Status symbols

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Information about Status symbols

Published on December 26, 2008

Author: varun23oct


Slide 1: Consumer Behaviour Status Symbol 12/26/2008 Varun Aggarwal Preeti Kumari Shashank Rana Sapna Rana Meaning : Meaning A status symbol is something that indicates the social status of its owner. Usually a status symbol is a mark of high status. Status symbols can also indicate the cultural values of a society. In materialistic or commercial society, wealth and symbols of wealth are often status symbols. In a society valuing bravery or honor, a battle scar would be more of a status symbol. In modern-day Western society, some possessions that could be labeled as status symbols include a large, expensive house, expensive car, or fine clothes. 12/26/2008 Status SymbolsWhat are They? : Status SymbolsWhat are They? Conspicuously consumed goods which are used to provide evidence of wealth Why do some people feel the need for status symbols? motivation for the purchase and display of products is not to enjoy them but rather to let others know that we can afford them Anonymity exacerbates the need for uniqueness. If most people are unknown in public, status cannot be conveyed by reputation 12/26/2008 Changes In Status Symbols : Changes In Status Symbols Time Factors Social Factors Technological Factors Global Factors Income Factors Personality Factors 12/26/2008 Types of Status Symbols : Types of Status Symbols Expensive luxury cars including certain SUVs, personal aircraft. An expensive watch. Expensive clothes, like a tailored pinstripe wool suit A large, expensive house. A high-paying and exclusive job on Wall Street with a white shoe firm in either corporate law, investment banking, or management consulting. Country club membership, especially in a large town or city, where there are a sharply limited amount of membership slots. Frequent luxury vacations, especially to foreign destinations that require extensive plane travel. A marketable degree from a prestigious university, such as the Ivy League in the United States or Oxford or Cambridge in England. 12/26/2008 Cont… : Cont… Private education at an exclusive boarding school. Expensive jewelry made from precious metals. Class rings with precious metals and precious gem stones. Expensive gadgets, such as a large home theater. A fountain pen with rare Brazilian, Indian or African woods (e.g., ebony, mahogany) or made with precious metals. Platinum, gold, silver and other precious metals in the form of bullion. High-grade, natural pearls. Rare jewels such as Diamonds. Vacation homes (owned outright and non-timeshare). Vineyards. A personal steam-bath or sauna. Access to private banking and wealth management services. 12/26/2008 Status Symbol in Indian Context : Status Symbol in Indian Context Indian Culture Value Shifts Bases for Segmentation(Geographic, demographic, psychological, psychographic, sociocultural segmentation) Reference Groups & Family influences Influence of culture & Subculture on Status symbols 12/26/2008 Slide 8: Fraudulent Symbolism When too many others use or possess a status symbol such that it loses much of its former power 12/26/2008 Slide 9: Parody Display Paper Denim Retro Torn Jeans $140.00 When consumers deliberately mock a trend by carefully selecting products and consumption patterns that are not the current fashion or style. 12/26/2008 Slide 10: UUC UC UUC MUC LUC LUC UMC MC UMC MMC LMC LMC ULC LC ULC MLC LLC LLC 12/26/2008 Companies Strategies focusing Status Symbols : Companies Strategies focusing Status Symbols Appealing Product Differentiation Personal Differentiation Brand Building & Positioning Offer customer service that goes above and beyond. Focus different segments status symbols Acculturation Snob Value Cultivate a sense of exclusivity 12/26/2008 Impact of Power on Status Symbol : Impact of Power on Status Symbol Reward Power Coercive Power Legitimate Power Expert Power Referent Power 12/26/2008 Slide 13: 12/26/2008

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