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.

---

Definitions:

Cost-plus-percentage-of-cost Pricing

A pricing strategy where the selling price is determined by adding a specific percentage of markup to the product's cost.

Target Return On Investment Pricing

Pricing strategy where the price is set based on the desired return on investment.

Standard Markup

The common percentage added to the cost price of goods to determine their selling price.

Cost-plus Pricing

A pricing strategy where the selling price is determined by adding a specific markup to a product's cost to ensure profit.