Mkt 231 Test 3 Chapter 13

Front 1

Status Symbols

Back 1

Products serving as markers of social class

Front 2

Yes, it pays to go to school

Back 2

College graduates earn 50% more

Front 3

Discretionary income

Back 3

over and above that required for a comfortable standard of living

Americans $400 billion a year

Front 4

Behavioral Economics

Back 4

the "human side" of economic decisions

Front 5

Consumer confidence

Back 5

beliefs about the future

Front 6

Overall savings rate influenced by (3)

Back 6

pessimism or optimism about circumstances (inheritance)

world events (Iraq war)

cultural differences (japs higher savings rate than americans)

Front 7

Dominance-submission hierarchy

Back 7

submissive to those higher in the hierarchy and dominant to those below

Front 8

social class

Back 8

overall rank of people in society

Front 9

homogamy

Back 9

tendency to marry into a similar social class

Front 10

social stratification

Back 10

artificial divisions in society

Front 11

achieved status

Back 11

earned through diligence

Front 12

ascribed status

Back 12

status one is born with

Front 13

status hierarchy

Back 13

structure in which some members are better off than others

Front 14

social mobility

Back 14

passage from once class to another

Front 15

horizontal mobility

Back 15

from one position to one roughly equivalent in status

Front 16

downward mobility

Back 16

from one position to one of lower status

Front 17

upward mobility

Back 17

from one position to one of higher in status

Front 18

differential fertility

Back 18

middle class reproduce fewer children than lower class

Front 19

occupational prestige

Back 19

"worth" based on what they do for a living

single best indicator of social class

Front 20

income

Back 20

distribution of wealth important determines buying power and market potential

top 20% of population controls 75% of assets

Front 21

educational attainment

Back 21

strongly related to income and occupation

Front 22

The relationship between income and social class

(Social)

Back 22

social class a predictor of purchases that have symbolic aspects but low to moderate price

cosmetics, liquor

Front 23

The relationship between income and social class

(income)

Back 23

income a better predictor of major expenditures that do not have status or symbol aspects

Major appliances

social class and income are both needed to predict purchases of expensive, symbolic products

Front 24

working class 4

Back 24

focused on immediate needs

depend on relatives

community oriented

conservative and family oriented

Front 25

affluenza

Back 25

many well-off consumers seem to be stressed or unhappy despite their wealth

Front 26

targeting the poor

Back 26

14 %

most marketers ignore

still basic needs - milk

Front 27

targeting the rich 3

Back 27

luxury is functional

luxury is reward

luxury is indulgence

Front 28

old money

Back 28

families which live primarily on inherited funds

Front 29

status anxiety

Back 29

concerned with being consistent with the cultural environment

Front 30

symbolic self-completion

Back 30

excessive flamboyant consumption to make up for insecurity

Front 31

invidious distinction

Back 31

use of products to inspire envy in others

Front 32

the billboard wife (3)

Back 32

women showered with expensive clothes

leisure class: productive work is taboo

conspicuous waste: using resources in nonconstructive pursuits

Front 33

parody display

Back 33

sophisticated form of conspicuous consumption to seek status by deliberately avoiding status symbols

old ripped blue jeans