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