Question

How is income level an important factor of the market?​

Answer 1

Answer:

When forming market segments, all the individuals in a segment must have aspects in common. Thus, these aspects can be important features for marketers to categorize. One of the most important categories is market segmentation by income. This article will be your guide to Market Segmentation by Income step by step. Let’s go

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Answer 2

Answer:

Income level is an important factor of the market because the customers are mainly from low-income groups, middle-income groups and high-income groups. The low-income group customers mainly rely on roadside vendors who supply them with goods tailored to their income status.

The middle class forms the largest community of customers. The shopping malls usually cater to the needs of the high-income group. Low-income group and middle-income group customers generally shy away from these malls.

Thus the income of the customers has a direct influence on the markets.