LECTURE MONEY ETHICS

LECTURE MONEY ETHICS - Lecture 17: Money Ethic Conspicuous...

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Lecture 17: Money Ethic Conspicuous consumption o Desire to consume goods and services more for their ability to impress others and demonstrate social status than for their intrinsic value o Desire to “buy up” to a higher social class – flaunting one’s status deliberately Process of planned buying o Define the problem o Identify your values and goals o Identify possible alternatives o Compare benefits and costs o Negotiate o Select the best alternative o Accept and evaluate your actions Consumer’s Union o Started in 1936 – during Great Depression o No successful lawsuit filed against them – they won every lawsuit o Rank and rate consumer products o Non-profit, income from publication not advertising o Anonymous shoppers, expert testers o Focus on frequently purchased items and regionally well-known brands o Generally not tested; services (exception of car/life insurance); local house brands; products with quality to standardize; products purchased by a very small
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LECTURE MONEY ETHICS - Lecture 17: Money Ethic Conspicuous...

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