Can socio-economic status of the customer affects business and industry?Why?
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yes socio-economic status of the customer affects business and industry
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Socioeconomic factors are, therefore, the social and economic factors that shape and determine the dynamics a society will experience. These are factors that affect the behavior of a particular group, also known as a socioeconomic class. Perhaps the most interesting behavior of members of a socioeconomic class is their behavior as consumers. Different socioeconomic classes will generally have different priorities, and this will affect how they spend their money.
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