Essay by lisavuong October 2014

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MKTG203 - Week 9 Tutorial Lisa Vuong 4301 2035

Social status is measured by a selection of demographic or socioeconomic aspects that are relative to a specific individual. These socioeconomic aspects are particularly important as it provides a way to locate highly targeted consumers who are a part of a social class membership. Income is another socioeconomic variable which measures a particular social class either through the amount of income or source of income they acquire, such as their wages, pensions or investments etc. The correlation between social class and income is that social Class encompasses a range of segmentation variables, and income is a specific variable that measures a certain group of individuals. Therefore a more useful measurable between the two would be income as it individuals arranged by certain income aspects would result in more specific characteristics than those measured by social class.

(a) Expensive holidays - Education

(b) Opera subscriptions - Occupation

(c) Picture magazine subscriptions - Education

(d) Fat-free food - Occupation

(e) Personal computers - Education

(f) Pocket-sized mobile/cell phones - Income

(g) Health clubs - Income

(a) Product lines and styles - The product lines and styles will vary quiet dramatically from the lower class store through to the middle class store. This is mainly due to consumers that are members of the lower class having limited disposable income to afford expensive clothes and therefore electing to buy cheaper clothes which are usually simpler in terms of style. Therefore, as the owner of the stores I would cater towards both social classes by selling clothes in the middle class store that vary in terms of style, and these clothes would be of high quality and therefore more expensive and a better range of styles than those sold in...