MANAGEMENT

Detailed explanation-1: -n. A possession considered to be an indication of one’s social or economic prestige.

Detailed explanation-2: -Status symbols also indicate the cultural values of a society or a subculture. For example, in a commercial society, having money or wealth and things that can be bought by wealth, such as cars, houses, or fine clothing, are considered status symbols.

Detailed explanation-3: -Material possessions can thus be viewed as symbols of identity on a social level: social class, gender, status, or membership in social groups. But they also symbolise more personal aspects of identity: individual qualities, values and attitudes, one’s life-history, or relationships with others.