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WEEK 10 - Coggle Diagram
WEEK 10
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Topic 15: Social class
Objectives
- Concept of social class
- Approaches to measuring social class
- How social class is measured
- How marketers can use knowledge of social class to develop marketing strategies
Concept of social class
Hierarchical division of a society into relatively permanent and homogenous groups with respect to attitudes, values, and lifestyles.
Traditional view assumes that social classess must meet the above criteria
Social class determinants
- Income does not determine social class
- One important determinant is occupation in Western cultures
- Education is critical because it often determines type of occupation, and income potential and spending patterns.
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Social class mobility
Upward Mobility
- Individuals rise to a higher status.
- Usually achieved by educational or occupational achievement
Downward Mobility
- Individuals move to a lower class and lose social standing.
- Increasing trend in many industrialized countries
- Usually caused by loss of job or inflation
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Using social class to develop marketing strategy
Positioning within social class
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Targeting the middle class