Chapter 22 and 23 The Informed Consumer and Consumer Buying Decisions Tools A B consumer a person who buys and uses goods impulse buying buying on the spur of the moment comparison shopping comparing the price quality, and services associated with one product with those of another product unit price price per unit of measure full-service stores offer a wide variety of goods and emphasize customer service discount stores emphasize lower prices on their products that has lower prices convenience stores small stores that emphasize the sale of food items, an accessible location, and long operating hours speciality stores stores that have a special line of products for sale factory outlet stores stores selling high quality merchandise direct from the factory at low prices grade indicated the quality or size of a product promotional sales sales in which businesses promote the sale of regular merchandise by making temporary price reductions clearance sales used to clear merchandise that stores no longer wish to carry in stock label provides useful written information about the nature or content of a product opportunity cost the value of any alternative that you give up when you buy something else or make another choice brand name a name given to a product or service that is intended to distinguish it from another similar and/or competitive products or services supermarket large, full-service store that carries a wide variety of national, store, and generic brands at moderate prices warehouse market no-frills food outlet emphasizing the sale of large quantities of items at moderate prices impulse buying buying too rapidly without much thought price index a series of figures showing how prices have changes over a period of years Consumer Price Index shows the changes in the average price of goods and services bought by consumers over a period of time