Is there some one out there who can discuss the dynamics of social class?

I would be grateful if someone could help me with this question. It is an important topic for the exam.
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"While understanding buying patterns and consumption behavior, it is necessary to understand the dynamics of social class. These are discussed as follows: i) Hierarchical structure: Social class is hierarchical in nature. The social-class categories are ranked in a hierarchy that ranges from low to high. Based on education, occupation and income, the society is divided into various ranks, such that people in a particular rank are similar to others in the same rank and different across various ranks. So members of a particular social class view themselves as a) having a status similar to others in their own class; and b) having a status high or low than members of the higher or lower class. Based on the social class, they view themselves equal to other (in the same social class), inferior to others (from higher social class), and superior to others (from lower social class). The hierarchical structure holds relevance for a marketer. ii) Similarity of people within a social class: People within a social class are similar to each other. This similarity is not only witnessed in terms of their education, occupation and income, but also their thinking, values, norms, attitudes, lifestyle and behavioral patterns. There is similarity among members within each social class and dissimilarity with between social classes. Source: http://in.docsity.com/en-docs/Life_Style_Analysis_-_Consumer_Behavior_-_Solved_Quiz_"
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