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Requirement
Read the two articles mentioned below carefully and write a summary.
1. Buying behavior, social support and credit card indebtedness of college students by Jeff Wang and Jing J. Xiao
2. Paco Underhill: What we buy?
Solution
1. Buying behavior, social support and credit card indebtedness of college students by Jeff Wang and Jing J. Xiao
Thesis Statement: Compulsive and impulsive buying leads to credit card indebtedness in college students.
The research paper has examined the buying behavior of college students and assessed three factors associated with the credit card and indebtedness of the college students. The research paper reflects on the question “What kinds of students are more likely to carry revolving credit card balances?” by examining two consumption factor namely the impulse buying and compulsive buying and social factor depicting the social support.
The paper begins by analyzing the spending patterns of the college students and argues that credits have granted a higher spending power along with imposing greater financial responsibilities. It further illustrates that around 83 percent of the US college undergraduate students have credit cards having an average of 4.25 cards each on their name. Additionally, the paper reports that the balance was high and estimated to be around $2169 in 2004 which was seen to decrease in the past.
Additionally, the transition from financial dependence to independence leads to learning of various consumer skills in the cash management and the college students are seen to learn the use of credit cards. The paper suggests that the financial situations are bound to have the long and significant impact due to their specific patterned buying behavior. Their money management and consumption pattern are seen to be influenced by their social environment. The paper tested the hypotheses that the credit card indebtedness is affected by the buying patterns, and social networks of the college students and the students who have a tendency of compulsive and impulsive buying tend to hold high credit card debts and the ones with greater social support will hold less credit card debts.
The participants were drawn from an introductory class of a very large state university in the United States and the links between the credit card indebtedness, and the focal variables are tested. Around three hundred and eleven students were seen to participate, and the identity of the students was kept anonymous. While measuring the dependent variables, the students carrying credit card balance were kept in one group whereas, during independent variable measurement, the annual income of the parents was also included as the objective measure of the economic status. These participants also underwent interview methods like the role of parents and friends in the overall process of credit consumption.
After intense research, the paper mentioned the excerpts from the interview conducted and concluded that the students are engaged in compulsive buying, and impulse buying and the students with credit card balances were higher in number. However, Impulse buying did not appear to be a considerable predictor of the credit card indebtedness. Additionally, it was seen that sufficient social support decreased the likelihood of indebtedness as adequate support lead to the reduction in the risk of holding the credit card.
In conclusion, the author presents the various recommendation for helping the students use their cards wisely. According to the author, the financial educators and university administration must teach their students regarding the disadvantages of credit card debts accumulation. The student must also be offered formal and informal courses for teaching positive management behavior.
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2. Paco Underhill: What we buy?
Thesis Statement: Retailers must provide good services to all their shoppers especially keeping Internet shopping experience in mind.
Why we buy provides an in-depth, detailed knowledge on consumerism in the retail stores. The book answers various simple questions based on making shopping easier for all the consumers and customers. The chapter 17 of the book introduces the topic of e-commerce and online retailing. He mentions the neglected aspect of e-commerce on the very first page of this chapter. The author has outlined various predictions regarding the online retailing to come into direct fruition by addressing some issues as well. In chapter 18, the author outlines the category management by examining how a certain category of good is shopped during the point of sale. This type of management is seen to boom in South America. The author further mentions the similarities of shopping in all the counties as all the eyes age the same way and the basic human measures are seen to fall under specific parameters. The difference in the shopping and physical environment is also reflected by mentioning the difference in the luxury of space, relative density of the population etc. According to the author, the weather and the national culture and customs are also seen to affect the shopping behavior. In the next chapter, the windows of the world, the author presents the fact that the majority of growth in the retail marketplace is seen to take place in the emerging markets and he presents this point by taking the example of booming marketplaces like Africa and the Middle East. As per his views Dublin, Dubai, Daslu and Durban can be considered as the shining example of marketplaces. He stresses on the fact that retail innovation is taking outside the United States. The author separated the American and non-American retailers on the basis of fitting into the culture and the location of the store. According to the author, retail is the lower-middle class profession in America whereas in other countries they are seen to enjoy social responsibility. Further, historical and densely populated urban centers are seen to create their own retail art forms.
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Place Your OrderThe author points out that the malls are American exports and there is found to be the disconnection among the actual store experience and top brass. The author has also given the example of La Gran Plaza which was a dying mall in the Fort Worth, but it was transformed beautifully to Mercado, thereby the location has picked up the slack. The author, in conclusion, jots down all the point on how he began his meanderings in retail sector and explains the science of shopping. He enlightens us the important points mentioned in the chapters like the importance of signage, the shopping pattern of men and women, clues regarding the waiting time and need for catering the boomers. In the final chapter he jots down all the important information and examples being mentioned in the book and summarizes by stating the importance of retailing and online retailing.
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