Marketing report Lower upper class

TEACHER: Shenaz Megani DATE OF SUBMISSION: 4TH OCTOBER 2011 GROUP MEMBERS: WAQAS TARIQ MAHNOOR SOHAIL FALAH PERVAZ RIDA PERVAZ AYESHA REHMAN 12176 11630 12675 11410 12050

Table of content
Introduction More about lower upper class Common features of lower upper class Entertainment in lower upper class Lifestyle of lower upper class Values and vices of lower upper class Income of lower upper class

Introduction
Definition:
Lower upper class. "New money." Individuals who have become rich within their
own lifetimes (e.g., entrepreneurs, movie stars, top athletes, as well as some prominent professionals).

More about of lower upper class

Lower uppers are doctors, accountants, engineers, lawyers. At companies they're mostly executives above the rank of VP but below the CEO. They people are Highly-educated (often with graduate degrees), most commonly salaried, professionals and middle management with large work autonomy and they are White collar professionals with advanced post-secondary education such as physicians, professors, lawyers, corporate executives, bankers and money lenders, industrial entrepreneurs, doctors, dentists, engineers, architects, chemists, accountants, surveyors, managers of private and public institutions (businesses, academies and hospitals), manufacturers, teachers, nurses, merchants and shopkeepers and other management. Pakistan but it has developed a consumer base of 130 million strong lower upper class earners between $10,000 to $50,000 a year that Pakistan lacks proportionate to its population.

Common features of lower upper class

Financially the largest class. All the main money makers. At the bottom are those in well paid jobs; at the top are multimillionaires working huge amounts who will become new money

The lower upper class is defined similarly using income, education and occupation as the predominant indicators these people use there most of the income on educating their students in the well known schools n colleges. Lower upper class. People belonging to this class also tend to be very wealthy. Indeed, in terms of income or assets, they can be substantially wealthier than the upper uppers, however, but their wealth may be somewhat more recent. Corporate Executives and the professional elite in the country frequently belong to this social class. As you might expect, this social class is rather small as well following are the common features

Newly rich people

This means that this is the class which have newly acquired money that there lifestyle and living manner would show that they have acquired wealth recently these are those people who try to show there wealth through there living style and clothing They have start earning hand some amount of income and have gained fame in profession and in the society due to the increase in income

Attainment of education
They make decent salaries, but 60 percent of their disposable income goes to private school tuition and study abroad trips. They have little left over to spend on themselves, which generates deep and unacknowledged self-pity. Educational attainment is the main feature of this class. They enjoy great job autonomy and economic security. Household incomes vary greatly depending of the number of income earners. Third, they suffer the status rivalries endemic to the upper-middle class. As law school grads, they resent B-school grads.

Status income disequilibrium

Second, they suffer from what has been called Status-Income Disequilibrium. At work they are flattered and feared. But they still have to go home and clean out the gutters because they cant afford full-time household help.

Political influence
They are very well-educated are seen as trend setters with movements such as the anti-smoking movement, pro-fitness movement, organic food movement, and environmentalism being largely indigenous to this particular socio-economic grouping. The lower upperclass is also different when it comes to the role of freedom in their lives. They support struggle for freedom of speech, freedom of religion, freedom from hunger and poverty, or freedom from crime and violence. The lower upper class has a large political voice. They often have access to political power, they vote, and policymakers typically Respond to their needs, interests, and demands. Price and opportunity constraints for these families are recent and unsettling Phenomena and they have turned to lawmakers seeking redress. Increasing investments in merit-based aid at many colleges reflects an attempt to meet the needs of these families (needs not recognized by standard financial aid formulas). Nonetheless, we can expect their anger and anxiety to intensify if college prices continue to rise faster than their incomes.

Entertainment in lower upper class

Successful lower upper class, financiers, industrialists and businessmen aspired to rise in society, and so they earnestly emulated the aristocratic upper class by enjoying entertainment, art, and culture, and by relaxing at their rented or newly-built country homes on vacations and weekends. Mostly the entertainment for this class in Pakistan is going at different clubs and socializing with the friends at different hang out places like park towers and the lavish malls or lunches and dinners at lavish hotels like kfc pizza hut etc. At the same time people in this class hang out with families to cinemas and different shopping mall These people also entertain themselves through going to different concerts and programs like live concert of a singer, exhibition of certain branded stuff etc Are often too busy to stay at home to watch television or read a magazine Would rather go out and get their entertainment on a stage or a big screen Make a strong audience for news, comedy and late-night talk shows Catch music videos on MTV and VH1 Keep their radios tuned to alternative rock and adult contemporary music stations Are not fans of magazines other than youth-oriented fashion and fitness titles (Shape, Elle) Increasingly spend time online at news and travel sites and social networking forums

Lifestyles of the lower upper class

The lifestyle of this class is very lavish and at the same time very attractive as they maintain a lifestyle which shows them as wealthy people of the societyand the lifestyle is further featured as follows

Comfortable living
Lifestyle is characterized by comfortable housing and lavish dining. This lifestyle is assumed to include, among other things, a spacious home, a vacation residence, two late-model luxury cars, private schools for both children and eating out at a fancy restaurant once a week. Originally rentersFood consumed the largest portion of their annual budget. These upscale young people work hard, play hard and live comfortable lifestyles Their favorite leisure centered on recreational eating with family, friends and important guests; with the aid of many servants, they host lavish dinner parties with eight or nine separate courses.in summer vacation, they held country picnics prepared and served by domestic help.

struggle for better lifestyle

They spend their whole life in a struggle. Struggle to enter in upper class; struggle to avoid lower class of society. In Pakistan there is joint family system which is most popular system in the east. Shalwar Kameez is the very common dress of people of this class. These people are neither modern nor conservative in their thinking or life style but moderate. They are most hardworking

and loyal to their country too. They speak Urdu. But the impact of Indian culture is vivid in this class. They follow some rituals of Indian society..

Look good, feel good, travel and eat well

Have prosperous leisure lives and travel frequently for business and pleasure people in class maintain a very nice lifestyle as these people prefer buying branded or designer stuff and at the same they have new model cars such as corolla city or cars which are affordable at the same time which shows their wealth Like to look good and feel good and eat good,lower Upper class households spent more money for fruits, vegetables and dairy products and significantly less money for meat, eggs, spices, coffee and tea, and tobacco than lower class households. No significant differences between upper class and lower class can be found in relation to expenditures for fish, fats, sugar, wheat and potato products and non-alcoholic beverages. whether they're on the town or at home Enjoy city-quality amenities, such as restaurants, movies, theaters and nightlife Their lifestyle maintain balance between health and pleasure as the spend there time hanging out and at same time Keep fit with jogging, weightlifting, yoga and cardio machines at health clubs to repsent the most presentable person in the society

Values and Vices of lower upper class

.Those who live in the web of illusion called the middle class

automatically assume their values are superior to all others. Values which included a reverence for common sense, hard work, discipline and family ties, religious ties etc. Many in the lower upper class claimed to regard gambling, drinking, and as sinful. Those encompassing this station in life statistically espouse high regard for higher education, striving for themselves and their

children to obtain undergraduate and graduate degrees. These people give great value to there religion and traditions

Income of lower upper class

The lower upper class usually consists of people having substantial assets and household earnings which are more than USD 1, 00,000 per year. People in this class occupy considerably higher positions in their offices and are financially more stable than many people of their country. These are the people who see a considerable rise in their incomes due to rapid economic growth of the nation. They have higher disposable incomes than many of their fellow countrymen The change in family income profile largely derives from the rising educational profile and the occupational profile of parents of new students. Income of this class is not very high but not very low as well they have in come sufficient to fulfill there needs and requirement. they suffer from what has been called Status-Income Disequilibrium this means that that although they earn a hand full of amount but still the lifestyle they try to maintain does not match that is the lifestyle is high trying to show that they r rich but the income is that much Income is the very dominating factor for this class because they are the people who are dominating the society as whole

While they often do not save, many lower upper income families borrow heavily to finance current spending.
More than 90% of all upper middle class families hold debt of some kind, the highest amount of debt holding among all family income groups. The median value of all debt held by upper middle class families in 2004 totaled $136,000, up an astonishing 32% since 2001 (largely due to significant increases in mortgage borrowing). Fully 60% of all upper middle class families hold

installment loans, and a similar percentage carry credit card balances from month-to-month averaging $2,700. None of this means that these families are on the precipice of bankruptcy or financial ruin. Nor does it mean that household wealth has not grown it almost surely has inmost cases. It does, however, indicate that families have made value decisions about how to spend money long before their children reach college age which may influence their college choices. In addition, traditional abilityto-pay formulas suggest that these families can finance all or nearly all college expenses at public or private colleges. However, savings data suggest that those formulas may neither be accurate nor meaningful for many or most middle income families.