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Explain at least 3 advantages AND disadvantages of using socio-economic variables as determining factors in consumer behaviour?

Explain at least 3 advantages AND disadvantages of using socio-economic variables as determining factors in consumer behaviour?

Principles Of Marketing
Principles Of Marketing
17th Edition
ISBN:9780134492513
Author:Kotler, Philip, Armstrong, Gary (gary M.)
Publisher:Kotler, Philip, Armstrong, Gary (gary M.)
Chapter1: Marketing: Creating Customer Value And Engagement
Section: Chapter Questions
Problem 1.1DQ
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udy Explain at least 3 advantages AND disadvantages of using socio-economic variables as determining factors in consumer behaviour? 30- 2 F2 A- ((1:2)) W S X All BI F3 # 3 £ E 1 / D F4 C O C с * $ 4¢ R F CK F5 OIO no on 00 00 V F6 % 5 ¤ T G 6 PEDICO F7 00 84 B ? Y H F8 & 7 acer 1 U N F9 T * 00 US X₂ 8 2 J F10 M 9 K X² # F11 P 3 dil 11 W F12 0 14 con § Scr Lk Arrêtdef L P PrtSc/Imp SysRq/ >
Transcribed Image Text:udy Explain at least 3 advantages AND disadvantages of using socio-economic variables as determining factors in consumer behaviour? 30- 2 F2 A- ((1:2)) W S X All BI F3 # 3 £ E 1 / D F4 C O C с * $ 4¢ R F CK F5 OIO no on 00 00 V F6 % 5 ¤ T G 6 PEDICO F7 00 84 B ? Y H F8 & 7 acer 1 U N F9 T * 00 US X₂ 8 2 J F10 M 9 K X² # F11 P 3 dil 11 W F12 0 14 con § Scr Lk Arrêtdef L P PrtSc/Imp SysRq/ >
Expert Solution
Introduction

Socio economic factors include income, occupation, education, wealth etc. It is generally used as a way of describing an individual. 

Consumer behavior studies the impact of various factors on buying behavior of the consumers. 

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