Philip, Joe and Ralph are all part of a billionaire’s club in their city. They are all in their mid-40s, but
with remarkably successful careers, they became billionaires within a very short period of time. Philip,
the CEO of his own real-estate venture, started out as a dynamic entrepreneur who managed to make
huge profits within two years of starting his business venture. He believes in living life luxuriously and
lavishly. Joe, the CEO of an event management company, shares the same thought. Joe and Philip
splurge on the latest cars and electronic gadgets in the market. They buy designer clothes, shoes and
watches. They party at the best clubs in the city and are known to order customized suits for
themselves from some of the best designers around the world. They also have a passion for traveling.
They take time off from their work and visit exotic locations around the world, stay in the best hotels,
and eat at expensive restaurants. But not all billionaires are like Philip and Joe; Ralph, the CEO of a
chain of luxury hotels, used to be materialistic like the others. These days, he is no longer interested in
living a lavish life and is rather keen on reducing his material consumption. He prefers living a simple
life with his family, and rarely indulges himself like he used to do earlier. He feels that being too
materialistic can not only lead to financial distress in the future, but also create problems in his
personal life. Instead of partying like the others, he is often seen at charity events making donations.
He wants to be known primarily for his contributions to the society and not for having an extravagant
lifestyle.
70. Refer to The Billionaire Lifestyle Scenario. Philip’s belief in living life the luxurious way indicates
that he follows the _____ principle.
71. Refer to The Billionaire Lifestyle Scenario. Philip and Joe buy the latest and the most expensive cars
in the market. They also splurge on designer clothes, shoes and watches. In doing so, which of the
following consumer behavior traits are they displaying?
72. Refer to The Billionaire Lifestyle Scenario. Philip and Joe mostly wear designer outfits, watches, and
shoes. They also buy the latest and the most expensive cars and electronic gadgets. If Philip and Joe
were to engage in flaunting their material possessions as a way of displaying their social class, such a
tendency could be described as _____.