Ramsey Vocab Chapter 5

Why do stores like scan and go options, apps, and one-click purchases?

• It's harder for customers to pay, so they end up saving money.

• It makes paying easier and faster, so customers are more likely to overspend.

• Digital pay is the way of the future, and retail stores like being ahead of the time.

• It's easier for the retail store clerks.

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As as effective marketing strategy, companies pay a lot to ....?

• Have their products strategically placed in the store.

• Get you to dislike their branding.

• Confuse you about their product.

• Choose a brand similar to theirs.

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What does it mean to develop power over purchase?

• You are powerless in the face of an impulse purchase.

• You can make decisions very quickly when it comes to purchasing items.

• You are able to slow down and think through your motives before buying somethings.

• You have power to purchase what ever you want, and you do so.

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Companies use marketing to get your prefrontal cortex off line so you'll be vulnerable to impulse purchases.

• True

• False

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Americans spend over $2,100 a year on...

• Impulse purchases

• Entertainment

• Groceries and eating out

• Credit card fees.

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What is the digital marketing strategy that tracks users across the web?

• Retargeting

• Native ads

• YouTube videos

• Content marketing

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Part of being a smart consumer is being able to....

• Say no to an unnecessary purchase

• Use a credit card for the points without going into debt

• Set up digital wallets and mobile payment

• Discern when to open a retail store credit card and when not to

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Why is paying for something in cash a better option than a virtual payment even if it isn't as convenient?

• If you make spending less convenient, you're less likely to buy things you don't need.

• It's easier to part ways with cash, so you're more likely to overspend.

• It isn't a better option. The perks of virtual payments out weigh the downsides.

• It helps the store clerk when you use cash.

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Creating a budget, having clear money goals, and slowing down to think through a purchase are all practices of a ...

• College student

• Wise consumer

• Foolish consumer

• Free spirit

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Why does brand recognition help businesses?

• It makes their name and logo easily

• It helps the business recognize their own logo

• It keeps the consumer from buying more of their product or service.

• It helps them partner with other businesses.

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