Explain the Concept of Parens Patriae and in Loco Parentis

question 37

Essay

Explain the concept of parens patriae and in loco parentis.

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Definitions:

Global Segmentation

The practice of dividing a worldwide market into smaller segments of consumers who share similar needs, characteristics, or behaviors.

Financial Savings

Refers to the portion of disposable income not spent on current expenditures or consumed, often set aside for emergencies, future purchases, or investments.

Local Customs

The traditional practices and norms specific to a particular community, region, or culture, often influencing consumer behavior and expectations.

Psychographic Segmentation

The process of dividing a market into segments based on consumers' personality traits, values, attitudes, interests, or lifestyles.