Title: Determine the best value among products and services.
Course: Principles of Business and Marketing (12051-36) > Section: Making Sound Business Decisions

Determination of best value should be based on the following consumer behaviors:

- Practice comparison shopping with regard to price, quality, value, service, and intangibles.
- Compute per unit cost.
- Compare sales (e.g., promotional sales, clearance sales).
- Research products among various types of merchants (e.g., full-service, discount, specialty, outlet, supermarket, warehouse, convenience stores).
- Review warranties, guarantees, and other assurances from merchant and/or manufacturer.
- Follow basic steps for savvy shoppers (e.g., time your purchase for best pricing, examine reviews of product/services, avoid impulse buying).

Process/Skill Questions:

- What is comparison shopping?
- What is the process for calculating per unit costs of products? How can consumers use unit cost to make wise purchase decisions?
- When might buying a more expensive product be the best purchasing decision?
- What factors other than price should be considered when shopping?
- What resources are useful in researching price comparisons? Product comparisons?
- Why is timing an important consideration when making a purchase?
- How do you determine the value of an item? Do you apply the same criteria to all purchases?