Measuring Social Class and Status Symbols

Flashcards to review key concepts from the lecture on social class and its impact on consumer behavior.

What factors are used in objective measures of social class?

Factors include income, wealth, education, and occupation.

How is wealth calculated in measuring social class?

Wealth is calculated by subtracting liabilities from assets.

What is self-reported social class?

Self-reported social class is an individual's own perception of their social standing, classified as upper, middle, or lower class.

What are status symbols?

Status symbols are objects or possessions that convey an individual's social standing and serve as visible markers of wealth, prestige, and power.

Give examples of luxury goods that can be considered status symbols.

Examples include Gucci handbags, Rolex watches, and high-end fashion.

What is signaling theory in relation to status symbols?

Signaling theory suggests that status symbols act as signals of social class by conveying information about an individual's resources and abilities.

How can target market segmentation be applied in marketing?

Target market segmentation involves identifying consumer groups based on their desire for status symbols and tailoring marketing messages to those specific segments.

What potential drawback can arise from using status symbols in marketing?

A potential drawback includes alienating consumers who cannot afford the status symbols.

How do generational differences affect the perception of status symbols?

Different generations prioritize different aspects—Baby Boomers favor material possessions, Gen X values experiences, and Millennials/Gen Z focus on digital influences and authenticity.

What cultural differences exist in the emphasis on status symbols?

Western cultures emphasize individualism and conspicuous consumption, while Eastern cultures focus on collectivism and subtle displays of wealth.