The study of consumer behavior and consumer behavior research process is as significant as the marketing research process to the business firm(s). The study of consumer behavior can be useful in identifying the unsatisfied needs of the consumers or market segment(s) and satisfying those needs with the market offering(s), with profitability. The consumer behavior research can be quantitative or qualitative. The consumer behavior qualitative research with small samples, and personal interviews and focus group is exploratory in nature and can become the basis for quantitative studies with larger samples with primary data collection methods like experiments, observation and
However, that number decreases to thirty-five percent of the same age group when coming from a household that made at least $90,000 (Adam 61). The article written by Michelle Adam called “Who can Afford to Pay for College” is based off of an editorial that was written by Thomas Mortenson. Adam quotes Mortenson saying, “Since the late 1970s, the Bachelor’s Degree attainment rate by age twenty-four has increased by thirty percent for those from the family income quartile, but has not increased at all for those from the bottom family income quartile.” By the age of twenty-four statistics found that individuals from a household income of less than about $35,000 only had a six percent attainment rate. To further prove the equality in education, the statistics showed that there is a direct relationship between increasing household income and the attainment rate of Bachelor Degrees. The rate increases to 12.7 percent on to 26.8 percent and the top income tier had an attainment rate of 51.3 percent (Adam
If anyone has first hand knowledge on how to fix this problem I would honestly say it is I. The value of my home has dropped $100,000 in two years. Being a first time homebuyer I did not have much money to put down. The mortgage company who was owned by my builder threatened to take my down payment of $15,000 if I back away from the loan that they were offering. Being a young couple and having little money we did not know any better at the time.
Most people are in debt, in late 2005 “wage growth was shortchanged because 46 percent of the growth of total income in the corporate sector was distributed as corporate profits, far more than 20 percent in previous periods.”(24) Household income had fallen five years in a row and was 4 percent lower. The average wages of Americans are low. The growth of the American population is expanding very rapidly; the job count compared to population growth is almost unrealistic. Only one point nine percent more jobs have come up since the beginning of the last recession. The unemployment rate is four point six percent That means that a lot of people do not have jobs; the percent of people that have a job was one point three percent, So that means that more people are not working than people with a job.
The cost of living is rising, and the income levels are not rising fast enough. Even though approximately 95 percent of Americans are covered under Social Security there are many factors to consider when planning for retirement. In forty years Social Security may not be available to everyone anymore, or sufficient to survive off of. Which would mean the only retirement options available will be the ones that individuals have personally prepared for. According to the Retirement Confidence Survey (RCS) that is conducted yearly by the Employee Benefit Research Institute (EBRI) for the year 2014 shows that a mere 18 percent of individuals surveyed stated that they are confident about having enough money for their retirement.
All this totals about $580 (Abrams, H). Making it difficult to afford cable, and make the smallest payment possible on all the bills causing one to slip into debt. This is reality for many of the people in the United States. At the current minimum wage level, a full time, year round minimum wage worker in 2005 will earn $5,378 less than the $16,090 needed to lift a family of three out of poverty (Minimum). Today the federal minimum wage is $5.15, but should be about $8.50 if Congress had adjusted it for inflation over the past 35 years.
In 1998, the minimum-wage was “$2,500 below the poverty line for a three-person family” if a worker works 40 hours a week without vacations (Rothman). The minimum wage should be $6.24 to maintain the same average purchasing power in 1998 as “it averaged in the 1970s” (Rothman). Up until 2005, in California, nearly 16 percent of Californian low-paid workers live below the poverty line according to a study of State Industrial Welfare Commission of California (Garcoa). These figures and examples denied the argument that this federal legislation helped low-wage workers’ lives. Two main reasons cause the big gap between minimum-workers’ real income and basic living requirements, the persistent increasing of the rental price and health premiums.
There are 435,000 foreclosures that roughly cost 600,000 that’s 26,100,000,000. Which may seem like a lot but it’s really 5 percent of our surplus. But lets get real not every ones going to give 800 dollars to buy out all the bad foreclosures. But taxes are on average 335.86 dollars a month if we added another 66 dollars we could be free from bankruptcy in 2010. What I’m advising is a mere 19 % increase in taxes to help the foreclosing houses of America.
Secondly, it emphasizes the social relations of consumption and commodity chain from production to sales. It gives chances to consumers for organizing what they consume and how they choose the products by their sense of value with exception of commodity fetishism. Furthermore, through mass media; the documentary helps audiences make realized commodity fetishism with critical view. If hidden parts of commodity chain can be appeared significantly, defetishization might occur in terms of commodities (Lewis, 2011).
To outline the current economic condition, unemployment is currently 7.0% as of November, according to the Bureau of Labor Statistics, well above the Fed’s long term goal of 5.0%. Current inflation is 1.0%, below the Fed’s goal of 2.0%. GDP growth for Q3 of 2013 was 3.6%, above the Fed’s predictions. The current economic recovery has been much more sluggish than other recoveries. It has been more than six years since the recession and we have yet to recover all the jobs we lost.