Define the concept of social class. Do you think that social class or income would be a better segmentation tool for the marketing of holiday packages? Discuss.

Social class refers to a hierarchical system within society where individuals are grouped based on shared socioeconomic factors such as income, occupation, education, lifestyle, and cultural values. It is often categorized into upper, middle, and lower classes, with further subdivisions based on finer distinctions in wealth, status, and lifestyle preferences. Social class plays a significant role in shaping consumer behavior, influencing preferences, purchasing decisions, and consumption patterns. It extends beyond mere financial capacity to encompass values, aspirations, and social identity, making it a critical factor for marketers.

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