Market segmentation in Malaysia by using psychographic dimensions for unit trust products
Abstract:
The aim of this study is to identify the values and lifestyles that best explain financial unit trust
behaviours. As an exploratory study, this paper adapts the values and lifestyle scale from previous studies
to the Malaysian context. Data were obtained from a questionnaire handed out to a cluster sample of
1350 customers. A factor analysis was conducted on the information obtained. Results of the analysis
reveal nine factors of segmentation of Malaysian customers. The core segmentation for Malaysian
customers is characterised by their feeling of self-fulfilment as people always try to improve themselves
and take actions which pose a new challenge for them. The results of this study might be used by
financial marketers to market their new unit trust products. Further research is needed to include new
psychographic variables.