Term
| Demographics and social stratification |
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Definition
Population and size
- different trends in different parts of US
- south and west = fastest growing areas
Occupation
Education
Income
- subjective discretionary income: what income a household THINKS it has
Age |
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Term
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Definition
- Generation/age cohort (common social, political, historical, and economic)
- cohort analysis
- chronological age: how old you really are
- cognitive age: how old you think of yourself |
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Term
| Different American generations |
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Definition
1) Mature market (pre-depression/depression)
2) Baby boomers
3) Generation X
4) Generation Y
5) Generation Z |
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Term
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Definition
- 84 years and older
- quickly disappearing
- Difficulty giving up things
- Gerontographics: study of old people based on physical health and general outlook |
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Term
| 4 segments of gerontographics |
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Definition
1) healthy indulgers (healthy with positive outlook)
2) ailing outgoers
3) healthy hermits
4) frail recluses (frail with negative outlook) |
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Term
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Definition
- 68-83 years old
- things are paid for so they can indulge others and themselves
- there will be a large wealth transfer to next generation
- downsizing
- tech savvy |
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Term
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Definition
- 49-67 years old
- Biggest of the generations
- empty nesters, caretakers, retirement
- interested in health and aging
- like age appropriate models in ads |
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Term
| Stereotypes of baby boomers |
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Definition
- self-centered (shifting to focus on family and environment)
- not tech savvy (not true, they are)
- married empty nesters (not all of them)
- wealthy and retiring early |
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Term
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Definition
1) yesterday: people who think the past was better than the present/future
2) today: people who think today is the best
3) tomorrow: people who see future as the best |
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Term
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Definition
- 37-48 years old
- small generation
- divorce rate went up
- more small businesses, entrepreneurial
- less career oriented
- cynical and sophisticated
- have opposite tastes from baby boomers (do not take traditional marketing well)
- diverse and tech savvy
- women are better educated than men |
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Term
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Definition
- 19-36 years old
- diverse
- "echo boom" (big generation)
- don't like marketing hype (they like truth/facts)
- increase in frugality from great recession
- social media = important
- believe they are a unique generation |
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Term
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Definition
- 4-18 years old
- diverse
- high expectations
- more fiscally responsible than previous generation |
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Term
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Definition
| - Social class system is not as distinct as some cultures |
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Term
| How do you measure social classes |
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Definition
- status continua-dimensions
- achievement related
- ascribed: things you have no control over like being born into a wealthy family |
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Term
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Definition
| Every dimension puts you in the same social classes |
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Term
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Definition
Some aspects put you in one class, but others put you in another class
- ex) a laborer who makes 6 figures is in working class and high class |
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Term
| Socioeconomic factors in social structure |
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Definition
- occupation
- education
- ownership
- income
- heritage |
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Term
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Definition
- new rich
- conspicuous consumption
- give back to community |
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Term
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Definition
- no heritage or unusual wealth
- occupation and education
- arts, charities, private clubs |
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Term
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Definition
- white and high paid blue collar
- insecure from the economy
- traditional values |
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Term
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Definition
Middle class aspires to belong to upper-middle class so they prefer products consumed by the upper-middle class
- companies can create the illusion of upper-class symbolism for middle class products |
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Term
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Definition
- skilled or semi-skilled
- suffered in the 90s from automation and NAFTA
- stock market boom didn't benefit them
- dislike higher classes |
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Term
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Definition
- unskilled
- poorly educated
- lack insurance or retirement plans |
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Term
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Definition
- Targeting this segment may be controversial
- ex) rent-to-own takes advantage of their situation
- sin products (malt liquor) |
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Term
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Definition
1) single item index
- could be misleading (like just looking at income)
2) multi-item index
- most used
3) Hollingshead Index of Social Position
- occupation and education is the best measure of social class |
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