Why americans are less likely to save as compared to

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Why Americans are less likely to save as compared to people from other countries? Asians (e.g. Chinese, Japanese) Germans Etc…
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Region and Consumer behavior
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Region and Consumer behavior
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Region and Consumer behavior Effect of language on saving rate Non-future tense makes people discount future-related benefits less. None-future tense makes future distant events more vivid I am going to take the final test. I take the final test.
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Region and Consumer behavior
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Chapter 14: Psychographics Understand the main components of psychographics Understand the value system What is hierarchy of value system? Understand the concept of materialism Know consumerism and its impact on individual’s behavior Understand the concept of individualism Understand the comparison between individualism vs. collectivism Understand Personality Know the “Big 5” personality traits Understand Lifestyles Know the components AIOS What is 80/20 Rule?
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Psychographics “A description of consumers based on their psychological and behavioral characteristics.” 1. Values 2. Personality 3. Lifestyle Demographics Age Gender Race / Ethnicity Nationality Religion Social Class Household Income Psychographics Values Personality Lifestyle
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Value System Global Value A person’s most enduring, strongly held, and abstract value (e.g. freedom). Terminal Value Highly desired end states (e.g. social recognition) Instrumental Value The values needed to achieve the desired end states (e.g. cheerfulness) Domain Specific Value
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Western Cultural Values: Materialism People gauge satisfaction in terms of what they have or have not acquired in life and in terms of desired possessions Materialism & Narcissism Materialism & Consumerism
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Consumerism Undermines Social-wellbeing On a 5 point scale (1 ~ least, 5 ~ most) Think as a consumer (vs. individual) in a water crisis
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Western Cultural Values: Individualism Individualism vs. Collectivism E.g. Dual entitlement & Price Fairness A product increase from $10 to $15 as costs arise. However, when costs are reduced, firms can still charge at $15. Works in individualism culture but maybe not collectivism culture
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Personality Internal characteristics that determine how people behave in various situations Patterns of behavior, tendencies, qualities, or personal dispositions What makes us different from one another Consistently influences the way in which we respond to our environment Reflected in consumption choices
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Neuroticism - A tendency to easily experience unpleasant emotions such as anxiety, anger, or depression. Extroversion - Energy, surgency, and the tendency to seek stimulation and the company of others. Agreeableness - A tendency to be compassionate and coopperative rather than suspicious and antagonistic towards others. Conscientiousness - A tendency to show self- discipline, act dutifully, and aim for achievement. Openness to experience - Appreciation for art, emotion, adventure, and unusual ideas; imaginative and curious “Big 5” Personality Traits
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Chapter 15: Innovation Understand Innovation Definition (narrow vs. broad) Innovation types Know different ways to promote innovation Incentive Quality vs. Quantity approach (in-class activity on Rebuz puzzle)
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What is an Innovation?
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