Week 10 - Income and social class

Question 1

What are the four money profiles

Answer 1

Love
Freedom
Security
Power

Question 2

What is the economic theory of lifestyle

Answer 2

• a pattern of consumption reflecting a persons choices of how they spend time and money

Question 3

What does lifestyle represent

Answer 3

• the way one elects to allocate income

Question 4

What is group identity based on symbolic interactionism

Answer 4

• occurs when consumers buy products for the symbols attached by their society or subculture

Question 5

What are the five factors of psychographic segmentation

Answer 5

• lifestyle
• opinions
• interests
• activities
• social status

Question 6

What is the goal of lifestyle marketing

Answer 6

• allow consumers to pursue their chosen ways to enjoy liife and express their social identities
• focus on product usage in desirable social settings
• marketers need to look at the pattern of behaviour to understand consumers

Question 7

What are co branding strategies

Answer 7

• linking product together to create a more desirable connotation in consumers mind

Question 8

What are the two co branding strategies

Answer 8

• Product complementarity
• Consumption constellations

Question 9

What is product complementarity

Answer 9

• occurs when the symbolic meanings of different products are related to each other

Question 10

What is consumptions constellations

Answer 10

• clusters of complementary products, specific brands and or consumption activities used by consumers

Question 11

What are VALS

Answer 11

• a psychographic segmentation frame work that categorizes consumers into 8 different categories

Question 12

What is social class

Answer 12

• the overall rank of people in a society based on status

Question 12

What are the roy morgan value segments

Answer 12

Indivudalism
life satisfication
conervation
innovation

Question 13

What is status heirarchy

Answer 13

• structure in a social group inwhich some members are better off than others

Question 14

What does social class affect

Answer 14

• access to resources

Question 15

What are the three main components of social class

Answer 15

• Occupation
• Education
• Income

Question 16

What is social stratification

Answer 16

• creation of artificial divions in society

Question 17

What are the two types of social class

Answer 17

Acieved Status
Ascribed Status

Question 18

What is social mobility

Answer 18

• the movement of individuals from one social class to another

Question 19

How does being working class affecct purchase decisions

Answer 19

• evaluate products more in utilitarian (useful) terms
• concerned with immediate needs
• more dependent and family orientated

Question 20

How does being an affluent consumer affect purchase decisions

Answer 20

• more concerned with appearance and body image
• focuses on longer term goals

Question 21

What are the three groups that ‘rich’ or luxury consumers can b e categorised

Answer 21

Functional
Reward
Indulgence

Question 22

What are status symbols

Answer 22

things that show what kind of social class we may be apart of

Question 23

What is conspicuous consumption

Answer 23

Refers to a desire to provide prominent, visible evidence of the ability to afford luxury goods

Question 24

What are the three major social class categories

Answer 24

lower class middle class upper class

Question 25

How can we measure social class

Answer 25

It is a complex concept and we can use the socioeconomic index for advantage - but these measures are highly critisised