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57 Cards in this Set

  • Front
  • Back
status symbols
markers of one's social class
2 factors in shifting income patterns
1. Shifting women's roles
2. Increased education
Discretionary Income
Income available to a household over and above the ammount required to live confortably
Behavior Economics or Economic Psychology
Focus on the human elements of economic decisions

Study how a human's motives and expectations for the future affect their purchases today
COnsumer confidence
The extent to which consumers are confident about the future health of the economy
---affects ammount of discretionary spending
Social Class (3 factors)
Income, education, and occupation
--determines how much money you spend and how you spend it
Universal Pecking Order
comes from dominance/submission order of birds....humans also have it which determines access to housing, consumer goods, and education
Marx and webers view on class
Marx- position determined by closeness to means of production

Weber- determined by status groups, party, and class
People in same class:
(4 things)
1. Have similar occupations
2. Have similar lifestyles due to income and taste similarities
3. Tend to socialize with each other
4. Share opinions with each other about how life should be lived properly
social stratification
creating artificial divisions within a class
achieved/ascribed status
achieved- earned
ascribed- born with
social mobility/horizontal mobility
s.m.- the ability to move within social classes

horizontal- exchanging one position for roughly an equivalent one
Income and Social class as predictor of purchases
Social class good for low/medium cost that relate to status

Income good for expensive with no status

both good for expensive status
problems with measures of social class
1. CHanging family structures
2. anonymity
3. status inconsistency
status crystalization
assesses the impact of inconsistency on the self and social behavior

-since rewards from each part of such an unbalanced person's life are variable and unpredictable, stress will result.
These people much mroe receptive to social change
over- more money then expected for a social group
under- less
Marketers have failed to use social class by:
1. ignoring status inconsistencies
2. ignoring intergenerational mobility
3. ignoring subjective social class
4. ignored consumers aspirations to change their class standing
5. ignored the social status of working wives
working class
constricted worldview,
focus on a products utility, concerned about house/yard, too much work to maintain upper class appearacnce, rely on relatives for support, conservative and family oriented
taste culture
differentiates people in terms of their asthetic and intellectual preferences
semiotic approach to social class
focuses on different types of codes (the way meanings are expressed and interpreted by consumers) used within different social strata
--allow marketers to communicate well with different groups
restricted/elaborated codes
restricted- dominant among workign class-focus oncontext of object

elaborated- used by middle, upper class
--require a sophisticated world view
invidious distinction
used to inspire envy through displays of power and wealth
conspicuous consumption
peoples desire to provide prominently visible evidence of the ability to afford luxury goods
leuisure class
people for whom productive work is considered taboo
conspicuous waste
shows others that one has assets to spare
parody display
deliberately avioding status symbols
a group of people within society that share common beliefs or experiences that seperate them from others
ethnic subculture
self-perpetuating group of people who are held together by common cultural or genetic ties
high context cultures
members are tight knit
likely to infer meanings that go beyond the spoken word
symbols and gestures have a greater meanings
the process by which a product formally associated with a specific ethnic group is marketed to other subcultures
Affrican Americans
-2nd largest minority group
-typically spend money similar to whites
-consumption more based on income levels than ethnicity
allure of hispanics for marketers
-big families
-brand loyal
- highly concentrated geographically
-young market
strong need for status and pride symbols
the process of movement and adaptation to one's culture by a member of another culture
Progressive Learning Model
a prospective that assumes people gradually learn more about a culture by increasingly coming into contact with it
Acculturation agents
people and objects that teach the ways of a culture
Acculturation process
Movement- the factors taht cause an individual to uproot themselves and move to another place
Translation- attempting to master a set of rules for operating in the new environment
Adaptation- where new consumption patterns are formed
adopting products that are associated with mainstream culture
maintaining some practices associated with the culture of origin
resenting the pressure to conform to mainstream culture
physically seperating yourself from mainstream members of a culture
Asian Americans
fastest growing group of minorities
- highly educated, higher income,s tress on status symols and brands
-high focus on technology
-1/4 of america
-tend to be poorer b/c of discrimination in past, focus on group
- bigger families
-rigid organizational structure
stresses faith of individual, seeking out secular knowledge
-tend to be over represented b/c of historical roots in america
- WASP's and their culture idealized and copied
-stress hard work
born again christians
low income, low education
-southern, ladies, and elderly
-influential in removing sex, violence from advertising
-conservative and traditional
tend to be wealthy, opinion leaders
-both an ethnicity and a religion
-reinforces individual responsibility for ones actions and self education
-not always arab, many are black
-growing subgroup
-largely ignored by marketers
Age Cohorts
A group of individuals who are of similar age and share similar experiences, share common memories, and cultural heroes
-use profucts to express identities, explore newfound freedoms, and rebel against authority
-concerned with environement, aids, abortion, etc...
4 conflicts common to teens
1. Autonomy vs. belonging- teens want to rebel against others, but still attach themselves to a support structure
- rebellion vs. conformity- need to rebel against social standards while still fitting in
-idealism vs. pragmatism- view adults as hipocrites, and themselves sincere (have to justify beleifs vs. what they actually see)
-Narcissism vs. intimacy- teens often obsessed with their own appearances, but want to connect with others
event marketing
planning a promotion that will get individuals in a central location
wall media
posters to communicate to students on the run
baby busters
more sophisticated in evaluating products
-don't like alot of hype or products that take themselves too seriously
4 segments of generation X
1. Cynical disdainers- most pessimistic worldview

2. Traditional Materialists- set on living out american dream of buying things, positive worldview

3. Hippies revisted- share values of the 60's. Express self through music, retro fahshio, and spirituality

4. fifties macho- conservative who believes in traditional gender roles and is least accepting of multiculturalism
Baby boomers
biggest market, wealthiest
-as teens, they created a revolution in style, politics, and consumer attitudes
-often feather their nests- but alto of household funishings
grey market
-less concerned with living frugally for the sake of kids, grandkids
- living longer b/c of medical advances
-2nd largest market
-control a large ammount of income
older consumers values (3)
1. Autonomy- want to live self sufficient, active lives
2. COnnectedenss- value friends and family
3. Altruism- want to give something back to the world
percieved age
how old one feels
(feel age vs. look age)