Exam 6: Personality, Lifestyles, and the Self-Concept

THE BILLIONAIRE LIFESTYLE SCENARIO Philip, Joe and Ralph are all part of a billionaire's club in their city. They are all in their mid-40s, but with remarkably successful careers, they became billionaires within a very short period of time. Philip, the CEO of his own real-estate venture, started out as a dynamic entrepreneur who managed to make huge profits within two years of starting his business venture. He believes in living life luxuriously and lavishly. Joe, the CEO of an event management company, shares the same thought. Joe and Philip splurge on the latest cars and electronic gadgets in the market. They buy designer clothes, shoes and watches. They party at the best clubs in the city and are known to order customized suits for themselves from some of the best designers around the world. They also have a passion for traveling. They take time off from their work and visit exotic locations around the world, stay in the best hotels, and eat at expensive restaurants. But not all billionaires are like Philip and Joe; Ralph, the CEO of a chain of luxury hotels, used to be materialistic like the others. These days, he is no longer interested in living a lavish life and is rather keen on reducing his material consumption. He prefers living a simple life with his family, and rarely indulges himself like he used to do earlier. He feels that being too materialistic can not only lead to financial distress in the future, but also create problems in his personal life. Instead of partying like the others, he is often seen at charity events making donations. He wants to be known primarily for his contributions to the society and not for having an extravagant lifestyle. -Refer to The Billionaire Lifestyle Scenario.Ralph's desire to be known as a philanthropist reflects his _____.

The _____ focuses on the total person and the uniqueness of his or her psychological makeup.

_____ refers to the tendency of consumers to take excessive pride in themselves,including their appearance and accomplishments.

The five-factor model approach is universally accepted by all researchers.

Sandra is a tennis enthusiast.She is also an avid collector of sports memorabilia,and a frequent attendee to auctions where she buys items owned by the tennis stars of yesteryears.In this instance,Sandra expresses her ideal social self through her purchasing behavior.

_____ combine(s)data on consumer expenditures and socioeconomic variables with geographic information in order to identify commonalities in consumption patterns of households in various regions.

According to the psychoanalytic approach to personality,which of the following focuses on pleasure-seeking and immediate gratification?

Symbolism refers to the extent to which material goods are important in a consumer's life.

"Baby Boomers" are those consumers who were born between 1981 and 1995.

Downshifting refers to a conscious decision to reduce one's material consumption.

The extended self refers to:

THE BILLIONAIRE LIFESTYLE SCENARIO Philip, Joe and Ralph are all part of a billionaire's club in their city. They are all in their mid-40s, but with remarkably successful careers, they became billionaires within a very short period of time. Philip, the CEO of his own real-estate venture, started out as a dynamic entrepreneur who managed to make huge profits within two years of starting his business venture. He believes in living life luxuriously and lavishly. Joe, the CEO of an event management company, shares the same thought. Joe and Philip splurge on the latest cars and electronic gadgets in the market. They buy designer clothes, shoes and watches. They party at the best clubs in the city and are known to order customized suits for themselves from some of the best designers around the world. They also have a passion for traveling. They take time off from their work and visit exotic locations around the world, stay in the best hotels, and eat at expensive restaurants. But not all billionaires are like Philip and Joe; Ralph, the CEO of a chain of luxury hotels, used to be materialistic like the others. These days, he is no longer interested in living a lavish life and is rather keen on reducing his material consumption. He prefers living a simple life with his family, and rarely indulges himself like he used to do earlier. He feels that being too materialistic can not only lead to financial distress in the future, but also create problems in his personal life. Instead of partying like the others, he is often seen at charity events making donations. He wants to be known primarily for his contributions to the society and not for having an extravagant lifestyle. -Refer to The Billionaire Lifestyle Scenario.Philip and Joe mostly wear designer outfits,watches,and shoes.They also buy the latest and the most expensive cars and electronic gadgets.If Philip and Joe were to engage in flaunting their material possessions as a way of displaying their social class,such a tendency could be described as _____.

Which of the following represents the tendency for consumers to focus on maximizing what is received from a transaction as compared to what is given?

The superego works in accordance with the pleasure principle.

Briefly describe any five important traits found in consumer research that influence consumer behavior.

Which of the following is a characteristic of consumers with low need for cognition?

The superego focuses on resolving the conflicts between the id and ego.

Sara is married to an English media baron.She drives an expensive Lexus,wears designer clothing,and sends her children to an exclusive private school to display her family's social class to others.Sara's tendency to flaunt her material possessions as a way of displaying her social class can be described as conspicuous consumption.

THE BILLIONAIRE LIFESTYLE SCENARIO Philip, Joe and Ralph are all part of a billionaire's club in their city. They are all in their mid-40s, but with remarkably successful careers, they became billionaires within a very short period of time. Philip, the CEO of his own real-estate venture, started out as a dynamic entrepreneur who managed to make huge profits within two years of starting his business venture. He believes in living life luxuriously and lavishly. Joe, the CEO of an event management company, shares the same thought. Joe and Philip splurge on the latest cars and electronic gadgets in the market. They buy designer clothes, shoes and watches. They party at the best clubs in the city and are known to order customized suits for themselves from some of the best designers around the world. They also have a passion for traveling. They take time off from their work and visit exotic locations around the world, stay in the best hotels, and eat at expensive restaurants. But not all billionaires are like Philip and Joe; Ralph, the CEO of a chain of luxury hotels, used to be materialistic like the others. These days, he is no longer interested in living a lavish life and is rather keen on reducing his material consumption. He prefers living a simple life with his family, and rarely indulges himself like he used to do earlier. He feels that being too materialistic can not only lead to financial distress in the future, but also create problems in his personal life. Instead of partying like the others, he is often seen at charity events making donations. He wants to be known primarily for his contributions to the society and not for having an extravagant lifestyle. -Refer to The Billionaire Lifestyle Scenario.Philip and Joe buy the latest and the most expensive cars in the market.They also splurge on designer clothes,shoes and watches.In doing so,which of the following consumer behavior traits are they displaying?

THE DESIGNER CLOTHES SCENARIO Fashion weeks in New York, Paris, and Milan featuring haughty supermodels strutting up and down the ramp generate a lot of attention for designers, especially if the collection is unique or unorthodox. But who buys these clothes? Apparently, only a small group of customers, as the celebrities seen so often flaunting designer clothing get these outfits for free in return for the publicity they generate for designers. This small group of customers comprise of women like Anna, Cindy, and Christine. Anna purchased a Balmain mini dress worth $24,000 and several other outfits because, as she stated, "I buy what I love." On the other hand, Cindy, an art enthusiast, purchased an Alexander McQueen jacket priced over $11,000. To her an apparel, besides being a work of art, also helps her form perceptions about herself. Christine, who attends high society events almost every night, wears any dress only once and in case she is attending more than one social event, changes several times in the course of a single evening. For these women, their clothing is an expression of themselves and how they want people to see them. -Refer to The Designer Clothes Scenario.Anna's statement,"I buy what I love," focuses on immediate gratification and is based on the _____ principle.