Shopping strategies and consumer economics education

¶ … Shopping literally means giving some of your income for something that you want to possess. The medium of acquisition can range from cash to check book to credit card or to substituting something of value that you possess to something that the vendor will accept in exchange for the article.

The location too varies from the conventional shop / supermarket to a vendor or, nowadays, to online shopping. Shopping too can be done via the mail through catalogues; some say shopping can be achieved over the phone, too. The end-product also varies from something as complex as a computer or vehicle or house to shopping around for a type of service or labor. In the end, it means buying something from another. Some people shop only for products / services that they need whilst others enjoy shopping for the thrill of doing so accumulating seemingly unnecessary items. Either way, the motive of shopping is to fulfill a certain need. Shopping is also called consumerism in economic terms.

Shopping strategies include the following:

1. Making a list

2. Discussing with others and/or deciding whether one really does need / want the item

3. Evaluating competitive stores / services to select one's target choice

4. Browsing different websites over the Internet and running a search to select the cheapest item of that category

5. Consulting the Better Business Bureau (or one's Attorney General) to verify the reliability of a certain business.

6. Asking for recommendations from others

7. Then propose how you plan to gather further information. For shopping strategies

8. Acquiring couponing / voucher strategies

Who will you talk to/interview?

Depending on what I will buy, I may consult the Better Business Bureau (or one's Attorney General) to verify the reliability of a certain business.

Define and describe ideas for observation and documentation

Taking the subject of coupons which is a subject unto itself, I will look for in-store catalogues and their special incentives. I will ask storekeepers; I will observe the way skilled shoppers work. If I am earnest about this, I may document this.

Look for the problem or opportunity

The problem is that I may become so absorbed in shopping and acquiring shopping strategies, that I may become a shopaholic. The opportunity is that I will learn wise ways of shopping and become educated in consumer economics thereby saving my money.

Explain how you plan to immerse yourself in the process

I plan to get a textbook on consumer education and economics. I also plan to read an introductory book on couponing and talk to specialists who practice this subject to see if it is for me. Another possibility may be to learn basic math so that I can quickly total prices and conduct comparison shopping. With a calculator in my handbag when shopping and using it, I may save much this way too.

As regards buying food, I have been told not to buy when I am hungry and always to travel the perimeters of the store when the healthy items are. When buying clothes, I have been told to go well-dressed so as to be better served. In this way, I can pick up techniques for the different services that I want. But most important never to act on impulse and always to go with a list.

Depending on the item first, I can also research the item on the website and investigate reviews. The website too may point me to cheaper items that I can buy online.

Describe a hoped for outcome - Include an existing business or service that is similar or analogous to your ideas.

The hoped for outcome is that I become a savvy shopper, refraining from buying on impulse, buying wise and enduring purchases that are both quality and cheap and saving money over the long haul.

An existing business that is similar to my idea may be the Division of Consumer & Business Education (Federal Trade Commission http://www.ftc.gov/bcp/bcpocbe.shtm) which serves to give consumers the tools they need to make informed decisions. This is not so much a business as a service / agency. There is also the BBB and then there are games and books on consumer education (see Amazon.com for instance.)