Market segmentation in the Indonesian banking sector: The relationship between demographics and desired customer benefits

International Journal of Bank Marketing

Volumn 18, Issue 2, 2000, Pages 64-74

  Alfansi, Lizar ^a   Sargeant, Adrian ^b  

^a Fakultas Ekonomi Universitas   (Indonesia)

^b INDIANA UNIVERSITY   (United States)

Author keywords

Banking; Consumer behaviour; Demographics; Indonesia

Indexed keywords

EID: 33745440109     PISSN: 02652323     EISSN: None     Source Type: Journal    
DOI: 10.1108/02652320010322976     Document Type: Article

References (68)

1. Allt, B. (1975), “Money of class: new light on household spending” Advertising Quarterly, Vol. 44, Summer, pp. 6-9.
2. Anderson, W.I., Cox, E.P. and Fulcher, D.G. (1976), “Bank selection decisions and market segmentation”, Journal of Marketing, Vol. 40, January, pp. 40-5.
3. Baker, M.J. (1988), Marketing Strategy and Management, Macmillan Education, New York, NY.
4. Bank Indonesia (1996), Indonesian Financial Statistics, Jakarta.
5. Bobinski, G.S. and Assar, A. (1994), “Division of financial responsibility in baby boomer couples: routine tasks versus investments”, in Costa, J.A. (Ed.), Gender Issues and Consumer Behaviour, Sage Publications, London, pp. 125-41.
6. Brown, J.D. (1992), “Benefit segmentation of the fitness market”, Health Marketing Quarterly, Vol. 9 No. 3, pp. 19-28.
7. Burnett, J.J. and Chonko, L.B. (1984), “A segmental approach to packaging bank products”, Journal of Retail Banking, Vol. 6 No. 1/2, pp. 9-17.
8. Chisnall, P. (1992), Marketing Research, McGraw-Hill, Maidenhead.
9. Cunningham, R.M. (1956), “Brand loyalty – what, where, how much?”, Harvard Business Review, Vol. 34 No. 1, pp. 116-28.
10. Denton, L.T. and Chan, A.K.K. (1991), “Bank selection criteria of multiple bank users in Hong Kong”, International Journal of Bank Marketing, Vol. 9 No. 5, pp. 23-34.
11. Dhalla, N.K. and Mahatoo, W.H. (1976), “Expanding the scope of segmentation research”, Journal of Marketing, Vol. 40, pp. 34-41.
12. Dickens, J. and Chappell, B. (1977), “Food for Freud? A study of the sexual polarisation of food and food products”, Journal of the Market Research Society, Vol. 19 No. 2, pp. 76-92.
13. Evans, F.B. (1959), “Psychological and objective factors in prediction of brand choice”, Journal of Business, Vol. 17, pp. 340-69.
14. Fishbein, M. and Ajzen, I. (1975), Belief, Attitude, Intention and Behaviour: An Introduction to Theory and Research, Addison-Wesley, New York, NY.
15. Frank, R.E. (1968), “Market segmentation research: findings and implications”, in Bass, F.M., King, C.W. and Passemier, E.A. (Eds), The Application of the Sciences to Marketing Management, John Wiley & Sons, New York, NY.
16. Frank, R.E. (1972), “Predicting new product segments”, Journal of Advertising Research, Vol. 12 No. 3, pp. 9-13.
17. Frank, R.E. (1989), “Market segmentation research: findings and implications”, in Bass F.M., King C.W. and Pessemier E.A., Applications of the Sciences in Marketing Management, John Wiley & Sons, New York, NY.
18. Frank, R.E., Massy, W.F. and Wind, Y. (1972), Market Segmentation, Prentice-Hall, Englewood Cliffs, NJ.
19. Ginter, J.L. and Pessemeier, E.A. (1978), “Brand preference segments”, Journal of Business Research, Vol. 6, pp. 111-31.
20. Goldsmith, R.E., Flynn, L.R. and Bonn, M. (1994), “An empirical study of heavy half users of travel agencies”, Journal of Travel Research, Vol. 33 No. 1, Summer, pp. 38-43.
21. Hair, J.F., Anderson, R.E., Tathem, R.L. and Black, W.C. (1995), Multivariate Data Analysis with Readings, Prentice-Hall, Englewood Cliffs, NJ.
22. Haley, R.I. (1968), “Benefit segmentation: a decision-oriented research tool”, Journal of Marketing, Vol. 32, July, pp. 30-5.
23. Haron, S., Norafifah. A. and Sandra, L.P. (1994), “Bank patronage factors of Muslim and non-Muslim customers”, International Journal of Bank Marketing, Vol. 12 No. 1, pp. 32-40.
24. Harrison, T.S. (1994), “Mapping customer segments for personal financial services”, International Journal of Bank Marketing, Vol. 12 No. 8, pp. 17-25.
25. Hiam, A. and Schewe, C.D. (1993), “Market segmentation: can it work for your company?”, Incentive, Vol. 167 No. 1, pp. 65-6.
26. Jain, A.K., Pinson. C. and Malhotra, N.K. (1987), “Customer loyalty as a construct in the marketing of banks services”, International Journal of Bank Marketing, Vol. 5 No. 3, pp. 48-72.
27. Jonak, H. (1988), “Lifestyle segmentation approach to sales stresses customer orientation”, Bank Marketing, Vol. 20 No. 4, April, pp. 30-7.
28. Joy, A., Kim, C. and Laroch, M. (1991), “Ethnicity as a factor influencing use of financial services”, International Journal of Bank Marketing, Vol. 9 No. 4, pp. 10-16.
29. Kahle, L.R., Beatty S.E. and Holmer, P. (1986), “Alternative measurement approaches to consumer values: the list of values (LOV) and values and lifestyle (VALS)”, Journal of consumer Research, Vol. 13, December, pp. 405-9.
30. Kaynak, E. and Kucukemiroglu, O. (1992), “Bank and product selection: Hong Kong”, International Journal of Bank Marketing, Vol. 10 No. 1, pp. 3-16.
31. Kaynak, E., Kucukemiroglu, O. and Odabasi, Y. (1991), “Commercial bank selection in Turkey”, International Journal of Bank Marketing, Vol. 9 No. 4, pp. 30-9.
32. Khermouch, G. (1993), “The marketers take over”, Brandweek, Vol. 34 No. 39, 27 September, pp. 28-35.
33. Kompas (1998), “Kinerja Perbankan 1998 Anjlok”, 22 December.
34. Koponen, A. (1960), “Personality characteristics of purchasers”, Journal of Advertising Research, Vol. 1, pp. 6-12.
35. Kotler, P. (1988), Marketing Management, Prentice-Hall, Englewood Cliffs, NJ.
36. Lansing, J.B. and Kish, L. (1957), “Family lifecycle as an independent variable”, American Sociological Review, Vol. 22 No. 5, pp. 512-19.
37. Laroche, M. and Taylor, T. (1988), “An empirical study of major segmentation issues in retail banking”, International Journal of Bank Marketing, Vol. 6 No. 1, pp. 31-48.
38. Lastovicka, J.L. (1982), “On the validation of lifestyle traits: a review and illustration”, Journal of Marketing Research, Vol. 19, pp. 126-38.
39. LeBlanc, G. and Nguyen, N. (1988), “Customers’ perceptions of service quality in financial institutions”, International Journal of Bank Marketing, Vol. 6 No. 4, pp. 7-18.
40. Lewis, B.R. (1991), “Service quality: an international comparison of bank customers’ expectations and perceptions”, Journal of Marketing Management, Vol. 7, pp. 47-62.
41. Loker, L.E. and Perdue, R.R. (1992), “A benefit-based segmentation”, Journal of Travel Research, Vol. 31 No. 1, pp. 30-5.
42. Loudon, D. and Della Bitta, A.J. (1984), Consumer Behaviour, Concepts and Applications, McGraw-Hill, London.
43. Lunn, T. (1978), “Segmenting and constructing markets”, in Worcester R.M. and Downham, J. (Eds), Consumer Market Research Handbook (2nd ed.), Van Nostrand Reinhold Co. (UK) Ltd, London, pp. 343-76.
44. Massy, W.F., Frankl, R.E. and Lodahl, T.M. (1968), Purchasing Behaviour and Personality Attributes, University of Pennsylvania Press, Philadelphia, PA.
45. McCann, J.M. (1974), “Market segment response to the marketing decision variables”, Journal of Marketing Research, Vol. 11, November, pp. 399-412.
46. McDougall, G.H. and Levesque, T.J. (1994), “Benefit segmentation using service quality dimensions: an investigation in retail banking”, International Journal of Bank Marketing, Vol. 12 No. 2, pp. 15-23.
47. Meidan, A. and Moutinho, L. (1988), “Bank customers perceptions and loyalty: an attitudinal research”, European Marketing Academy Proceedings, pp. 472-93.
48. Miller, K.E. and Granzin, K.L. (1979), “Loyalty and benefit segmentation of retail customers”, Journal of Retailing, Vol. 55 No. 1, pp. 47-50.
49. Minhas, R.S. and Jacobs, E.M. (1996), “Benefit segmentation by factor analysis: an improved method of targeting customers for financial services”, International Journal of Bank Marketing, Vol. 14 No. 3, pp. 3-13.
50. Mitchell, A. (1983), The Nine American Lifestyles, Warner, New York, NY.
51. Monk, D., (1970), Social Grading on the National Readership Survey, Research Services Ltd, (JICNARS), London.
52. Novak, T.P. and MacEvoy, B. (1990), “On comparing alternative segmentation schemes: the list of values and values and life-styles”, Journal of Consumer Research, Vol. 17, June, pp. 105-9.
53. Pizam, A. (1972), “Psychological characteristics in innovators”, European Journal of Marketing, Vol. 6 No. 3, pp. 203-10.
54. Reading, B. (1988), “Why it's time for us to save”, The Sunday Times, 11 December.
55. Slocum, J.W. and Matthews, H.L. (1970), “Social class and income as indicators of consumer credit behaviour”, Journal of Marketing, Vol. 34 No. 2, pp. 69-74.
56. Smith, W. (1956), “Product differentiation and market segmentation as alternative marketing strategies”, Journal of Marketing, Vol. 21, July, pp. 3-8.
57. Speed, R. and Smith, G. (1992), “Retail financial service segmentation”, The Service Industries Journal, Vol. 12 No. 3, pp. 368-83.
58. Spotts, D.M. and Mahoney, E.M. (1993), “Understanding the Fall tourism market”, Journal of Travel Research, Vol. 32 No. 2, Fall, pp. 3-15.
59. Stafford, M.R. (1996), “ Demographic discriminators of service quality in the banking industry”, The Journal of Services Marketing, Vol. 10 No. 4, pp. 6-22.
60. Tucker, W.J. (1964), “The development of brand loyalty”, Journal of Marketing Research, Vol. 1 No. 3, pp. 32-5.
61. Twedt, D.W. (1964), “How important to marketing strategy is the heavy user?”, Journal of Marketing, Vol. 28 No. 1, pp. 71-2.
62. Tynan, A.C. and Drayton, J. (1987), “Market segmentation”, Journal of Marketing Management, Vol. 2 No. 3, pp. 301-35.
63. Veldhoven, G.M. (1973), “Developments in consumer psychology”, ESOMAR Conference, Maidenhead, p. 313.
64. Wedel, M. and Kamakura, W.A. (1998), Market Segmentation: Conceptual and Methodological Foundations, Kluwer Academic Publishers, Boston, MA.
65. Wells, W.D. and Gubar, G. (1966), “Life cycle concept in marketing research”, Journal of Marketing Research, Vol. 3 No. 4, pp. 355-63.
66. Wind, Y. (1978), “Issues and advances in segmentation research”, Journal of Marketing Research, Vol. 15, August, pp. 317-37.
67. Yankelovich, D. (1963), “New criteria for market segmentation”, Harvard Business Review, Vol. 42, pp. 83-90.
68. Zineldin, M. (1996), “Bank strategic positioning and some determinants of bank selection”, International Journal of Bank Marketing, Vol. 14, No. 6, pp. 12-22.