Consumer Behavior Chapter 12 Social Class and Lifestyles

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bossred25
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Consumer Behavior Chapter 12 Social Class and Lifestyles
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2013-11-10 18:15:05
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consumer behavior
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Solomon, M. R. (2012). Consumer Behavior, 10/e for DeVry University (1st ed). Pearson Learning Solutions. Retrieved from http://devry.vitalsource.com/books/9781256914778/id/ch13lev1sec7
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  1. Discretionary income
    the money available to a household over and above what it requires to have a comfortable standard of living.
  2. Tightwads
    • who hate to part with even a penny,
    • “The evidence suggests that frugality is driven by a pleasure of saving, as compared with tightwaddism, which is driven by a pain of paying.”
  3. Spendthrifts
    enjoy nothing more than buying everything in sight
  4. Crash dieters
    • (26 percent): Try to cut out all nonessential spending until things improve.
    • Eight specific consumer segments that each display different attitudes and behaviors regarding spending and saving money
  5. Scrimpers (13%)
    • Want to maintain their lifestyle and are reluctant to make sacrifices, so they will trade down to less expensive brands but not stop buying what they like
    • Eight specific consumer segments that each display different attitudes and behaviors regarding spending and saving money
  6. Abstainers (15%)
    • Postpone big purchases but look to buy things on credit and pay later.
    • Eight specific consumer segments that each display different attitudes and behaviors regarding spending and saving money
  7. Balancers (9%)
    • Sacrifice purchases in some categories in order to buy things in other categories. 
    • Eight specific consumer segments that each display different attitudes and behaviors regarding spending and saving money
  8. Treaters (12%)
    • They know they have to cut back, but they have trouble budgeting; so they reward themselves with small treats when they do economize.
    • Eight specific consumer segments that each display different attitudes and behaviors regarding spending and saving money
  9. Justifiers (12%)
    • They are willing to spend, but they need a good reason to buy something, such as a new model or a really good deal. 
    • Eight specific consumer segments that each display different attitudes and behaviors regarding spending and saving money
  10. Ostriches (9%)
    • Are in denial; they’re mostly younger consumers who continue to buy as long as their credit cards hold out.
    • Eight specific consumer segments that each display different attitudes and behaviors regarding spending and saving money
  11. Vultures (4%)
    • Circle the market, looking to snap up bargains as businesses offer bargain-basement prices.
    • Eight specific consumer segments that each display different attitudes and behaviors regarding spending and saving money
  12. Behavioral economics
    • studies the “human” side of economic decisions.
    • studies how consumers’ motives and their expectations about the future affect their current spending, and how these individual decisions add up to affect a society’s economic well-being
  13. COnsumer confidence
    This measure reflects how optimistic or pessimistic people are about the future health of the economy and how they predict they’ll fare down the road.
  14. Frugalistas
    they refuse to sacrifice style, but they achieve it on a budget.
  15. Plutonomy
    describe an economy that’s driven by a fairly small number of rich people.
  16. Social class
    describe the overall rank of people in a society
  17. Homogamy
    The tendency to marry people in a social class similar to our own. Also called assortative mating
  18. Social Stratification
    those processes 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.
  19. Status hierarchy
    A structure in which some members are better off than others
  20. Social mobility
    the “passage of individuals from one social class to another.
  21. Chavs
    This label refers to young, lower-class men and women who mix flashy brands and accessories from big names such as Burberry with track suits
  22. BRIC nations
    The biggest emerging markets: Brazil, Russia, India, and China
  23. Mass class
    This refers to the hundreds of millions of global consumers who now enjoy a level of purchasing power that’s sufficient to let them afford high-quality products
  24. Worldview
    one way to differentiate among social classes. To generalize, the world of the working class (i.e., the lower-middle class) is more intimate and constricted
  25. Affluenza
    A condition where many well-off consumers seem to be stressed or unhappy despite or even because of their wealth,
  26. Nouveau riche
    describes consumers who recently achieved their wealth and who don’t have the benefit of years of training to learn how to spend it.
  27. taste culture
    describes consumers in terms of their aesthetic and intellectual preferences
  28. restricted codes
    A way to communicate product benefits with focus on the content of objects, not the relationship among objects
  29. Elaborated codes
    a way to communicate product benefits that are more complex and depend on a more sophisticated worldview
  30. habitus
    a status-marking force that causes consumption preferences to cluster together
  31. social capital
    organizational affiliations and networks
  32. cultural capital
    a set of distinctive and socially rare tastes and practices
  33. online gated community
    selectively allows access to some people
  34. status symbols
    items that we buy so that others know we can afford them
  35. invidious distinction
    means we use these products to inspire envy in others through our display of wealth and power
  36. conspicuous consumption
    refers to peoples desires to provide prominent visible evidence of their ability to afford luxury goods
  37. brand prominence
    differences of brand status symbols from recognizable and large emblems to no logo at all
  38. parody display
    to deliberatley avoid status symbols; to seek status by mocking it. It is a form of conspicuous consumption
  39. status crystallization
    a concept used to assess the impact of social class inconsistency
  40. overprivileged
    a condition defined as an ioncome of 25 to 30 percent greater than one's class
  41. lifestyle
    defines a pattern of consumption that reflects a person's choices of how to spend her time and money
  42. lifestyle marketing perspective
    recognizes that people sort themselves into groups on the basis of the things they like to do, how they like to spend their leisure time, and how they choose to spend their disposable income
  43. co-branding strategies
    teaming up with other companies to promote two or more items
  44. product complementarity
    occurs when the symbolic meaning of different products relate to one another
  45. consumption constellation
    the product complements that consumers use to define, communbicate, and perform social roles

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