Using Common Industry Knowledge To Save Money
Business Financial Management

Using Common Industry Knowledge To Save Money

Of course it is the shopping season and everyone wants to save money on their purchases. I often get a lot of requests from people on whether or not I know anyone who works in a particular field/company as they are interested in buying something and would like to save as much money as possible.

Having basic business knowledge of various industries as well as connections with people in different fields have provided me with a good foundation to know when something is truly a bargain or not. For example, generally speaking most types of retail businesses make the majority of its money selling attachments for a product such as accessories and it is not unusual for those items to be marked up say 60% to 500%. Another example is that in a grocery store, milk is often what is known as a “loss leader” which means they aren’t making any money off it and so you generally shouldn’t need to think too much if the price is too expensive.

As usual, I’m fairly confident that everyone knows at least someone in their social circle who could provide some knowledge or insight to make you more aware on what to lookout for in order to identify true savings. So even if you are not exactly a business minded person, it doesn’t hurt to do some research as it can make you a more savvy shopper.

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