Question

A culturally defined group to which a consumer belongs based on resources like prestige, income, occupation, and education is known as a _____.

Answer 1

Answer: Social Class

Explanation:

Social class and income level are closely related with each other but these two are different concepts. Income level is largely based on the monetary resources a consumer have. Whereas social class defined a group of consumers which is based on the income, prestige, occupation, education. Social class have two recognizable components:

(1) Income

(2) Occupation

Everyday consumers are trying to improve their life by increasing the income level and moving up the social class.