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RCSC Week 1 Notes

by: Ashlee Parra

RCSC Week 1 Notes RCSC 150B2

Ashlee Parra
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About this Document

These notes cover topics talked about in Wednesday Aug. 24th and Friday Aug. 26th
Money, Consumers, and the Family
Prof. Serlin
Class Notes
finance, Consumer, Money




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This 4 page Class Notes was uploaded by Ashlee Parra on Wednesday August 24, 2016. The Class Notes belongs to RCSC 150B2 at University of Arizona taught by Prof. Serlin in Fall 2016. Since its upload, it has received 121 views. For similar materials see Money, Consumers, and the Family in General Education Science at University of Arizona.

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Date Created: 08/24/16
Consumption Matters August 24th 2016 ● Centennial Generation ( born in 1995+ )   ● Consumer Trends right now...  ○ Wallets are opening   ■ In 2007­08 > USA almost failed   ■ Now we are recovering   ○ People are thriftier  ○ Consumers are buying online  ■ Stores are now just show rooms  ○ Mobile Mindset  ■ Some people do all their purchases online  ○ Gift­cards are the new gift­giving flavor  ■ Stores love gift cards because they have expiration dates and  people just don't use or forget about them  ○ Stores are not going away but their functionality will change   ■ This will be something we see in our lifetime  ● 80% of all consumers can not make big purchases ( car/house/college )  ○ Money will not allow for it, but small purchases are attainable   ● Millennial Consumer (1980­1995)   ○ 80 million,¼  the population  ○ $200 billion in annual buying power  ○ Characteristics of the Millennials  ■ 1. Not influenced by advertising   ■ 2. Rather buy a car and lease a house   ● They move around so much!   ■ 3. Review blogs before making a purchase   ● Even if they know that bloggers can be paid to say things by  companies  ■ 4. Value authenticity more than content   ● build trust with company first  ■ 5. Future inheritance will not change buying behavior  ● Parents are old and money is getting ready to be passed on  ■ 6. Engage with brands via social network  ● Ads are popping through social media and influencing  people that way  ■ 7. Co­creator products with companies   ● Gave Nike an idea and now the company is banking on that  ■ 8. Use multiple tech devices ( phone, tablet, computer, watch )  ■ 9. Brand Loyal  ● Don’t branch out ( ie: Apple and Nike )   ■ 10. Expect brands to give back to society  ● Will not spend money on a company unless they give back  to the community in some way  ● Can Money Buy Happiness?  ○ Turns out ­ yes!! And, if not, it is YOUR fault.  ○ Buy experiences instead of things  ■ Spend time with friends and buy fun  ○ Help others instead of yourself  ○ Purchase many small pleasures instead of a few large ones  ○ Spend time with the right people  Young Consumers and Video Games August 26th 2016 ● Stats as to why this matters to consumers...   ○ $25.3 billion dollars was spent on video games in America in 2013  ○ Globally = $107 billion dollars   ○ The average person spends $700 on video games  ○ The average person spends 13.5 hours a week on video games   ○ The average age is 8­18  ● Video Game Stats  ○ 68% of all American households have computer games or video games  ○ The average age of a video game player is 35  ○ Over 56% of American children play video games  ○ The video games industry is the 4th largest entertainment industry in the world  ■ Including online gambling, TV and books  ○ Global entertainment industry (of which video games are a very large share) is  worth $91.5 billion  ○ $7 billion annually in revenue  ○ Video game sales peaked in 2008 ­> almost 300 million units were sold  ○ Of this amount, 28% of games were rated “Teen” by ESRB  ○ 5% of these games were rated “Mature” by ESRB  ● The price per unit has gone up and the sales per unit have gone down ○ because they were newer and now it has decreased in ‘new’ value ● Rating games is voluntary by companies Positives of VG’s Negatives of VG’s Boost kids learning Cardiovascular risks Health video games induced seizures Social skills aggression Severe pain in the extensor tendon (nintendinitis) ● Video Games and Obesity  ○ The US Centers for Disease Control and Prevention estimates...  ■ Almost 18% of US teens are obese  ● Teenagers are the age group with most increase of heart attacks   ● Video Games ­ Negative Theory  ○ Aggression Theory:  ■ General Arousal Theory ­ children become increasingly more aggressive  regardless of video content.  ■ Social Learning Theory ­ children tend to have more aggression due to  video game rewarding aggression   ● Video Games ­ Positive Theory  ○ Hand­eye coordination  ○ Motor skills  ○ Multi­tasking   ○ Spatial reasoning   ○ Reduced reaction times  ○ Strengthen a range of cognitive skills such a memory and perception,as well as  developing problem­ solving skills  ● Discussion questions  ○ Should children be discouraged from consuming certain products and services?  ■ No  ● The work force needs tech knowledge and if you grow up with little  to no knowledge, you could be put at a disadvantage while trying  to compete   ■ Yes  ● Health is a very important part of what makes you a functioning  person, and health is jeopardized when too much time is given to  video games, the pros of video games can always be obtained in  healthier ways  ○ What age should kids be allowed to view violent TV programming or video games  ■ The main argument is that it should not be let up to the government to  decide a credential that should be left up to parents    


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