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33 Cards in this Set
- Front
- Back
Status Symbols
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Products serving as markers of social class
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Yes, it pays to go to school
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College graduates earn 50% more
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Discretionary income
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over and above that required for a comfortable standard of living
Americans $400 billion a year |
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Behavioral Economics
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the "human side" of economic decisions
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Consumer confidence
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beliefs about the future
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Overall savings rate influenced by (3)
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pessimism or optimism about circumstances (inheritance)
world events (Iraq war) cultural differences (japs higher savings rate than americans) |
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Dominance-submission hierarchy
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submissive to those higher in the hierarchy and dominant to those below
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social class
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overall rank of people in society
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homogamy
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tendency to marry into a similar social class
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social stratification
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artificial divisions in society
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achieved status
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earned through diligence
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ascribed status
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status one is born with
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status hierarchy
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structure in which some members are better off than others
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social mobility
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passage from once class to another
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horizontal mobility
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from one position to one roughly equivalent in status
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downward mobility
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from one position to one of lower status
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upward mobility
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from one position to one of higher in status
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differential fertility
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middle class reproduce fewer children than lower class
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occupational prestige
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"worth" based on what they do for a living
single best indicator of social class |
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income
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distribution of wealth important determines buying power and market potential
top 20% of population controls 75% of assets |
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educational attainment
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strongly related to income and occupation
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The relationship between income and social class
(Social) |
social class a predictor of purchases that have symbolic aspects but low to moderate price
cosmetics, liquor |
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The relationship between income and social class
(income) |
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 |
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working class 4
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focused on immediate needs
depend on relatives community oriented conservative and family oriented |
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affluenza
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many well-off consumers seem to be stressed or unhappy despite their wealth
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targeting the poor
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14 %
most marketers ignore still basic needs - milk |
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targeting the rich 3
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luxury is functional
luxury is reward luxury is indulgence |
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old money
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families which live primarily on inherited funds
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status anxiety
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concerned with being consistent with the cultural environment
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symbolic self-completion
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excessive flamboyant consumption to make up for insecurity
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invidious distinction
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use of products to inspire envy in others
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the billboard wife (3)
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women showered with expensive clothes
leisure class: productive work is taboo conspicuous waste: using resources in nonconstructive pursuits |
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parody display
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sophisticated form of conspicuous consumption to seek status by deliberately avoiding status symbols
old ripped blue jeans |