MKTG 203

Topics: Social class, Household income in the United States, Middle class Pages: 3 (935 words) Published: March 5, 2015
1. When would you expect the composite and social class measure to be superior?   Describe the correlation between social status (prestige) and income. Which is a more useful segmentation variable? Discuss. Status is frequently thought of as the relative ranking of members of each social class in terms of specific status factors. For example, relative wealth (amount of economic assets), power (the degree of personal choice or influence over others), and prestige (the degree of recognition received from others), are three factors frequently employed when estimating social class. When considering consumer behavior and marketing research, status is most often defined in terms of one or more of the following convenient demographic (socioeconomic) variables: family income, occupational status, and educational attainment. Marketing practitioners to measure social class commonly use these socioeconomic variables, as expressions of status. There is a strong positive correlation between educational attainment and household income, and because it is strongly related to the amount of status a person has, income is a popular estimate of social class standing; however, not all consumer researchers agree that income is an appropriate index of social class. How people decide to spend their incomes reflects different values, and it is the difference in values that is an important discriminator of social class between people, not the amount of income they earn. Indeed, there is a growing belief that affluence may be more a function of attitude or behavior than of income level. 2. Which status-related variable – occupation, education or income – is the most appropriate segmentation base for: (a) expensive holidays (b) opera subscriptions (c) Picture magazine subscriptions (d) health clubs? Occupation is the most appropriate segmentation base for personal computers and cellular telephones because these products reflect a person’s career and profession. Education should be...
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