Marketing Ch 11
tightwads
people who hate to part with even a penny
jill
psychographic segments; busy suburban mom who buys electronics
social mobility
refers to the passage of individuals from one social class to another
frugalists
refuse to sacrifice style, but they achieve it on a budget
homogamy
"birds of a feather do flock together"; we tend to marry people in a social class similar to our own. this term is also known as assortative mating
lifestyle marketing perspective
recognizes that people sort themselves into groups based on things they like to do, how they like to spend their leisure time, and how they choose to spend their disposable income.
discretionary income
refers to the amount of money available to a household that is over and above what it requires to have a comfortable standard of living
lifestyle
term that refers to the broad pattern of how we spend our time and money
AIOs
terms used to describe the term in psychographic research that combines activities, interests, and opinions
social class
the overall rank of people in a society; people who are grouped within the same ____ _____ are approximately equal in terms of their income, occupations, and lifestyle
social stratification
the process in a social system by which scarce and valuable resources are unequally distributed to status positions that become more or less permanently ranked in terms of the share of valuable resources each recieve
ascribed status
the term that describes someone who is born into goods; "silver spoon in her mouth"
achieved status
the term that describes what people achieve when they use hard work and diligent study to earn status
consumer confidence
this term measures how optimistic or pessimistic people are about the future health of the economy and how they predict they'll fare down the road
social class and income
we need both ____ ____ and ____ to predict purchases of expensive, symbolic products (i.e. cars, homes)
reputation economy
where the "currency" people earn is approval, rather than cold hard cash
social class
_____ _____ is a better predictor of purchases that have symbolic aspects but low to moderate prices (i.e. cosmetics, liquor)
income
_____ is a better predictor of major expenditures that do not have symbolic aspects (i.e. major appliances)
status hierarchy
a ranking of social desirability in terms of consumers access to resources such as money, education, and luxury goods
plutonomy
describes an economy that is driven by a fairly small number of rich people
a product-specific profile
part of how we use psycho-graphics; identifies a target group and then profiles these consumers on product-relevant deminsions
lifestyle profile
part of how we use psycho-graphics; looks for items that differentiate between users and nonusers of a product
a general lifestyle segmentation
part of how we use psycho-graphics; places a large sample of respondents into homogeneous groups based on similarities in their overall preferences
a product-specific segmentation study
part of how we use psychographics; tailors questions to a product category.
spendthrifts
people who enjoy nothing more than buying everything in sight
ray
psychographic segments; family man who likes his technology practical
buzz
psychographics segments; focused, active younger male interested in buying the latest gadgets
barry
affluent professional male who'll drop tens of thousands of dollars on a home theater system
the 4 A's of low-income consumers
awareness, affordability, acceptability, and availability
psychographics
involves the use of psychological, sociological, and anthropological factors to determine how the market is segmented by the propensity of groups within the market. Is also used to determine their reasons to make a particular decision about a product, person, ideology, or otherwise hold an attitude or use a medium
worldview
is one way to differentiate among social classes
co-branding strategies
linking products together to create a more desirable connotation in consumer minds
functional
luxury is _____. these consumers use their money to buy things that will last and have enduring value
indulgence
luxury is ______. this group is the smallest of the three and tends to include younger consumers and slightly more males than the other two groups. the purpose of owning luxury is to be extremely lavish
reward
luxury is a _____. these consumers tend to be younger than the first group but older than the third group. they desire to be successful and to demonstrate those successes.
hedonic adaptation
means that to maintain a fairly stable level of happiness, we tend to become used to changes, big or small, wonderful or terrible
horizontal mobility
occurs when a person moves from one position to another that's roughly equivalent in social status
downward mobility
occurs when someone goes down in social class; i.e. homeless
upward mobility
occurs when someone goes up in social class
interests
part of AIO that describes family, home, job, community
opinions
part of AIO that describes themselves, social issues, politics, and business
activities
part of AIO that describes work, hobbies, social events, and vacation
BB4B (best buy for business)
small employer; best buy for business