The focus of this article is on understanding how the different perspectives of consumption interact with each other and the effect that they have on the marketing strategies employed by the marketers. It would be worthwhile to introduce a baseline understanding of what is sought to be discussed in this article and then proceed to a broader discussion of the different perspectives as well as the implications for marketers and the impact on marketing strategies.
Consumption of goods and services is a basic act that is performed by all of us whenever we purchase goods and services for personal and professional use.
The economic aspect of consumption is the dimension which is concerned with consumption from a purely economic benefit point of view. In this dimension, the acts of consumption are motivated by a desire to accrue benefits in the form of material gains for satiating the human need for food, clothing, shelter and other aspects concerned with these dimensions.
Finally, the consumer cultural perspective of consumption is one where the consumer acquires goods and services to satiate ones needs not merely for basic consumption but more towards consumption as an ingrained phenomenon that seeks sensory gratification as an end.
To take examples of the three perspectives of consumption, the act of buying food or other basic necessities can be termed as economic consumption where there are clearly defined and tangible benefits that accrue to the consumer from making the purchase. On the other hand, the act of buying a pair of sneakers that is priced more than what the economic theory says should be the price and when the consumer is willing to pay a premium for acquiring that particular good or service, it can be said to be the symbolic aspect of consumption where the desire to acquire goods for the status that one perceives is associated with that good is the motivating factor.
Finally, goods acquired as part of the need to consume for the sake of consumption which is associated with mores of the specific population group or the market segment can be said to be the consumer culture aspect of consumption. Of course, this does not mean that both symbolic and consumer culture aspects fall into this category as the cultural aspects can manifest across the board and start with economic aspects and then go on to symbolic aspects.
However, the point remains that both these aspects of consumption are to do with needs above and over the basic ones like need for food and clothing and shelter. Before concluding this discussion, it would be in the order of things if some of the key points discussed so far can be analyzed in the overall perspective of the consumer society and the consumer culture that is characteristic of the times that we live in.
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Your current browser may not support copying via this button. Show Summary Details. Subscriber Login Email Address. Password Please enter your Password. Library Card Please enter your library card number. Contents Go to page:. View: no detail some detail full detail. Chapter 1 Intertemporal Choice Under Certainty. Chapter 3 Complete Markets. Chapter 4 The Certainty Equivalence Model. Chapter 5 Liquidity Constraints.
Chapter 6 The Precautionary Saving Model. Chapter 7 The Buffer Stock Model. Chapter 11 Lifetime Uncertainty. Chapter 12 Bequest Motives.
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