Seeking Profits by Enhancing Older Consumer Well-Being

Vocabulary flashcards covering key terms and concepts related to consumer well-being, successful aging, and business strategies presented in the lecture notes.

Well-Being

Overall state of comfort, health, and happiness; often used interchangeably with quality of life.

Quality of Life (QOL)

Aggregate level of satisfaction across multiple life domains such as health, finances, and social relationships.

Life Satisfaction (SWL)

A person’s cognitive appraisal of how satisfied they are with life as a whole.

Subjective Well-Being

Personal perceptions and feelings about one’s own life circumstances.

Objective Well-Being

Observable, measurable conditions of life (e.g., income, health status) that influence well-being.

Successful Aging Perspective (SAP)

Model defining successful aging by low disease risk, high cognitive/physical function, and active engagement with life.

Life Course Paradigm (LCP)

Framework emphasizing that earlier-life activities shape well-being at later stages.

Transformative Service Research (TSR)

Field of study focused on how services can create positive changes in consumer well-being.

Domain of Health

Most critical determinant of happiness in late life, encompassing physical and emotional health.

Functional Capacity

Ability to perform physical and cognitive tasks necessary for independent living.

Active Engagement with Life

Participation in interpersonal relationships and productive activities that support successful aging.

Financial Resources

Monetary assets available to meet current and future needs, strongly linked to later-life well-being.

Social Resources

Networks and relationships that provide support, information, and companionship.

Attitudes and Emotions

Internal feelings such as optimism or stress that influence health and life satisfaction.

Spirituality

Sense of connection to something larger, often providing meaning and coping strength.

Lifestyle

Pattern of daily activities, time use, and spending that affects physical and mental health.

Consumption Domain

Impact of buying and using products/services on an individual’s day-to-day well-being.

Mindful Consumption

Deliberate, informed use of goods to enhance personal and societal well-being.

Responsible Financial Behaviors

Actions like budgeting, saving, and investing that support financial well-being.

Compulsive Buying

Uncontrolled purchasing that often harms financial, emotional, and social health.

Excessive Consumption

Overuse of products or credit beyond needs or means, undermining quality of life.

Financial Solvency

Ability to meet financial obligations and avoid becoming a burden on others.

Self-Esteem

Overall evaluation of one’s own worth, linked to better health and happiness.

Optimism

General expectation that good things will happen; correlates with healthier behaviors and outcomes.

Sense of Control

Belief in one’s ability to influence life events, fostering proactive health and financial actions.

Stress

Psychological and physiological response to demands that threaten well-being.

Longevity

Length of life, influenced more by lifestyle choices than heredity.

Life Span

Maximum potential human age, estimated around 120 years.

Life Expectancy

Average number of years a person born today is expected to live.

Functional Age

Measure of biological and functional health versus chronological years lived.

Preventive Healthcare

Actions such as exercise and screenings aimed at deterring or delaying disease.

Active Lifestyle

Schedule filled with varied social, physical, and cognitive activities promoting purpose and health.

Information & Communication Technologies (ICT)

Tools like smartphones and computers that help older adults stay informed, connected, and independent.

Information and Technology Proneness

Willingness and ability of older individuals to adopt and benefit from new technologies.

Mid-Life Crisis

Stressful re-evaluation in middle age triggered by concerns over limited time and resources.

End-of-Life Stage

Proposed life course phase focusing on preparation for dying and ensuring desired quality of final years.

Positive Age Stereotypes

Favorable beliefs about aging (e.g., wisdom) that boost health and longevity.

Negative Age Stereotypes

Harmful beliefs about aging (e.g., incompetence) that increase stress and impair well-being.

Transformative Business Orientation

Shift from short-term satisfaction to strategies that improve long-term consumer well-being.

Proactive Strategies for Well-Being

Life-long habits that build resources and deter risks to health, finance, and happiness.

Financial Literacy

Knowledge and skills that enable informed decisions about money management.

Preventive Service Messages

Marketing communications encouraging behaviors like ‘drink responsibly’ or exercise regularly.

Age-Based Guideposts

Traditional chronological markers (e.g., retire at 65) that may misguide planning in longer-lived populations.

Holistic Exercise

Moderate, regular physical activity (including resistance training) that can deter or reverse aspects of aging.

Stress Coping Strategies

Techniques such as planning, reframing events, or animal companionship to mitigate negative feelings.

Transformative Consumer Guidance

Business efforts that educate and motivate customers toward behaviors enhancing their quality of life.