socioeconomic group

socioeconomic group

the potential BUYERS of a product grouped together in terms of certain common personal and economic characteristics. Such groups are likely to differ in the level and pattern of their spending and thus can be used as the basis for identifying strategic MARKET SEGMENTS which can then be exploited by targeting ‘customized’ products to meet the particular customer requirements of those segments.

A commonly used general method of classifying potential customers is the ‘A to E’ social-class grading system:

GRADE A – ‘upper middle class’: higher managerial, administrative or professional occupations;

GRADE B – ‘middle class’: middle to senior managers and administrators;

GRADE Cl – ‘lower middle class’: junior managers, supervisory and clerical grades;

GRADE C2 – ‘skilled working class’: qualified tradespersons;

GRADE D – ‘working class’: semiskilled and unskilled workers such as labourers;

GRADE E – pensioners.

For most consumer product marketing, a much finer, more detailed customer profile is required based on such data as sex (male, female), age (1-4,5-10,11-18,19-34,35-49, etc.), income level (£50,000+, under £5,000), housing status (owner-occupier, council-house tenant), etc.

Using such information it is possible, for example, to establish the approximate number of professional, high-income earning women, in the age bracket 35-49, who might provide a potential market for a new premium price exotic perfume.

See MARKET SEGMENTATION.

References in periodicals archive ?
CFS affects people of every age, gender, ethnicity, and socioeconomic group, but it is primarily an illness of people in their 40s and 50s and four times more common in women than in men.
Children belonging to lowest socioeconomic group in Nigeria had more than double deaths per 1,000 live births (219) as compared to 87 per 1,000 in families belonging to highest income group18.
Among these maximum patients belong to low socioeconomic class SES IV (78) + V (21) = 99 (75%) and SES II + I = 32 (24.24%) are middle socioeconomic group only 1 (0.75%) belongs to upper class.
Majority of cases belonged to low socioeconomic group, split and illiterate families where child marriages were frequent.
In our study of 50 cases, 38 children (76%) were in low socioeconomic group and 12 children (24%) were in middle socioeconomic group.
The results were unaffected by other determinants such as parental age, age of infant, race, education, breastfeeding status, maternal smoking or socioeconomic group.
The upper socioeconomic group relied more on the modern methods of contraception 92% while the middle socioeconomic group relied on modern 71.7% as well as natural methods of contraception 28.3%.
Sixty-seven children fell under the class III socioeconomic group, of which 19 were found to have superior IQ (114.99 [+ or -] 1.88), 30 average IQ (98.34 [+ or -] 6.16) and 18 below average IQ (77.58 [+ or -] 11.79).
The study showed a clear link between wealth and weight, with 15% more women in the lowest socioeconomic group obese compared to the highest.
With the clear exception of smoking, there is a mixed picture of correlation between socioeconomic group and poor lifestyle.
The prevalence of moderate anemia is more than twice as high among pregnant women (19%) as among women who are breastfeeding women or neither pregnant nor breastfeeding (8% each), or among women from any socioeconomic group.
At 18 months, toddlers in the higher socioeconomic group could identify the correct object in about 750 milliseconds, while the lower-income toddlers were 200 milliseconds slower to respond.