MKT 447 Study Guide - Midterm Guide: Reference Group, Mothers Against Drunk Driving, Mystery Shopping
Document Summary
Group: 2 or more people who interact to accomplish individual or mutual goals. Factors that affect reference groups: information and experience, credibility, attractiveness, and power of the reference group, conspicuousness of the product: how visibly or verbally conspicuous (will stand out and be noticed, reference groups and consumer conformity. Selected consumer-related reference group: friendship group, shopping group, work group, virtual groups- ivillage women"s website, consumer-action groups- madd. Consumer socialization: process by which children acquire the skills, knowledge, and attitudes necessary to function as consumers. Social class: relative rankings of members of each social class, measures: wealth, power, prestige, education, income measures. Status consumption: consumers endeavor to increase their social standing through consumption (important for luxury goods) Social class measurement: subjective: asked to estimate their own social class, reputational: informants make judgments concerning the social-class membership of others within the community, objective: answer specific socioeconomic questions and then are categorized according to answers.
