The Significance of Social Class in Malaysia to Marketing
Social class plays an important role in marketing. Social class is a status hierarchy in which individuals and groups are classified on the basis of esteem and prestige acquired through economic success and accumulation of wealth. The social class in today’s society is divided into lower class, working class, lower middle class, middle class, upper middle class and capitalist class. The classes are categorised based on income and wealth. Content
The social class in Malaysia is somewhat similar to the one in the United States. There are still people in the lower class category. The government has put much effort in giving more opportunities and jobs for these people to bring them out of their situation and give them a better life. The Economic Planning Unit (EPU) published the findings of the household income survey from the year 1970 to 2009. The income class in Malaysia in 2009 range from RM499 and below to 5000 and above. Those in the former category are 1.2% of the working population. Then there are those that earn RM500-RM999. They are about 6.1%. Those that earn RM1000-RM1499 are 14.2%. Those with income between RM1500-RM1999 are 11.9%. RM2000-RM2499 is 10.7%. Those with income between RM2500-RM2999 are 8.6% of the working population. The income between RM3000-RM3499 is about 7.3% of the working population. The income between RM3500-RM3999 is about 6.3% of the working population. Those with the income of RM4000-RM4999 are about 9.5% of the working population. Lastly those with the income of RM5000 and above are the highest with 24.2% of the working population. We can see from this that majority of the population is under the lower middle class, upper middle class and upper class. The statistics provided does not provide more information on higher incomes.
Those in the lower class are people whom are state pensioners or widows, casual or lower grade workers. These people usually...
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