MKT 350 Test 1 with 100% Correct
Solutions
Role of immortality - ANSWER-Our understanding that we are mortal is what sets us
apart from animals. We bury our dead. The only thing we find in tombs are luxury goods
for dead people to bring with them to the next life
Dispersion of Luxury - ANSWER-Luxury eventually becomes mainstream
Democratization - ANSWER-Democratization in the 18th century made luxury
accessible to all
Implies everyone has access to the world of luxury
Virtus - ANSWER-Virtus was a specific virtue in Ancient Rome. It carries connotations
of valor, manliness, excellence, courage, character, and worth, perceived as masculine
strengths
There is an argument that luxury is the enemy of virtus
Social stratification - ANSWER-- social differentiation whereby members of society are
grouped into socioeconomic strata, based upon their occupation and income, wealth
and social status, or derived power
- Modern societies are making it disappear
- Luxury can create it
Leveling - ANSWER-Getting rid of social stratification
Leveling out social class (not leveling out economic classes)
egalitarian - ANSWER-relating to or believing in the principle that all people are equal
and deserve equal rights and opportunities.
Age of Enlightenment - ANSWER-- The Enlightenment included a range of ideas
centered on reason as the primary source of knowledge
- "Resulted in the disappearance of the founding myths of European society that gave
legitimacy to the [social stratification]"
Hybridization - ANSWER-The combination of the world of luxury with the world we live
in
Affective relationship - ANSWER-The relationship between the brand and the customer
when the customer believes the product to be luxury
, Vulgarization - ANSWER-A trap to be avoided when democratizing luxury
When an item is made less refined. it's trapped in democratization
Paradigm of luxury - ANSWER-Luxury has a fundamental function of recreating social
stratification in a democratic way.
Bingeing (non-linear increase) - ANSWER-Extravagant spending
Non-linear increase in expenditure of money and time
Large proportion of surplus is spent on a specific activity
Linear increase - ANSWER-Increase in spending power leads to a linear increase in the
quality and quantity of most consumer goods
Homogeneity vs heterogeneity - ANSWER-A material or image that is homogeneous is
uniform in composition or character; one that is heterogeneous is distinctly nonuniform
in one of these qualities
Roots - ANSWER-Luxury product has to show it is rooted in a particular culture
There is a risk that globalization will make a product lose its roots
Once separated from its roots, a brand ceases to be a luxury brand
Geographic localization - ANSWER-People look for a specific global location in a
product
Anchor - ANSWER-A product needs to be produced where its roots are (Anchor point)
or it isn't luxury
Global mass media - ANSWER-Made everyone aware of the cultural richness and
diversity of our planet
Ways of living - ANSWER-Communication made people aware of different ways of
living
Ratchet effect - ANSWER-Once people have tasted luxury, it is difficult for them to turn
away from it
Reductivism - ANSWER-the theory that every complex phenomenon, especially in
biology or psychology, can be explained by analyzing the simplest, most basic physical
mechanisms that are in operation during the phenomenon.
Components of myth of luxury car (10) - ANSWER-1. Creator is more of an enthusiast
and a creative genius than an engineer
2. The creations themselves demand respect and admiration (used a human first name
to name a car)
3. The myth is nurtured by inaccessibility (above normal price)
4. Owners are not just wealthy. They are glorious and have symbolic power
Solutions
Role of immortality - ANSWER-Our understanding that we are mortal is what sets us
apart from animals. We bury our dead. The only thing we find in tombs are luxury goods
for dead people to bring with them to the next life
Dispersion of Luxury - ANSWER-Luxury eventually becomes mainstream
Democratization - ANSWER-Democratization in the 18th century made luxury
accessible to all
Implies everyone has access to the world of luxury
Virtus - ANSWER-Virtus was a specific virtue in Ancient Rome. It carries connotations
of valor, manliness, excellence, courage, character, and worth, perceived as masculine
strengths
There is an argument that luxury is the enemy of virtus
Social stratification - ANSWER-- social differentiation whereby members of society are
grouped into socioeconomic strata, based upon their occupation and income, wealth
and social status, or derived power
- Modern societies are making it disappear
- Luxury can create it
Leveling - ANSWER-Getting rid of social stratification
Leveling out social class (not leveling out economic classes)
egalitarian - ANSWER-relating to or believing in the principle that all people are equal
and deserve equal rights and opportunities.
Age of Enlightenment - ANSWER-- The Enlightenment included a range of ideas
centered on reason as the primary source of knowledge
- "Resulted in the disappearance of the founding myths of European society that gave
legitimacy to the [social stratification]"
Hybridization - ANSWER-The combination of the world of luxury with the world we live
in
Affective relationship - ANSWER-The relationship between the brand and the customer
when the customer believes the product to be luxury
, Vulgarization - ANSWER-A trap to be avoided when democratizing luxury
When an item is made less refined. it's trapped in democratization
Paradigm of luxury - ANSWER-Luxury has a fundamental function of recreating social
stratification in a democratic way.
Bingeing (non-linear increase) - ANSWER-Extravagant spending
Non-linear increase in expenditure of money and time
Large proportion of surplus is spent on a specific activity
Linear increase - ANSWER-Increase in spending power leads to a linear increase in the
quality and quantity of most consumer goods
Homogeneity vs heterogeneity - ANSWER-A material or image that is homogeneous is
uniform in composition or character; one that is heterogeneous is distinctly nonuniform
in one of these qualities
Roots - ANSWER-Luxury product has to show it is rooted in a particular culture
There is a risk that globalization will make a product lose its roots
Once separated from its roots, a brand ceases to be a luxury brand
Geographic localization - ANSWER-People look for a specific global location in a
product
Anchor - ANSWER-A product needs to be produced where its roots are (Anchor point)
or it isn't luxury
Global mass media - ANSWER-Made everyone aware of the cultural richness and
diversity of our planet
Ways of living - ANSWER-Communication made people aware of different ways of
living
Ratchet effect - ANSWER-Once people have tasted luxury, it is difficult for them to turn
away from it
Reductivism - ANSWER-the theory that every complex phenomenon, especially in
biology or psychology, can be explained by analyzing the simplest, most basic physical
mechanisms that are in operation during the phenomenon.
Components of myth of luxury car (10) - ANSWER-1. Creator is more of an enthusiast
and a creative genius than an engineer
2. The creations themselves demand respect and admiration (used a human first name
to name a car)
3. The myth is nurtured by inaccessibility (above normal price)
4. Owners are not just wealthy. They are glorious and have symbolic power
