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Chapter 2 - Chapter2 Introduction humanneed...

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Click to edit Master subtitle style  10/27/10 Evolution of Consumption Chapter 2
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 10/27/10 Introduction Consuming entails an exchange of psychic  energy  for  objects  or  services  that satisfy some  human need Consumption=  60%  of the U.S. GDP Consumption level is reflected in the amount &  quality of goods and services that a consumer  expects to have through out a lifetime Physical, economic, & spiritual consumptions =  consumer’s quality of life 
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 10/27/10 A culture of Consumption People tend to judge others and themselves in  terms of consumption level and its  appropriateness for their perceived lifestyles  Current Consumer behavior Increasing  affluence Demographics  changes Technological  innovations Changing  tastes and lifestyles
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 10/27/10 Consumption and WWII Retailers were challenged by controls on  production distribution  and  consumption Retailers only replenished their inventory levels  in proportion to the amount of ration stamps  they collected U.S. stores supported war efforts by promoting  savings bond and stamp sales Taught consumers about the value of conserving  goods and how to do so
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 10/27/10 New Developments of Retail in  WWII Two merchandising innovations were  developed for labor saving measures Self-service shopping-   provides consumers  with additional information so they could  select the merchandise that they desire New Packaging strategies-   allowed retailers  to decrease selling costs through the use of  informative labels and increased product 
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 10/27/10 Consumption and Retail of the  Postwar American Golden Age : Characterized by  increased income and employment High growth rates Low inflation, Favorable agricultural and industrial product  trade Union bargaining power helped workers’ wage  rates increase
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 10/27/10 Consumption and Retail of the  Postwar Cont. Cheaper  product costs  increased income   provided consumer with more spending  potential = Challenges for businesses to  compete New marketing strategies developed to  target consumer segments that were  previously ignored by businesses have  become a  necessity
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 10/27/10 New Marketing Strategies  Examples Disney sells family-oriented cruises with  entertainment and activities that appeal to  multiple age groups BMW & Mercedes now sell their cars at  lower prices Wal-mart & Kmart sell designer lines such as  George and Martha Stewart
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 10/27/10 Postwar Spending Trends Consumer spending grew slightly faster than  demand Spending on consumer services  increased Medical care, education, financial service, etc..
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