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Definitions |
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Occupational prestige
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A person’s occupation tends to be strongly linked to one’s use of social resources and time
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Generation X (baby busters)
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- Consumers born between 1966 and 1976 (33-43)
- Today’s Gen Xer is both values-oriented and value-oriented”
- Desire stable families, save portion of income, and view home as expression of individuality
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Standard of living trend
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The average American’s standard of living continues to improve due to:
• An increase of women in the workforce
• Increases in educational attainment
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Myth
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a story containing symbolic elements that represent the shared emotions/ideals of a culture
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Behavioral economics
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concerned with “human” side of economic decisions
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Cultural capital
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• set of distinctive and socially rare tastes and practices
• “Refined” behavior that admits a person into the realm of the upper class
• Etiquette lessons and debutante balls
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4 conflicts of teen market
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• Autonomy vs. belonging:
• break from family but attach to peers
• Rebellion vs. conformity:
• rebel against social standards but want to be accepted by society
• Idealism vs. pragmatism:
• view adults as hypocrites and see themselves as sincere
• Narcissism vs. intimacy:
• obsessed with own needs but want to connect with others
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Social class
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a consumer’s standing in society
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Consumer socialization
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process by which young people acquire skills, knowledge, and attitudes relevant to their functioning in the marketplace
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rite of passage
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special times marked by a change in social status
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Ascribed vs. achieved status
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Achieved = earned; Ascribed = Inherited
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Collective decision making
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where more than one person is involved in the purchasing process for products or services that may be used by multiple consumers
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5 stages of consumer development
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Observing, making request, making selections, making assistant purchases, making independent purchases
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ritual
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sets of multiple, symbolic behaviors that occur in a fixed sequence and that tend to be repeated periodically
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Mass class
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Upper-upper class, lower-upper class, upper middle class, lower middle class, upper lower class, lower lower class
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Boomerang kids
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Return home to live with parents. Spend more money on entertainment and less on needs
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Homogamy
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We tend to marry people in similar social class
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Social mobility
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passage of individuals from one social class to another
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The Gray market
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• Born before 1945 (64+)
• Traditionally neglected by marketers
• People are now living longer/healthier lives
• “Zoomers” = active, interested in life, enthusiastic consumers with buying power
• Spending increasing amounts on exercise facilities, cruises, tourism, cosmetic surgery and university courses
• Most brand loyal of any age group
• Fastest growing group of Internet users
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Baby Boomers
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• Consumers born between 1946 and 1965 (44-63)
• “Woodstock generation” created a revolution in style, politics, consumer attitudes
• Active and physically fit
• Currently in peak earning years
• Consumers ages 35-44 spend the most on housing, cars, and entertainment
• Food, apparel, and retirement programs
• “Midlife crisis” products
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Family life cycle
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• Family life cycle (FLC) concept combines trends in income and family composition with change in demands placed on income
• As we age, our preferences/needs for products and activities tend to change
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Conspicuous consumption
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people’s desire to provide prominent visible evidence of their ability to afford luxury goods
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acculturation
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the process of movement and adaptation to one’s country’s cultural environment by a person from another country
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Taste culture
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differentiates people in terms of their aesthetic and intellectual preferences
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More
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• Mores: custom with a strong moral overtone
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Sandwich generation
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Adults care about kids and parents
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Discretionary income
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money available to a household over and above that required for a comfortable standard of living
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Parody display
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deliberately avoiding status symbols
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Social stratification
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social arrangements in which some members get more resources than others by virtue of relative standing, power, or control
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Organizational decision making
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purchase goods and services on behalf of companies for use in the process of manufacturing, distribution, or resale.
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Culture
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the accumulation of shared meanings, rituals, norms, and traditions among members
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Norms
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rules dictating what is right or wrong
• Customs: norms handed down from the past that control basic behavior
• Mores: custom with a strong moral overtone
• Conventions: norms regarding the conduct of everyday life
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Subcultures
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members share beliefs and common experiences that set them apart from others
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Sacred and profane consumption
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• Sacred consumption: involves objects and events that are set apart from normal activities that are treated with respect or awe
• Profane consumption: involves consumer objects and events that are ordinary and not special
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Digital natives
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First to grow up with computers in their homes, in a 500-channel TV universe
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Household decision making
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• Family household: at least 2 people living together who are related by blood or marriage
• Nuclear family: mom, dad, and at least 1 child
• Extended family: 3 generations living together
• Usually grandparents, but can also include uncles, aunts, cousins, etc.
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Generation Y
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people born between 1977 and 1994
• Multi-taskers with cell phones, music downloads, IM on Internet
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Consumer confidence
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the extent to which people are optimistic or pessimistic about the future health of the economy
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