Banking on the youth: the case for finer segmentation of the youth market

Foscht, Thomas; Maloles, Cesar; Schloffer, Judith; Chia, Swee-Lim; Sinha, Indrajit

doi:10.1108/17473611011093907

Cited by 8 publications

(7 citation statements)

References 37 publications

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“…The aim is to select one or more segments on which to focus (Beane & Ennis, ; Chin‐Feng, ; Walsh, Hennig‐Thurau, Wayne‐Mitchell, & Wiedmann, ). The concept of market segmentation which was originally proposed by Smith () has attracted attention within the financial services sector (Foscht, Maloles, Schloffer, Chia, & Sinha, ; Funfgeld & Wang, ; Minhas & Jacobs, ; Muhamad, Sharifah, & Alwi, ; Stanley, Ford, & Richards, ).…”

Section: Literature Reviewmentioning

confidence: 99%

“…Foscht et al. () identified four segments of young consumers of financial services in Austria. Segment 1 represented young consumers who were very keen on different forms of investment, modern means of access, and additional services.…”

Section: Literature Reviewmentioning

confidence: 99%

“…Ethical observers were stimulated to buy Islamic banking products by being morally acceptable, while personal benefits were more important for the economical rational segment. Foscht et al (2010) identified four segments of young consumers of financial services in Austria. Segment 1 represented young consumers who were very keen on different forms of investment, modern means of access, and additional services.…”

Section: Literature Review Financial Services Segmentationmentioning

confidence: 99%

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Hybrid Segmentation in the Financial Services Market: Targeting Saving Consumers

Makgosa

Matenge

Mburu

2016

Family & Consum Sci Res J

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The purpose of this study was to demonstrate the usefulness of hybrid market segmentation by identifying segments (e.g., clusters) of consumers using a combination of psychographics, demographic information, and behavioral bases. A sample of 621 saving employed adults from Botswana completed a structured questionnaire at their place of work. Results revealed six segments that depicted unique saving motives, attitudes, and perceptions. The six segments were labeled as “anxious detached, prudent, carefree egoistical, anxious fanatical, pragmatic, and apathetic savers.” Further differences were examined among the segments based on personal values, life satisfaction, usage of saving programs, and demographic information. Results are useful for researchers and practitioners as an alternative approach for analyzing savers through the use of hybrid segmentation. Results such as these could facilitate marketing efforts to serve those who are most likely to save.

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Section: Literature Reviewmentioning

confidence: 99%

Section: Literature Reviewmentioning

confidence: 99%

Section: Literature Review Financial Services Segmentationmentioning

confidence: 99%

See 1 more Smart Citation

Hybrid Segmentation in the Financial Services Market: Targeting Saving Consumers

Makgosa

Matenge

Mburu

2016

Family & Consum Sci Res J

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“…The results of customer segmentation are used in many business tasks. New product design and development, design of customized product offering strategies, communication of brand image and key product benefits, presenting differentiated customer service, resource allocation, identifying target groups for campaigns, optimal differential pricing and presenting better-designed marketing programs are among these tasks (Foscht et al, 2010;Dibb, 1998;Tsiptsis and Chorianopoulos, 2009;Yelkur and DaCosta, 2001).…”

Section: Customer Segmentationmentioning

confidence: 99%

Mining the dominant patterns of customer shifts between segments by using top-k and distinguishing sequential rules

Akhondzadeh-Noughabi

Albadvi

2015

Management Decision

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Purpose – The purpose of this paper is to detect different behavioral groups and the dominant patterns of customer shifts between segments of different values over time. Design/methodology/approach – A new hybrid methodology is presented based on clustering techniques and mining top-k and distinguishing sequential rules. This methodology is implemented on the data of 14,772 subscribers of a mobile phone operator in Tehran, the capital of Iran. The main data include the call detail records and event detail records data that was acquired from the IT department of this operator. Findings – Seven different behavioral groups of customer shifts were identified. These groups and the corresponding top-k rules represent the dominant patterns of customer behavior. The results also explain the relation of customer switching behavior and segment instability, which is an open problem. Practical implications – The findings can be helpful to improve marketing strategies and decision making and for prediction purposes. The obtained rules are relatively easy to interpret and use; this can strengthen the practicality of results. Originality/value – A new hybrid methodology is proposed that systematically extracts the dominant patterns of customer shifts. This paper also offers a new definition and framework for discovering distinguishing sequential rules. Comparing with Markov chain models, this study captures the customer switching behavior in different levels of value through interpretable sequential rules. This is the first study that uses sequential and distinguishing rules in this domain.

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“…Childhood obesity is now considered a foremost public health crisis in both developed and developing countries (Wang and Lim, 2012) owing to its growing prevalence and detrimental effects on children's physical and psychological health in the short and long term (Reilly et al, 2003;WHO, 2014). As studies in commercial marketing highlight substantial differences between segments in the child, adolescent and young adults markets (Akturan et al, 2011;Cody, 2012;Foscht et al, 2010), continued examination of the principle of market segmentation in social marketing aiming to improve the health of children is arguably warranted. As such, application of the principle of market segmentation within this context forms the focus of the present research.…”

Section: Introductionmentioning

confidence: 99%

A theoretical approach to segmenting children’s walking behaviour

2015

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Purpose – This paper aims to extend research applying the principle of market segmentation to gain insight into changing the physical activity behaviour of children, particularly their walk to/from school behaviour. It further examined the utility of employing theory, specifically the theory of planned behaviour (TPB), for this purpose. Childhood obesity is a leading public health concern globally. Design/methodology/approach – An online survey was conducted with 512 caregivers of primary school children. Caregivers were targeted given their control over children’s walk to/from school behaviour. Two-step cluster analysis, based on 14 geographic, demographic, psychographic and behavioural variables, was used to investigate groupings within the data set. Findings – The analysis revealed three distinct segments of caregivers, each with unique beliefs about their children walking to/from school: short-distance frequent walkers, middle-distance sporadic walkers and long-distance non-walkers. Four variables were found to be highly important in distinguishing these segments: distance to school, current walk to/from school behaviour, subjective norms and intentions to increase their child’s walk to school behaviour. Originality/value – The paper demonstrates the usefulness of behavioural, geographic and psychographic variables, as measured by the TPB, in distinguishing segments, offering an important contrast to prior segmentation studies emphasising demographic variables. This result provides empirical evidence of the value of using the four segmentation bases, extending beyond a demographic focus, and the importance of incorporating behavioural theory in market segmentation. In so doing, this research provides key insights into changing children’s walking behaviour.

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Banking on the youth: the case for finer segmentation of the youth market

Cited by 8 publications

References 37 publications

Hybrid Segmentation in the Financial Services Market: Targeting Saving Consumers

Hybrid Segmentation in the Financial Services Market: Targeting Saving Consumers

Mining the dominant patterns of customer shifts between segments by using top-k and distinguishing sequential rules

A theoretical approach to segmenting children’s walking behaviour

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