2. The planned buying process - Part 1 What Is Planned Buying? The phrase planned buying refers to using intentional and deliberate thought prior to, during, and after making a purchase. It is important for every purchase, but it is critical for purchases that are expensive or long lived. Mistakes made in these transactions can be very expensive and lasting. What steps are involved in the planned buying process? In general, planned buying is a(n) V process that is intended to result in V and V purchasing deCISIons Y making the acquisition. It is important to conduct the activities in the planned buying process in a logical sequence. Organize the table that follows by matching the step number associated with the planned buying process on the left with its corresponding activity on the right. Step Number Activities l V ; Conduct an investigation of the features and price of the good or service and vendor you are considering. l V ; Compare alternative products or services to determine the best buy. l V 6 V l v According to nancial planners, which of the planned buying activities should you conduct at home after you've interacted with a seller, but before you purchase the item or service? 0 Steps 1 and 3 0 Steps 1 through 3 0 Step 6 Now, consider the first two steps of the planned buying process in greater detail. What is the difference between a need and a want? A V is an item that is thought to be necessary, whereas a V is an item that may not be necessary, but is desirable. Although people frequently identify many goods or services as needs, in reality, most people have V needs and V wants. The disadvantage of identifying a want as a need is that it can cause a shopper to V the item he or she is considering. Therefore, it is important to consider all purchase alternatives as V , and then concentrate on prioritizing and identifying the V of each, including its opportunity cost. To see this, consider the following situation: Daphne's favorite color is pink. As such, the walls in her bedroom are pink; her favorite sweater is pink. For graduating with a 4.0 average, her father has offered to buy her a lightly used, previously owned car He is likely to categorize her request that the car be pink as a V . What kind of information should you gather when performing your preshopping research? Although it varies with the good or service you are considering, relevant preshopping information generally includes the features and capabilities of the good or service, as well as the V , the price, and the environmental impact. Which of the following are reasonable sources of preshopping information? Check all! that appfy. C] Advertisements and catalogs C] Manufacturers, service providers, and sellers C] Consumer magazines and government websites C] A psychic or your Magic 8 ball It is often best to discount reviews that are overly positive or inappropriately critical as they may represent the opinion of: O disgruntled former employees. 0 company representatives or competitors. Step Number Activities I4 I4 I4 Ch I4 I4 I4 Differentiate between needs and Wants]. and prioritize their importance. Interact with the seller to develop the actual terms of the purchasing transaction. Answer the question, \"Can I afford it?" you 4 4 Step Number Activities l l Conduct an investigation of the features and price of the good or service and vendor you are considering. l l 7 Evaluate what went well and not so well in the purchase transaction. .5 Interact with the seller to develop the actual terms of the purchasing transaction. l Answer the question, \"Can I afford it?" Step Number Activities Conduct an investigation of the features and price of the good or service and vendor you are considering. Compare alternative products or services to determine the best buy. Evaluate what went well and not so well in the purchase transaction. Interact with the seller to develop the actual terms of the purchasing transaction. According to financia ou've interacted with Select the product or service and the vendor with which to complete the purchase. purchase the item oStep Number Activities Conduct an investigation of the features and price of the good or service and vendor you are considering. Compare alternative products or services to determine the best buy. Select the product or service and the vendor with which to complete the purchase. According to financial Differentiate between needs and wants, and prioritize their importance. ou've interacted with a purchase the item o Compare alternative products or services to determine the best buy. O Steps 1 and 3Step Number Activities ; v _V Conduct an investigation of the features and price of the good or service and vendor you are considering. ; v _V Compare alternative products or services to determine the best buy. l V 6 V l V Differentiate between needs and wants,r and prioritize their importance. According to nanci ume after you've interacted witl purchase the item 0 Evaluate what went well and not so well in the purchase transaction. 0 Steps 1 a Compare alternative products or services to determine the best buy. ("\\F. 4