Assignment: The following assignment relates to "The Millionaire Next Door" and your consumer behavior ebook "Buying, Having, Being" by Solomon.
Purpose: The intent of the assignment/project is for you to: (1) demonstrate recognition of the applicability of consumer behavior concepts and theories to real world scenarios and/or circumstances and (2) highlight your ability to build sound arguments. In addition,
the project serves to meet the following course objectives as outlined in the course syllabus:.
1a) Our students will evaluate business problems and formulate plausible solutions consistent with theory and practice.
1d) Our students will produce professional quality business documents.
Format: Times New Roman 12-point font double-spaced 1.00-1.25 inch margins. Also,pay attention to grammar and spelling-points will be deducted for these mistakes.
In responding to each question your answers should be well thought out and insightful. Submissions will be graded based on the applicability of the theory or concept as well the strength of supporting arguments. The page limitation set for each question will help you focus your thoughts in responding so as to eliminate all of the extra "stuff".
Please note: Do not exceed the stated page limit for each question. Responses exceeding the page limit will not be graded. In other words, for example, if there is a 2-page limit and 3 pages are submitted only the first two pages will be considered for grading.
In answering your questions, information regarding the specific concept or theory referenced should be included (i.e. concept of theory name and page number from text).
If there are any questions please do not hesitate to contact/see me with your questions.
Chapter 5- Page limit: 2
1. The consumer behavior textbook (Solomon) discusses consumer attitudes toward luxury and money personalities.
(a) What is Lamar and Mary's attitude toward luxury and money personality?
(b) Which lifestyle category would you say that Lamar and Mary fit into? Why?
2. Based on the description of Lamar and Mary, what consumer behavior phenomenon, as discussed in the text (Solomon), do they illustrate? Why might this be the case? Explain.
3. As you see it, what are the risks associated with providing economic outpatient care? In other words, what are the potential effects of EOC on the receivers' consumption habits (positive and/or negative). This answer should be connected to consumer behavior textbook (characteristics). In terms of consumption habits how do those on EOC differ from those not on EOC.
Chapter 6- Page limit: 2
1. How does the description of the distribution of wealth either contradict or coincide with what the consumer behavior textbook (Solomon) says about the trend of how seniors spend their money?
2. What consumer behavior concepts (Solomon) can be used to explain the difference in the way affluent parents distribute their wealth between sons and daughters?
3. In what ways do you think that the "rules for affluent parents and productive children" affect children's consumption behavior and values over time (i.e. short and long-term)
Chapter 7- Page limit: 1
Based on the premise of the book, if you were to create your own niche to become a ‘millionaire next door' what would it be and why? Who would your target audience be?
(Be specific in describing your target audience: demographics, lifestyle etc.)