Socio Economic Classification

On monday presentation given by Vaibhavi on SEC was indeed very informative and interesting. But the basis of classification is now a days getting shaky. So in MR industry various firms are coming up with their own different types of classification. Each of these classification try to outdo each other. But due to this the spectrum for the basis of classification is getting very wide. And as always new platforms for the purpose are being built.



While browsing through some website i chanced upon this particular type of classification by some research agency and found that it was more elaborate than the SEC. It is to be noted that the basic root for the classification is SEC. Thus we can say that it is extension of SEC. The difference i found with this classification is that it includes the marital status of the CWE, which is good point because one's marital status does affect his/her buying decisions. In the same way it also considers the presence of children in the family. The rainbow of classification is widened here with classification starting from A to H with sub-classifications. It also shows very clearly how a particular section of society overlaps with another in its buying decisions. One more interesting aspect in this classification which is very specific to Indian scenario is the consideration of joint/nuclear family of CWE. Thus the classification is very elaborate as compared with basic SEC classification and includes more aspects. After studying SEC, i found it important to learn about the tool currently being used by some research agencies in the industry. It also shows how the industry is always evolving and keeping track of it is very important to we aspiring managers!!!

Cheers...

Reference: www.livemint.com/indicus