test 4 Flashcards
The shared preferences and interests of a social group, which influence their buying habits and brand choices.
Taste culture
Products or brands consumers buy to visibly display their social status or success.
Status symbols
Using purchases to communicate one’s social standing or wealth to others.
Status signaling
A ranking of consumers based on social standing, affecting their access to products and services.
Status hierarchy
The ability of consumers to move between social classes, often tied to changes in income or lifestyle.
Social mobility
A consumer’s position in society based on income, education, and occupation, influencing their consumption patterns
Social class
The wealthiest 1% of consumers, whose spending habits often focus on exclusivity and luxury.
One Percenter
The social status consumers associate with certain professions, which can influence their purchasing preferences.
Occupational prestige
Consumers who have recently gained wealth and often make purchases to showcase their new status
Nouveau riches
A large group of consumers who can afford quality products but not high-end luxury goods.
Mass class
A segment of consumers who use their wealth to engage in luxury lifestyles and purchases that symbolize status
Leisure class
When consumers buy expensive items to provoke envy or show superiority over others.
Invidious distinction
The gap between high- and low-income consumers, shaping their access to products and the types of brands they purchase
Income inequality
The level of optimism or pessimism consumers feel about their financial stability, which affects their spending behavior.
Consumer confidence
When consumers purchase luxury items to signal wealth or social status to others.
Conspicuous consumption
A marketing strategy that relies on content being shared widely and quickly through social media or word-of-mouth.
Viral marketing
The tendency of individuals to put in less effort when working in a group compared to working alone.
Social loafing
The idea that people define themselves based on the groups they belong to (e.g., sports teams or brands).
Social identity theory
A framework used in marketing and business to work efficiently in teams, often breaking work into small, manageable tasks.
Scrum:
A group that affects a person’s attitudes or behaviors, either through admiration, membership, or avoidance.
Reference group
Trusted individuals whose advice or recommendations influence others’ buying decisions.
Opinion leaders
Unwritten rules or expectations about how people should behave in a group.
Norms
When unhappy customers share bad reviews or complaints about a product, spreading a negative reputation.
Negative word-of-mouth
A group someone is part of (like friends or coworkers) that influences their behavior.
Membership reference group
Influential people on social media who spread information about brands or products to a large audience.
Mass connectors:
A person who loves to share their knowledge about products, services, and deals, influencing others’ decisions.
Market maven
Adjusting behavior to align with what others are doing to fit in.
Conformity
Excitement and talk generated around a product or brand, often spread quickly by word-of-mouth or social media.
Buzz
Groups someone actively avoids being associated with, influencing them to reject certain products or behaviors.
Avoidance groups
A group someone admires and wants to be like, which influences their choices.
Aspirational reference group
A flexible, fast-paced marketing approach that adjusts strategies based on customer feedback and results.
Agile marketing
Using a specific theme (e.g., nature, nostalgia, or futuristic designs) to create a memorable shopping experience that resonates emotionally with consumers.
Retail theming
The study of how wait times impact consumer satisfaction, influencing their perception of service quality.
Queuing theory
A consumer’s subjective perception of time, which can affect their shopping behavior (e.g., feeling rushed vs. having leisure time to browse).
Psychological time
Temporary retail spaces that create urgency and exclusivity, encouraging consumers to explore products they may not usually encounter.
Pop-up stores
In-store marketing tools like displays, signs, or promotions designed to catch shoppers’ attention and encourage immediate purchases.
Point-of-purchase (POP) stimuli
When consumers exchange used products with others (e.g., through thrift shops or peer-to-peer platforms), reflecting shifts toward sustainability and shared consumption.
Lateral cycling
A practice of observing consumers in their natural shopping environment to gain insights into their behaviors and needs.
Gemba
The intentional design of a store’s environment (e.g., lighting, music, scents) to influence a consumer’s mood, behavior, and likelihood of purchasing.
Atmospherics
Retail spaces designed to engage consumers by allowing them to participate in activities, enhancing the shopping experience and building brand loyalty.
Activity stores
A theory that explains consumer satisfaction by comparing expectations to actual product performance (positive disconfirmation exceeds expectations, negative disconfirmation falls short).
Expectancy disconfirmation model
A consumer’s evaluation of a product or service based on whether it meets or exceeds their expectations.
Consumer satisfaction/dissatisfaction (CS/D)
