Consumer Behavior Chapter 12 (Social Class & Lifestyles) – Flashcards
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Discretionary Income
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Money available to a household over and above what it requires to have a comfortable standard of living
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Tightwads
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Experience emotional pain handing over their cash
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spendthrifts
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enjoy buying everything in sight, enjoy nothing more than spending.
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Behavioral Econimics
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Studies the "human" side of economic decisions
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Consumer Confidence
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The state of mind of consumers relative to their optimism or pessimism about economic conditions; people tend to make more discretionary purchases when their confidence in the economy his high.
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Frugalistas
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fashion-conscious consumers who pride themselves on achieving style on a limited budget.
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Plutonomy
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an economy that's driven by a fairly small number of rich people
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Social Class
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A group of people in a society who are considered nearly equal in status or community esteem, who regularly socialize among themselves both formally and informally, and who share behavioral norms
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Homogamy
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Marriage between people with the same social characteristics.
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Social Stratification
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A system by which a society ranks categories of people in a hierarchy
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Status Hierarchy
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A ranking of group members by their power and influence over other members.
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Social Mobility
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Movement of individuals or groups from one position in a society's stratification system to another.
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Chavs
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Young, lower-class men and women who mix flashy brands and accessories from big names such as Burberry with track suits.
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BRIC Nations
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Acronym to the biggest emerging markets (Brazil,Russia,India,China)
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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 is sufficient to let them afford many high-quality products
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Worldview
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A person's view of the world, consisting of the set of beliefs on which he bases his life.
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Affluenza
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unsustainable addiction to overconsumption and materialism exhibited in the lifestyles of affluent consumers in the United States and other developed countries
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Nouveau riches
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consumers who recently achieved their wealth and who do not have the benefit of years of training to learn how to spend it
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taste culture
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a group of consumers who share aesthetic and intellectual preferences
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Restricted codes
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The ways of expressing and interpreting meanings that focus on the content of objects, which tend to be used by the working class.
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Elaborated Codes
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More complex and depend on sophisticated worldview than restricted codes
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Habitus
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Ways in which we classify experiences as a result of our socialization
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Social Capital
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organizational affiliations & experiences that provide access to desirable social networks
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Cultural Capital
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Cultural knowledge and cultural competencies that people need to function effectively in society.
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Online Gated Communities
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selectively allow access to only some people and may offer a high degree of social capital to the lucky few who pass the test.
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Status Symbols
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Products whose primary function is to communicate one's social standing to others
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Invidious Distinction
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The use of status symbols to inspire envy in others through display of wealth or power
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Conspicuous Consumption
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buying expensive services and products in order to flaunt your wealth
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leisure class
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according to Veblen- people for whom productive work is tabo
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Brand Prominence
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the display of blatant status symbols to insure that others recognize one's luxury brands
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Parody Display
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Deliberately avoiding status symbols; to seek status by mocking it
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Status Crystallization
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When consumers are consistent across indicators of social class income, education, occupation, etc..
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Lifestyle
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Pattern of consumption that reflects a person's choices of how to spend their time and money
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Lifestyle Marketing perspective
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recognized that people sort themselves into groups on the basis of the thighs they like to do, how they choose to spend their leisure time and how they choose to spend their disposable income
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Co-Branding Strategies
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when they team up with other companies to promote two or more items
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Product complementarity
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When Symbolic meanings of different products relate to one another
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Consumption Constellation
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a set of products and activities used by consumers to define, communicate, and perform social roles
