What do you mean by the term “social class”?

I was stuck in understanding this while I was preparing for the test. Can some one determine the Social Class?
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"People in a society are placed in different strata based on their status; each of these strata may be referred to as social class. Schiffman defines social class as “the division of /members of a society into a hierarchy of distinct status classes, so that members of each class have relatively the same status and members of all other classes have either more or less status”. Social class is defined in terms of the amount of status the members of a particular class relatively have, in comparison with members of other social classes. Broadly speaking, the stratification into varied social classes, is done on the bases on three factors, viz., wealth (economic assets) power (ability to exert influence over others) and prestige (recognition received). However, marketing academicians and researchers, as well as consumer researchers, define status in terms of demographical variables like income, occupation and education; in fact, the three are interrelated and thus, used in conjunction to each other. While understanding buying patterns and consumption behavior, it is necessary to understand the dynamics of social class. Source: http://in.docsity.com/en-docs/Life_Style_Analysis_-_Consumer_Behavior_-_Solved_Quiz_"
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"Social class (or simply ""category""), like a class community, is a number of concepts inside societal sciences and political orientation devoted to types of stratification in which everyone is assembled in a group of ordered sociable different types, the most common getting the upper, in-between, and minimize instructional classes. "
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