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18 Cards in this Set
- Front
- Back
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Status Symbols
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Products that are purchased and displayed to signal membership in a desirable social class
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Discretionary Income
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Individual income that is not allocated for necessary items such as food and shelter
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Brand Aspirationals
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People with low incomes who are obsessed with name brands such as Cadillac
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Price-sensitive Affluents
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Wealthier shoppers who love deals
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Value-price Shoppers
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Those who like low prices and cannot afford much more
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Behavioral Economics
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The study of the behavioral determinants of economic decisions
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Consumer Confidence
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Reflects the extent to which people are optimistic or pessimistic about the future health of the economy and how they will fare down the road
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Social Class
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The overall rank of people in a society; people who are grouped within the same social class are approximately equal in terms of their income, occupations, and lifestyles
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Homogamy
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The tendency for individuals to marry others similar to themselves
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Social Stratification
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The process in a social system by which scarce and valuable resources are distributed unequally to status positions that become more or less permanently ranked in terms of the share of valuable resources each receives
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Status Hierarchy
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A ranking of social desirability in terms of consumers' access to resources such as money, education, and luxury goods
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Mass Class
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A term analysts use to describe the millions of global consumers who now enjoy a level of purchasing power that's sufficient to let them afford many high-quality products
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Social Mobility
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The movement of individuals from one social class to another
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Status Crystallization
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The extent to which different indicators of a person's status (income, ethnicity, occupation) are consistent with one another
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Taste Culture
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A group of consumers who share aesthetic and intellectual preferences
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Microloans
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Small sums--typically less than $100--banks lend to entrepreneurs in developing countries
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Conspicuous Consumption
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The purchase and prominent display of luxury goods to provide evidence of a consumer's ability to afford them
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Parody Display
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Deliberately avoiding status symbols; to seek status by mocking it
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