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 ?
In the lower socioeconomic group 62% women were uneducated, only 25.
The frequency of anemia was slightly less (40%) when compare d with the lower socioeconomic group.
Patients in the lowest socioeconomic group were more likely to be black, to need urgent admission, and to be treated at nonteaching hospitals with low patient volumes.
For all three cancer types, patients in the highest socioeconomic group were more likely to receive radiation, surgery, and chemotherapy.
Contains market value segmentation by demographic and socioeconomic group.
Children in the lowest socioeconomic group had blood lead concentrations 32% higher than the highest group.
Ultimately, the challenge faced by those who educate African American males of all socioeconomic groups is to convince them to exhibit the attitudes and behaviors that contribute to achievement.
The interplay of educational issues coupled with the external pressures of what is perceived as an unwelcoming societal structure may also exert an influence on the achievement motivation, resulting in the formation of task values and career aspirations that may be qualitatively different for members of different socioeconomic groups as well as between males and females.
These disparities simultaneously reflect the unequal burden of exposure to pollution among different socioeconomic groups and the unequal impacts of a given level of exposure on vulnerable individuals.
Although the complaints came from both sexes, many races, a variety of ages, and all socioeconomic groups, a profile developed for the person most likely to complain about police conduct.
This fact underscores the importance of community policing efforts targeted at improving relations with youth, racial minorities, and those individuals in lower socioeconomic groups.
Concerns have also been raised that such findings, if interpreted incorrectly and misused, will exacerbate rather than ameliorate existing health disparities among racial, ethnic, and socioeconomic groups.