1. Status plays an important role in determining one's position in the society. Discuss, giving examples (with marketing applications), the various dimensions of status.

 

People associates status with the prestige of an individual's education, lifestyle, or vocation. Status describes the position of a person in a particular society. Norms, values, personality, and behaviors shape the role of a person in a society. A person can occupy one or more roles, such as being a student and an employee. Besides, a person can occupy the statuses of a confidant or athlete and others, ultimately depending on the setting.

Class concerns a person's occupation, while status reflects the social interactions around the community and family. Therefore, the class helps define consumer decisions on an individual basis as it reflects on lifestyles, leisure, communication patterns, savings, and investments, as well as attitudes towards financial outlook.

Step-by-step explanation

Status is an important topic for marketers as it helps establish a target market for a particular product or service. A person in a low social status may not afford vocational endeavors. Therefore, marketers will not find it hard to find the social status that fits a particular product. Social status defines consumption-related behaviors and patterns that are very important in marketing.

Social groups all have status and role to play in society. Status reveals relative social position and role as the society's expectation that individuals should play in a particular status. For instance, a woman may play a mother's role in her family but might belong in a low-class social status. Marketers to know the type of products that a person in a certain status can afford and the resources they might require to play their roles use this information.