Consumer Socialization Refers to

question 51

Multiple Choice

Consumer socialization refers to

• A) the distinct phases that a family progresses through from formation to retirement, each phase bringing with it identifiable purchasing behaviors.
• B) the people to whom an individual looks as a basis for self-appraisal or as a source of personal standards.
• C) the process by which people acquire the skills, knowledge, and attitudes necessary to function as consumers.
• D) the modes of living that are identified by how people spend their time and resources, what they consider important in their environment, and what they think of themselves and the world around them.
• E) the relatively permanent, homogeneous divisions in a society into which people sharing similar values, interests, and behavior can be grouped.

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Definitions:

Normal Goods

Goods for which demand increases as the income of the consumer increases, and vice versa.

Substitutes

Products or services that can be used in place of each other, having the ability to satisfy similar consumer needs or preferences.

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a given price in a given time period.

Coca-Cola

A multinational beverage corporation known for its flagship product, a carbonated soft drink named after the brand.