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Personal Financial Management UNIT 4 Personal Financial Management 15 Consumers in the Global Economy 16 Money Management and Financial Planning 17 Banking and Financial Services 18 Consumer Credit 19 Savings and Investment Strategies 20 Insurance © Brand X Pictures 368 445610_15_Ch15_p368-395.indd5610_15_Ch15_p368-395.indd 336868 112/21/072/21/07 99:32:41:32:41 AAMM business outside the box Multimedia Medical Information: A to Z Health care organizations, includ- professionals, consumers, the Within a few months of starting ing hospitals and medical centers, media, and students. to look at international opportuni- are spending millions to develop A major product of A.D.A.M. ties, the company sold its interac- user-friendly, content-rich web is its extensive multimedia medi- tive medical software in Singapore, sites for a wide range of audiences. cal encyclopedia database covering Switzerland, and Malaysia. They Rather than developing all of thousands of diseases and condi- also have representatives in Spain, their own content, they are buy- tions. Other products include Chile, Japan, Korea, Mexico, ing some content from sources graphics, 3-D image models, virtual Norway, and Sweden. such as A.D.A.M. (Animated tours of the human body, and broad- Dissection of Anatomy for cast-quality animation. Physician- Think Critically Medicine). This Atlanta-based reviewed text ensures the highest Create a plan to provide profes- company provides interactive quality of medical information. sionals and consumers with other medical information for health Efforts by A.D.A.M. for global types of vital information they care organizations, medical expansion have been successful. might need in their daily activities. A Sweet Idea Joe Semprevivo worked in the ice supermarket managers and con- condition. Today, Joseph’s Sugar- cream shop owned by his parents, vinced them to carry the product. Free Cookies come in eight flavors. but was not able to eat the product He explained that his product His product line has expanded to he served to others—he had had would serve the needs of diabet- include sugar-free cakes, brownies, juvenile diabetes since he was nine ics and other health-conscious syrup, sweeteners, and peanut but- years old. Joe was motivated to consumers. ter and fat-free cookies. change that. By age 12, he devel- Joe also wanted to have a snack oped the first sugar-free ice cream. he could take with him to school. Think Critically Within three years of creating the At age 15, he and his parents What are some special needs ice cream, Joe placed his product developed a cookie appropriate that might be met with new in about 75 stores. He visited with for those with his same medical products? 369 445610_15_Ch15_p368-395.indd5610_15_Ch15_p368-395.indd 336969 112/21/072/21/07 99:34:40:34:40 AAMM CHAPTER 15 Consumers in the Global Economy 15-1 Consumer Buying Decisions 15-2 Consumer Rights and Responsibilities 15-3 Consumer Protection Actions © PhotoDisc / Getty Images 370 445610_15_Ch15_p368-395.indd5610_15_Ch15_p368-395.indd 337070 112/21/072/21/07 99:35:57:35:57 AAMM Planning a Career in… CUSTOMER SERVICE Each day, millions of customers seek service, all kinds Needed Skills of service. For example, they might want to purchase • Educational requirements vary. Most customer ser- a computer, return a defective toaster, exchange a vice positions require only a high school diploma. gift, schedule a delivery, complain about poor service, Some employers require an associate or bachelor’s request information, apply for a loan, or pay a park- degree. ing ticket. Employment opportunities in customer • Basic computer skills are required and advanced service include careers in business, in government, skills are necessary for some positions. or with a nonprofit organization. Customer service employees work directly with customers in places • Good oral and written communication skills along such as banks, hospitals, and retail stores. They also with interpersonal and problem-solving skills are work in offices and call centers. The specific focus of needed. customer service positions vary widely. For example, • Most customer service positions require a basic there are customer service professionals who help understanding of business activities, marketing, people check into hotels, buy products, make insur- and consumer behavior. ance claims, and register for social services. They even offer suggestions for how to cook a turkey. What’s it like to work in . Customer Service Employment Outlook Before he even takes off his coat, • Employment in customer service is expected to Brian starts his day by checking e- increase faster than the average through 2014. mail messages. Today, several mes- • Bilingual job seekers have increased opportunities sages request information about for jobs. identity theft. Yesterday, it was • There are many new openings expected as well as complaints about online auctions. the need to replace experienced customer service Tomorrow, it could be comments about a proposed consumer protec- representatives who transfer to other occupations. © Getty Images/PhotoDisc tion law. Related Job Titles As an Internet customer service specialist with the state consumer protection office, Brian must be • Customer Service Representative ready for a variety of activities. Research, responding • Bank Teller to requests, and report preparation are just a few of • Catalog Sales Agent his daily responsibilities. • Computer Support Specialist When talking to people about his job, Brian • Customer Assistance Coordinator always mentions the satisfaction he gets from helping others. He also mentions how much he likes having • Customer Service Specialist variety in his day. He never knows what he will find • Financial Service Representative in his mailbox. • Internet Customer Service Representative What about you? Would working in the field of cus- • Hotel Desk Clerk tomer service be of interest to you? • Receptionist • Retail Sales Clerk 371 445610_15_Ch15_p368-395.indd5610_15_Ch15_p368-395.indd 337171 112/21/072/21/07 99:36:42:36:42 AAMM 15-1 Consumer Buying Decisions Goals Key Terms Focus on Real Life Identify major unit price “I am going on a wilderness retreat with a com- sources of consumer munity service group and I have to buy a sleeping bag,” brand information. Kristen said to Joshua. impulse buying “I don’t know much about sleeping bags, but I want to get Explain wise buying the best one for my trip. I stopped by the sporting goods store and actions. they had many varieties and prices. I was confused. Can you help?” “I don’t know much either, but I expect your choice depends Describe the main on where you will use the bag,” said Joshua. “Did you gather infor- types of shopping mation before you began looking? There are consumer groups locations. that test products. If you want, I can help you look online, or we can go to the library to find magazine articles.” “That sounds like a good idea,” Kristen replied. “A salesperson at the store might be able to help, but researching in advance should help me ask the right questions.” main idea CONSUMER INFORMATION The Association of Home Appliance SOURCES Manufacturers (AHAM) develops and Identify major maintains performance standards for sources of consumer Consumers have the power to decide to information. appliances such as refrigerators, air con- buy or not to buy. Businesses must serve ditioners, and freezers. The AHAM seal the needs of consumers. Without satisfied indicates that a product has met perfor- consumers, businesses would not make mance standards. The Carpet and Rug sales, earn profits, or remain in business. Institute and the Motorist Assurance Several information sources are avail- Program issue other seals of quality. able to help consumers with their buying Consumers Union reports scientific, decisions. technical, and educational information about products and services. This nonprofit Product Testing organization performs independent tests Organizations on consumer goods. It publishes articles in a Product testing organizations test prod- monthly magazine called Consumer Reports. ucts and services for the benefit of con- sumers and business. Manufacturers pay Media Sources these organizations to perform safety tests Each day, you have access to a range on products. Underwriters Laboratories of media sources offering consumer tests electrical components of products information. from all over the world for fire and electri- Print Publishers Many magazines cal safety. The UL symbol indicates that and newspapers provide various types the product has been tested and judged of consumer assistance. General interest safe for normal use. magazines such as Consumers Digest, Good 372 CHAPTER 15 CONSUMERS IN THE GLOBAL ECONOMY 445610_15_Ch15_p368-395.indd5610_15_Ch15_p368-395.indd 337272 112/21/072/21/07 99:37:13:37:13 AAMM Housekeeping, and Parents provide articles and product information. For money management, financial planning, and investment advice, you could read Money or Kiplinger’s Personal Finance Magazine. The U.S. federal government maintains one of the most Specialty magazines and newspapers comprehensive web sites with information for consumers. Go to the web site shown below and click on the link for also provide information about specific Chapter 15. Select a specific consumer topic. What types types of products or services. These of information are available on this topic? What federal publications cover topics such as motor agencies provide this information? Describe some specific vehicles, computers, boats,
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