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