Merit, Griffen, Luxury Goods Flashcards
(25 cards)
What is the primary focus of the concept of ‘Merit’?
The primary focus of ‘Merit’ is on the recognition of individual ability and achievement.
True or False: ‘Griffen’ refers to a type of luxury good.
False
Fill in the blank: Luxury goods are often associated with ________ and exclusivity.
wealth
What is a key characteristic of luxury goods?
Luxury goods are characterized by their high quality, exclusivity, and often high price.
Which of the following is an example of a luxury good? a) Basic clothing b) Designer handbag c) Generic food item
b) Designer handbag
What role does ‘Merit’ play in the context of luxury goods?
Merit plays a role in justifying the high price of luxury goods based on perceived quality and craftsmanship.
True or False: Luxury goods are only purchased for their functional utility.
False
What term describes the practice of using luxury goods to signal social status?
Conspicuous consumption
Fill in the blank: The ‘Griffen’ model often addresses the relationship between ________ and consumer behavior.
perception of value
What is the ‘Griffen’ model primarily used for?
The ‘Griffen’ model is used to analyze consumer behavior related to luxury goods.
Which of the following is NOT a factor influencing luxury goods consumption? a) Brand reputation b) Price c) Necessity
c) Necessity
What is one psychological factor that drives the demand for luxury goods?
The desire for social status and validation.
True or False: All luxury goods are considered to be high in quality.
True
What does the term ‘Meritocracy’ imply in the context of luxury goods?
It implies that individuals can achieve success and access luxury goods based on their merit and achievements.
Fill in the blank: Luxury goods often have a ________ effect, where their desirability increases with their scarcity.
Veblen
What impact does social media have on luxury goods consumption?
Social media influences luxury goods consumption by amplifying brand visibility and creating aspirational lifestyles.
What is a common misconception about luxury goods?
A common misconception is that luxury goods are only about high prices, rather than quality and craftsmanship.
True or False: The value of luxury goods is solely determined by their material cost.
False
What is the significance of ‘brand heritage’ in the luxury goods market?
Brand heritage adds to the perceived value and authenticity of luxury goods.
Which demographic is most likely to invest in luxury goods?
Affluent individuals with disposable income.
Fill in the blank: The term ‘_______’ is often used to describe the emotional connection consumers have with luxury brands.
brand loyalty
What is one reason consumers may choose luxury goods over non-luxury alternatives?
The perceived superior quality and status associated with luxury goods.
True or False: The luxury goods market is immune to economic downturns.
False
What does ‘Merit’ often correlate with in the luxury goods sector?
It correlates with consumer perceptions of quality and brand prestige.
