LECTURE 10.6 CONSUMER BEHAVIOR PT.2

LECTURE 10.6 CONSUMER BEHAVIOR PT.2 - Lecture 8: Consumer...

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Lecture 8: Consumer Behavior pt. 2 10/6/11 Class vs. Income o Which is the better predictor of consumer behavior? o Class and income are NOT very well correlated! o Social class is superior for areas of consumer behavior that do not involve high dollar expenditures, but do reflect underlying life-style value o Income is superior for products which require substantial expenditure and reflect “ability to pay” yet are not perceived to be class-linked status symbols o Both must be used in combination for product classes that are highly visible, serve as symbols of status within class, and require either moderate or substantial expenditures Religion/Values/Beliefs o Some religions have rules/regulations who prohibit certain goods and services o Only important to you! If you, personally, don’t believe in certain traditions, this does not apply to you Peers o Trends spread throughout neighborhoods and among people Someone buys a nice car within neighborhood – peers want to buy same
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LECTURE 10.6 CONSUMER BEHAVIOR PT.2 - Lecture 8: Consumer...

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