Business Studies - Junior Secondary 2 - Shopping tips

TERM: 2^ND TERM

WEEK SIX

Class: Junior Secondary School 2

Age: 13 years

Duration: 40 minutes of 5 periods each

Date:

Subject: BUSINESS STUDIES

Topic: SHOPPING TIPS

SPECIFIC OBJECTIVES: At the end of the lesson, pupils should be able to

I.) Meaning of Needs and Wants

II.) Differentiate between Needs and wants

 III.) Discuss making Decision about Needs and Wants

IV.) Describe Improve Buying of Needs and Wants

 V.) Identify effects of Pure Buying in Needs and Wants

 VI.) Describe After Sales Services – Warranty, Installation, etc.

 VII.) State the Steps involving in Making Decision about Needs and Wants

VIII.) Explain Impulse Buying and Its Effects

IX.) Identify after Sales and Services Available to Consumers on products and Services and their Important Areas

INSTRUCTIONAL TECHNIQUES: Identification, explanation, questions and answers, demonstration, videos from source

INSTRUCTIONAL MATERIALS: Videos, loud speaker, textbook, pictures,

INSTRUCTIONAL PROCEDURES

PERIOD 1-2

NOTE

SHOPPING TIPS

Meaning of Needs and Wants

- Needs: Needs are essential necessities that are required for survival and basic well-being. They include fundamental requirements such as food, water, shelter, clothing, healthcare, and education.

- Wants: Wants are desires or preferences that are not essential for survival but contribute to enhancing quality of life or fulfilling personal preferences. Examples include luxury items, entertainment, travel, and hobbies.

Differences between Needs and Wants

I.) Essential vs. Non-essential: Needs are essential for survival and basic well-being, whereas wants are optional and not necessary for survival.

II.) Importance: Needs are more critical and urgent compared to wants, which are often driven by personal preferences and desires.

III.) Satiation: Needs are generally finite and satisfy basic requirements, while wants can be endless as they cater to personal desires and preferences.

Making Decisions about Needs and Wants

When making decisions about needs and wants, consider the following:

I.) Assessing Priorities: Determine which needs are most pressing and ensure they are met before addressing wants.

II.) Budgeting: Allocate resources based on the importance of needs versus wants to maintain financial stability.

III.) Long-term Impact: Consider the long-term consequences of prioritizing wants over needs or vice versa on personal well-being and financial health.

Improving Buying of Needs and Wants

I.) Budget Planning: Create a budget that allocates resources efficiently between needs and wants. 

II.) Prioritization: Prioritize needs over wants to ensure essential requirements are met before spending on discretionary items.

III.) Research: Conduct research to compare prices, quality, and options for both needs and wants before making purchases. 

IV.) Seeking Value: Look for value in purchases by considering quality, durability, and utility to maximize satisfaction.

Effects of Pure Buying in Needs and Wants

1. Pure buying (focusing primarily on needs) promotes financial stability by prioritizing essential expenses and avoiding unnecessary debt.
2. Meeting needs first reduces stress associated with financial insecurity and uncertainty.
3. By controlling spending on wants, individuals can save money for future needs or investments.

After Sales Services – Warranty, Installation, etc

After-sales services include:

I.) Warranty: Guarantee provided by the seller or manufacturer covering repairs or replacement of products within a specified period. 

II.) Installation: Assistance with setting up or installing products correctly.

III.) Maintenance: Guidance on proper care and maintenance of products to ensure longevity.

IV.) Repair Services: Access to repair services for faulty or damaged products.

V.) Customer Support: Assistance and guidance for troubleshooting and resolving issues post-purchase.

Steps Involved in Making Decisions about Needs and Wants

1. Identification: Identify and differentiate between needs and wants.
2. Assessment: Assess the urgency and importance of fulfilling needs versus satisfying wants.
3. Budgeting: Allocate resources based on priority, ensuring needs are met within budget constraints.
4. Research: Gather information about options, prices, quality, and alternatives for both needs and wants.
5. Decision-Making: Make informed decisions based on assessments, budget considerations, and research findings.

Impulse Buying and Its Effects

- Impulse Buying: Making unplanned purchases based on sudden desires or emotions rather than careful consideration. 

- Effects: Can lead to overspending, budgetary strain, accumulation of unnecessary items, and buyer's remorse.

After Sales Services Available to Consumers on Products and Services and Their Important Areas

- Customer Service: Assistance with inquiries, complaints, and product support.

- Technical Support: Help with troubleshooting, repairs, and technical issues.

- Warranty Services: Coverage for repairs or replacement of defective products within the warranty period. 

- Installation Services: Assistance with setting up or installing products correctly. 

- Maintenance and Repair: Guidance on product care and access to repair services.

EVALUATION: 1. Differentiate between Needs and Wants

2. Describe Improve Buying of Needs and Wants
3.   State the Steps involving in Making Decision about Needs and Wants
4. Explain the meaning Impulse Buying and state Its Effects

CLASSWORK: As in evaluation

CONCLUSION: The teacher commends the students positively