Social Class and Family Life Cycle
Presented By: Archita Moitra
The concept of Family
As the family goes, so goes the nation and so goes the whole world in which we live.
Family as a consuming unit
The Changing Family
Household v/s Family Earlier there were only joint families Emerged new patterns of family : Nuclear family Childless families No Kids Single parent
Functions of a Family
A site of identity Emotion Cultural expression Care
Effect of Socialization on Family
Parents as socialization agents Serve as gatekeepers to information and influence by regulating the money that their offspring can spend Role of the mother ranks high than that of the father She inspires brand associations across categories and SECs. For instance,Horlicks,Clinic Plus use mothers as socialization agents
MOTHER SEGMENTS
Marketing Receptive
The Balancer Multitasker Believes in teaching her kids to be good consumer Higher Income level The Protector Highest Income and education level across all segments Rational and deliberate decision-maker Encourages children to shop and spend responsibly Protective of her children
The Nurturer Family focused Advocate of traditional family companies and brands Happy and content mother The Struggler Teaches her children to live within means Price-conscious Has a negative impression of herself and life
The Diva Self-focused Attention seeker Conspicuous consumer Gives in to the childs demands The Stoic Culturally or socially isolated Views herself as a caretaker and homemaker Makes decisions with great deliberation
Marketing Resistant
Adult Consumer Socialization
Consumer socialization is not limited to childhood; it is an ongoing process that extends throughout a person's entire life For Instance ,when newly wed couples have to adjust to their surroundings and each others families
Inter-generational Socialization
Two-way process Transference of certain product loyalties or brand preferences from one generation to another Grandparents acts as inter-generational agents Children act as influencers for products and services like Internet, Mobile etc
Family Lifestyles
The Indian families enjoy tremendous cultural and ethnic diversity Factors like upbringing ,experience and the jointly held goals of the spouses determine the lifestyle Gender based lifestyle patterns Shift from quantity time to quality time
The Family Life Cycle
A way of segmenting the family market at different stages of the life cycle to determine the product and services people buy at each stage
Key Variables
Age Marital Status Career Disposable Income Presence or absence of children
FAMILY LIFE CYCLE
Bachelor Stage
Contd..
Young single adult living apart from parents Can be demarcated into college students, fresh graduates and fully employed Have few financial burdens Are fashion and opinion leaders Buy-Basic kitchen equipments, basic furniture, care, clothes & accessories ,holidays, FMCG products
Newly married couples
Contd..
This stage marks the culmination of bachelorhood and continues till the arrival of the first child Characterized by high income, less responsibilities Have considerable start-up expenses Buy-Cars, white goods ,furniture ,holidays ,life insurance
Parenthood(Full Nest 1 )
Contd..
Starts after the first child is born and extends over more than a 20-year period Increased responsibilities Home purchasing is at peak Child dominated household Spending dominated by childs needs Buy-necessities
Post-Parenthood(Empty Nest)
Contd..
Parenthood is marked by the children growing to be self-sufficient and leaving home Income is at highest level Home ownership at peak Interested in recreation, travel and selfeducation Savings are at a high Buy-Luxuries , home improvement
Dissolution(Solitary Survivor)
Occurs with the death of one spouse The surviving spouse often tends to follow a more economical lifestyle Seek companionship through interest groups
The concept of Social Class
Defined as the division of members of a society into a hierarchy of distinct status classes ,so that members of each class have relatively the same status and members of all other classes have either more or less status
Social Class and Social Status
Social status is frequently thought of as the relative rankings of members in each social class in terms of specific status factors
Three determinants of social status
Relative wealth Power Prestige
Social comparison theory
Individuals compare their own material possessions with those owned by others in order to determine their relative social standing People with more possessions tend to have more social status and vice-versa
People in the upper class segment would generally want to be associated with luxury products
Social Class
Social class is treated as a social phenomenon. One that reflects an individuals sense of belonging and identification with others
Weber's Theory of Social Class
Class is one dimension of the social structure. Social status, or "social honor," is another. Both are significant contributors of social difference. The theory indicates the manner in which the material basis of society is related to the ideological
Factors determining Social Class
Power Domination Communal Action Societal Action
The hierarchy of social class
Social class is used as a form of segmentation Is usually ranked in hierarchy, ranging from low to high status People in the same social class exhibit similar characteristics and buying behavior Social class has given birth to aspirational marketing
Measurement of social class
The measurement of social class has been demarcated into two broad categories Subjective Measures Objective Measures
Subjective measures
In this approach, participants are asked to estimate their own social-class positions Subjective measures tend to produce an overabundance of people who classify themselves as middle-class
Objective measures
This method consists of selecting demographic or socio-economic variables concerning the individuals under study These variables are measured through questionnaires that ask respondents several factual questions about themselves ,their families and their surroundings
Lifestyle profile of social classes
Within each of the social classes ,there is a constellation of specific lifestyle factors viz. shared beliefs ,attitudes ,activities and behavior Socio economic differences among classes are reflected in differences in attitudes ,in leisure activities ,and in consumption habits
The Upper-Upper Class Establishment
Small number of well-established families Belong to best clubs and sponsor major charity events Serve as trustees for local colleges and hospitals May be heads of major financial institutions Accustomed to wealth ,so do not spend money conspicuously
The Lower-Upper Class-New Wealth
Represent new money Not quite accepted by the upper crust Successful business executives
The Upper-Middle Class-Achieving Professionals
Career oriented Have neither family status nor unusual wealth Successful professionals ,corporate managers and business managers Active in professional, community and social activities Have a keen interest in obtaining better things in life
The Lower Middle Class-Faithful Followers
Primarily non-managerial white-collar workers and highly paid blue-collar workers Want to achieve respectability and be accepted as good citizens Religious Constitute a major market for do-it-yourself products
The Upper Lower Class-Security Minded Majority
Solidly blue collar Strive for security sometimes View work as a means to buy enjoyment Interested in items that enhance their leisure time Husbands typically have strong macho image
The Lower-Lower Class-Rock Bottom
Poorly educated Often out of work Children are often poorly treated Tend to live a day-today existence
CONSUMER BEHAVIOR APPLICATION OF SOCIAL CLASS
Clothing ,Fashion and Shopping
Clothes project the self-image of individuals which includes their perceptions of their own social-class membership Is an important factor in determining where a consumer shops
Savings, Spendings and Credit
Upper class consumers are more future oriented and confident of their financial acumen Lower class consumers are more concerned about instant gratification
Social Class and Communication
Social-class groupings differ in terms of media habits and in how they transmit and receive communication Lower class consumers tend to portray their world in rather personal and concrete terms Middle class consumers tend to portray their experiences through different perspectives
Working Class Disempowerment
Professional Empowerment
Economics status and Power mix. Disadvantaged situation
Self perception and expectation
Advantaged Situation Self as Potent Actor Future as Opportunity Open Doors
Self as Impotant Reactor Future as threat Trap Doors
Financial Focus
Focus on Creation of Financial Stability
Focus on Financial Growth & Development
