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The primary purpose of this paper is to fill the research gap regarding the evolution of managerial processes within (largely family) diamond industry firms, especially over the past seven decades.

Qualitative data were gathered from interviews with 100 managers in the diamond industry in Israel, together with data from Israeli Government, industry and academic sources.

Over the recent life cycle of the diamond industry, with its changing structures and dynamics, participant firms have evolved through seven stages of engagement, from one based on trust and personal connections to more impersonal, standardized connections that exist today.

In seeking to tell the story of industry participants as a group, the differences in behaviours between the family firms and the non-family firms have not explored. This should be the work of future research, which, if aimed at teasing out the results of this study, may help shed additional light on the strategic processes that occur within family firms.

Although the firms examined in this study were from one industry (and an arguably narrow cultural base), their development over time was not dissimilar to the experience reported in other industries and cultures. This suggests that the components of the evolution of the strategic process that ensues within family firms may be generalizable throughout cultures. In the absence of kin relationships, the importance of trust in their dealings cannot be overstated.

The findings demonstrate how one group of participants in the global diamond industry has responded to the changing economic, social and political contexts of their operations, where trust and personal connections have been replaced by more impersonal, standardized dealings.

The purposes of this research are to examine the extent to which daughters view their mothers as consumption role models, the extent to which daughters serve as consumption role models for their mothers, and the extent to which external role models are shared by mothers and their adolescent daughters.

Two qualitative studies focused on mothers‐adolescent daughters‐vicarious role models interactions as drivers of consumption behaviors in Western cultures. Study 1 included 20 in‐depth interviews with mothers and their adolescent daughters (conducted separately). Study 2 included five of the original dyads interviewed jointly and observed in fashion stores.

Regarding adolescent daughters' use as role models and fashion markers for their mothers, most mothers confirmed that their adolescent daughters' fashion opinion was very important. Second, based on consumer socialization arguments, mothers served as role models for their adolescent daughters. Most dyads shop for fashion items together and in the same stores. Regarding the issue of cognitive versus chronological ages, the studies suggest that there is a gap between mothers' cognitive and chronological ages in support of cognitive age theory and the youthfulness ideal of Western cultures. Notably, such a gap mostly failed to materialize for adolescent daughters. Hence, consumption similarity appears to be driven more by the gap for mothers than the gap for daughters. Finally, external role models such as celebrities did not have a great influence on mothers or their adolescent daughters.

The research used in‐depth interviews with and in‐store observation of mothers and adolescent daughters. Future research might use similar interviews with younger daughters. Another extension of the work reported here that can provide triangulation for the findings is to change from a qualitative to a quantitative methodology.

This study aims to unbundle the materialism construct into its three facets – centrality, success and happiness – to provide a fine-grained model that delineates the relationship between some of its antecedents (i.e. depression, anxiety, self esteem and affect) and consequences (life satisfaction, innovativeness, time spent shopping and environmentalism).

Using a convenience sample of 568 adult consumers, this study tests a model in which a set of psychological variables serve as antecedents of materialism and its three facets, which in turn affect a set of cognitive, psychological and behavioral consequences.

Results indicate that specific facets have more weight than others, depending on the nature of the needs individuals seek to fulfill through possessions, or their resulting behaviors and cognitions. Results validate the view of materialism as a coping mechanism, but also show that the consequences of materialism can be both positive and negative depending on their underlying facet.

This study used a convenience sample, which might affect the generalizability of its findings. The materialism centrality subscale showed a lower than desirable level of reliability. Future research might consider using the longer, 6-item version of this sub-scale.

This study helps marketers identify the circumstances under which materialism can lead to negative or positive consequences. Marketers should be careful when designing messages that make unrealistically strong associations between consumption and happiness, positive emotions, self-worth and satisfaction with life.

The negative social and personal consequences of materialism call for the formulation of policies designed to reduce them, and marketers’ responsibility to consumers’ well-being, especially among potentially vulnerable segments of the population.

This study provides an in-depth analysis of the materialism construct, its antecedents and outcomes. It advances our understanding of how materialism works by examining each facet separately and how it is related to the various psychological antecedents and consumer behavior outcomes.