- marketing/pages/3-1-understanding-consumer- markets-and-buying-behavior? fbclid=IwZXh0bgNhZW0CMTEAAR2wdIruZpt1r23Hq qp8jMYhtctcHRUoo8UvztSfytpy0kUet94HHobukcI_ae m_YTRV7uHwEgjwCb3rU_tcOw Thank You