Define what is meant by social class; and list and describe three ways that marketers use information on social class in designing their marketing strategy.
(a). List and discuss two effects that consumers’ purchase of counterfeit versions (knock-offs) of well-known luxury brand products might have on the real luxury brand products; write a minimum of 3 sentences about each effect; and (b) List and describe two ways in which ONE real luxury brand can respond to the fact that consumers are purchasing counterfeits (knock-offs) of its products. Write a minimum of 2 sentences about each way.