430 (CH. 12)
____________ is one way to differentiate among social classes.
Worldview
Shirley buys a genuine mink fur and then sees a woman walking on Worth Avenue with a faux fur. Shirley decides to disguise her genuine fur because she believes that truly high-status people do not need to display expensive logos, whereas those who do demonstrate that they belong to a lower status. Marketers would describe this coping strategy as ________.
abranding
Citigroup strategists coined the term ________ to describe an economy that's driven by a fairly small number of rich people.
plutonomy
Social analyst Thorstein Veblen criticized the "decorative" role of women, as rich men showered them with expensive clothes, pretentious homes, and a life of leisure as a way to advertise their own wealth. Today, we refer to these women as ________.
trophy wives
Marketers understand that individuals make statements about their social class through product purchases. Research on the study of the impact of fakes finds a major headache for many manufacturers, especially in Asia. Officials in China estimate that ________ percent of the products made there are counterfeit.
15 to 20
The ________ richest people in the world are worth $1.9 trillion. This is about the same amount shared by the 3.5 billion people who are in the bottom half of the world's income bracket.
80
________ is the state of mind consumers have about their own personal situation. This state of mind as well as their feelings about their overall economic prospects help to determine whether they will purchase goods and services, take on debt, or save their money.
Consumer confidence
If a person who bought the real thing sees imitations of their prized handbags or watches parading in public, they can respond in a number of ways. One approach is to discontinue using the brand because they don't want to be mislabeled as a lesser-status person who purchases counterfeit brands. Which term do researchers use for this consumer reaction?
Flight
Which phrase is used by marketers to describe consumers who use their money to buy things that will last and have enduring value?
Luxury is functional
Devon has a more emotional approach to luxury spending and is more likely to make impulse purchases. Based on Devon's attitude towards luxury, SRI Consulting Business Intelligence would place her in which consumer group?
Luxury is indulgence
Jessie uses her luxury goods to say, "I've made it." She likes to demonstrate her success to others and purchases conspicuous luxury items, such as high-end automobiles and homes in exclusive communities. Market researchers would describe Jessie as which type of consumer?
Luxury is reward
In the last few years, the label ________ entered our nation's vocabulary, beginning with the Occupy Wall Street movement where we saw protestors camping out in cities across the United States.
One Percenter
Some individuals who have a desire to make a statement about their social class, or the class to which they hope to belong, seek status by deliberately avoiding fashionable products. Market researchers would use the term ______ to describe the actions of these status seekers.
Parody display
This term is used to describe an economy that's driven by a fairly small number of rich people.
Plutonomy
________ is the coping strategy used by consumers who go out of their way to emphasize their long relationship with the brand and express concern that its image will be tarnished.
Reclamation
Which of the following refers to individuals moving upward or downward in social class?
Social mobility
___________ is the use of possessions to communicate wealth or prestige to others.
Status symbolism
Old money families tend to live largely on inherited funds and following the Great Depression of the 1930s, they ______________.
became more discreet about exhibiting their wealth
Our confidence in our future, as well as in the overall economy, determines how freely we spend our money and the types of products we buy. The field of ________ studies how consumers decide what to do with their money.
behavioral economics
When a person flaunts his status by deliberately using up valuable resources, marketers call this ________.
conspicuous consumption
When consumers ________, they reduce the amount they save, they take on more debt, and they splurge on discretionary items.
feel optimistic about the future
Consumers who buy things to inspire envy through their display of wealth or power create ________.
invidious distinction
The social analyst Thorstein Veblen first discussed the motivation to consume for the sake of consuming at the turn of the 20th century. According to Veblen, we purchase things to create ________, which means that we use them to inspire envy in others through our display of wealth or power.
invidious distinction
Social analyst Thorstein Veblen called people for whom productive work is taboo the ________ class.
leisure
SRI Consulting Business Intelligence divides consumers into three groups based on their attitudes toward luxury: One group is described as the smallest of the three and tends to include younger consumers and slightly more males than the other two groups. This group is called ________.
luxury is indulgence
Bill Gates and Mark Zuckerberg are individuals who recently achieved their wealth and who don't have the benefit of years of training to learn how to spend it. Market researchers would use the term ________ to describe these consumers.
nouveau riche
The particular products that count as status symbols vary across cultures. In China, parents want to show off their pampered child and are eager to surround their "little emperors" with luxury goods. Chinese families spend ________ of their disposable income on their children.
one-third to one-half
A range of factors influence the overall ________ including individual consumers' pessimism or optimism about their personal circumstances, such as a sudden increase in personal wealth as the result of an inheritance and global events such as the Great Recession.
savings rate
The creation of artificial divisions in a society, where resources are distributed based on status position, is a process called ________.
social stratification
The nouveau riche group of consumers monitor the cultural environment to ensure that they do the "right" thing, wear the "right" clothes, get seen at the "right" places, use the "right" caterer, and so on. They suffer from ________.
status anxiety
Market researchers use the term _____ to describe products that are purchased not for the enjoyment of the item itself, but rather to let others know that the purchaser/owner can afford it.
status symbols