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What Is a Reference Group? Describe Three Different Types of Reference

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What is a reference group? Describe three different types of reference groups that can have an impact on a consumer's purchasing behaviour.


Definitions:

Suicide Rates

The number of suicides occurring among a specific population during a given time period.

Economic Conditions

The state of the economy at a given time, encompassing such factors as inflation rates, employment levels, and GDP.

Proletariat

Workers; those who have no means of production of their own and so are reduced to selling their labor power in order to live.

Selling Labor

The act of offering one's work or services in exchange for compensation, typically in the form of wages or salary.

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