VOT NO: 68708
Acknowledgement
We would like to confer our appreciation for the financial award,
co-operation and support we have received during the course of this
study from Yayasan Tun Ismail Mohamed Ali Berdaftar, and
Permodalan Nasional Berhad.
We would also like to express our gratitude towards Research
Management Centre, Universiti Teknologi Malaysia for the assistance
in managing the research activities.
i
Executive Summary
Purpose
The purpose of this study is to develop a new segmentation for investment expenditure
and pattern based on psychographic variables in Malaysia.
Approach
This study employed survey method using questionnaire adopted from established
international model. Survey data was gathered nationwide (1520 respondents).
Findings
The results of the study reveals nine segments for investment and pattern based on
psychographic variables in Malaysia
Managerial Implications
Although demographic variables are crucial to a successful segmentation strategy, it is
deemed to be insufficient on its own by various academic literature. The psychographic
variables therefore can be used as the main basis to enhance segmentation and supported
by the demographic variables.
ii
Table of Contents
Contents
Pages
Acknowledgement
Executive Summary
Table of Content
i
ii
1.0
2.0
3.0
1
2
3
Introduction
Main Objectives
Research Approach
3.1 Survey Research Tool
3.2 Population and Sampling Technique
3.3 Survey & Interviews
3.4 Limitation
3.5 Data Analyses
3.6 Reliability & Validity
4.0
AIO Worldwide
4.1 Research on AIO
4.2 Application of AIO worldwide
4.3 Application Of AIO Worldwide: The Conclusion
5.0
Scope of the Study
4
5
6
8
9
10
11
12
13
17
19
6.0 Main Findings
6.1 Application of AIO in Malaysia
6.2 Demographic Segmentation
6.3 Behavioral Profile
6.4 Current Investment by Zone & State
6.5 Zoning by Prospect & State
6.6 Zone Profile
6.7 Unit Trust Market: Competitive Analysis
6.8 The Findings: Malaysian Psychographics Segmentation
6.8.1 Pioneering Innovator
6.8.2 Cognizant Contemporary
6.8.3 Assertive Leader
6.8.4 Self-reliant Advocate
6.8.5 Conformist
6.8.6 Excitement Hunter
6.8.7 Gizmo Eager
6.8.8 Civilized Persona
6.8.9 Solo Sustainer
6.9
Psychographics Segmentation Key Values
6.10 Target Segment
6.11 Where to Market
6.12 The Position of Malaysian Psychographics Segments on
Unit Trust Product Based on Market Prospect
6.13 The Shared Value Among Existing Consumer Psychographics Segment
7.0 Managerial Implication
References
Appendices
20
21
22
25
27
28
29
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
1.0 Introduction
MRTeam (UTM) was appointed by the Yayasan Tun Ismail Mohamed Ali Berdaftar
Permodalan Nasional Berhad (PNB) on September 7, 2007 to conduct a study on The
Psychographic and Demographic Segmentation of Malaysian Population in Expenditure
and Investment Pattern.
The study was carried out nationwide and took 18 months from the inception until the
delivery of the final report (December 2008).
The result of the study will be able to contribute to the understanding of the Malaysian
attitude, interest, and opinion regarding investment products and more importantly
reveal the newly developed segments for expenditure and investment pattern.
6
2.0 Main Objectives
1.
To generate the psychographics dimensions and demographic impact of
Malaysian population
2.
To develop a typology of Malaysian population based on their expenditure
and investment pattern
7
3.0 Research Approach
Developed Survey research tool
Identified Population and Sampling Size
Conducted survey and interviews
Analyzed Data
8
3.1 Survey Research Tool
1. The survey Questionnaire (refer to Appendix A) consists of 77 items includes the
following:
•
Psychographics (35 items): based on AIO (attitude, interest and opinion)
measurement that were tailored to financial environment.
•
Demographic (12 items): Profile of the respondents.
•
Behaviouristic (30 items): Investment pattern of the respondents.
2. The team conducted a pilot study to test the validity of the items.
3. PNB endorsed the questionnaire on 21 September 2007.
9
3.2 Population and Sampling Technique
• The population of the study comprises of Malaysian citizen.
• Samples were drawn from all states of Malaysia.
• The sampling method employed were mall-intercept and omnibus survey.
• Convenience sampling technique was utilized in selecting respondents for
the study. However, quota sampling were observed to ensure that the
sample were evenly distributed.
• The sample size of the study was 1700, however only 89 % (1520) of the
questionnaires were usable.
10
3.3 Conducting Survey & Interviews
• The research instrument was applied between early
February to April 2008.
• The locations of the survey were chosen (refer to
Appendix B) based on the availability of volunteer
respondent and ability to being able to accommodate
surveyors without impinging on the respondents’ private
time.
11
3.3 Conducting Survey & Interviews (cont.)
Interviewers
 The self completed surveys were distributed by the interviewers.
 A group of trained marketing under graduate students from UTM
were employed to carry out the interviews.
 An induction program was provided which included: training in the
administration of the surveys; data gathering; etiquette for
approaching potential respondents; and etiquette when working
within crowded commercial environments such as mall, hospital,
banks, recreational park and other public areas.
12
3.4 Limitations
As with most research, this study was subject to some limitations. Due to
budgetary constraints, random and representative face to face sampling of
the entire population of Malaysia was not possible to be utilized for the
survey. Rather, convenience sampling was conducted along with a self
completed survey. Further research would be required to determine
whether this sample was representative of visitation to the region over the
entire year.
13
3.5 Data Analyses
•
The tool used for analyses was SPSS (version 12) –licensed to UTM.
•
For Descriptive Analyses; mean, t-test & Anova were exploited to compare mean,
standard deviation and variances between groups of respondents (Investors and noninvestors).
•
For Multivariate Analyses; Factor Analysis was exploited to generate segments of
consumer according to their psychographic dimensions.
•
Data were tested on its reliability by utilizing the Cronbach Alpha test, whilst
validity was tested using Factor Analysis & KMO Bartlett tests.
Data of the study is attached: Refer to Appendix C
14
3.6 Reliability & Validity
1.
Reliability of psychographic variables:
•
2.
Overall Cronbach Alpha score (0.8365)
Validity of Psychographic Variables
•
KMO Bartlett score (0.876)
•
Explain Variance (0.577)
15
4.0 AIO Worldwide
Psychographics research focuses on individual activities known as
Attitude, interest and opinions (AIO).
This model is the most widely used approach to lifestyle measurement in
many researches. The model has been tested worldwide and been
endorsed as reliable model to be utilized in establishing the market
segments.
Attempts to measure the quantitative dimensions of lifestyle were
initially referred to as psychographics. (research on the application of AIO
in segmentation studies is presented in Table 1).
Evidences of the adoption of AIO in industries world-wide are presented
in the Table 2.
16
Table 1: Research on the Application of AIO in segmentation studies
Author (s)
Variables
Location Of Study
Main Findings
Kucukemiroglu (1999)
General AIO
Population in Istanbul, Turkey
Identified eight lifestyle dimensions with
ethnocentrism
Gonzales and Bello
(2002)
Specific AIO,
leisured activities
Residents in one provincial
capital in Spain
Segmentation of long and short trips in
tourist market
Orth, McDaniel,
Shellhammer and
Lopetcharat (2004)
Specific AIO,
benefits, brand
preference
Adults in Pacific Northwest of
the USA
The relationship between consumer
brand preference, brand benefits and
lifestyle.
Divine and Lepisto
(2005)
AIO and healthy
lifestyles
Nationwide mail survey, USA
Main indicators of healthy lifestyles are
fruit and vegetable consumption
Fraj and Martinez
(2006)
General AIO and
ecological
behaviour
Residents from the city of
Zaragoza, Spain
Individuals who have environmental
respect are willing to purchase
ecological products
Reisenwitz and Iyer
(2007)
General AIO
A regional sample, USA
Identified similarities and differences
between two major age groups of baby
boomers generational cohort
17
Table 2: Application Of AIO in Industries Across the World
Country (Years)
Spain (2006)
Sample
(Pop & Size)
City of Zaragoza
N = 573
USA (2006)
Online Shoppers
(Netizen: based
on email address)
n = 1824
18
Segmentation Group
1.
2.
3.
4.
Fashion
Advent
Leader
Knowledge
1.
2.
3.
4.
5.
Socializers
E-shopping lovers
E-value leaders
Averters
Tech muddlers
Table 2: Application Of AIO in Industries Across the World
Country (Year)
Croatia (2003)
Sample
(Pop & Size)
Cross country
n = 628
Taiwan (2002)
Cross country
n = 707
19
Segmentation Group
1.
2.
3.
4.
5.
Relaxed
Traditionalists
Modern
Concerned
Hedonists
1.
2.
3.
4.
5.
6.
7.
8.
9.
Home-life
Enthusiasm
Solipsism
Well-known brand pursuer
Independence
Comfort
Free-living
Conservatism
Pessimism
Table 2: Application Of AIO in Industries Across the World
Country (Year)
Turkey (1999)
Sample
(Pop & Size)
Segmentation Group
Istanbul
n = 532
China (1998)
Female of
Guangzhou, Hong
Kong and Taipei
n= 558
20
1.
2.
3.
4.
5.
6.
7.
8.
Fashion Conscious
Leadership
Family Concern
Health consciousness
Carefree
Community consciousness
Cost consciousness
Practicality
1.
2.
3.
4.
Conventional Females
Contemporary Females
Searching Singles
The followers
Table 2: Application Of AIO in Industries Across the World
Country (Year)
New Zealand
(1996)
Sample
(Pop & Size)
Segmentation Group
Cross country
1.
2.
3.
4.
5.
6.
7.
n = 3773
21
Family values people
Conservative quiet lifers
Educated liberals
Accepting mid-lifers
Success-driven extroverts
Pragmatic strugglers
Social strivers
4.1 Application of AIO Worldwide: The Conclusion
Lifestyle patterns provide a broader, more three dimensional view
of consumers that marketers and businessmen should not ignore.
The success of a marketing model inherently lies in the researchers’ ability to identify
variables that can really distinguish people’s performance in the marketplace.
Bojanic (2007)1 listed a few criteria that are normally used to evaluate the effectiveness of
the market segmentation strategies such as substitutability, measurability, accessibility and
actionability. Once the segmentation strategy satisfies these four criteria, the next step is
to choose the segmentation variables that would work best at segmenting the market.
Bojanic, D.C., 2007, “Customer profile of the “carryout” segment for restaurants”,
International Journal of Contemporary Hospitality Management, Vol.19 No.1, pp. 21-31
1
22
Continue.
Prominent findings from the psychographic and lifestyle research worldwide
indicate that psychographic segmentation is able to provide the essential
information that financial institutions are seeking, i.e. :
 Who are the likely to be the profitable customers
 Where they could be found?
The rationale of employing both, the demographic and psychographic dimensions is
that the segmentation strategy would be more holistic and provide greater
understanding of consumers’ profile and behavior.
23
5.0 Scope of the Study
Cross Sectional Study in nature.
Consumer sentiment may vary over time due to the dynamic change in the world and
local economic environment.
Consumer Price Index is assumed to remain constant and not affect the outcome of
the study.
Reluctance of the respondents to produce honest response on certain particular
variable related to monetary figures.
The findings should not be deemed as the conclusive outcome of the overall
Malaysian population attributes.
This research only focus on the development of Psychographic Segmentation in
Malaysia and will not address any specific strategic implications on the part of the
client.
24
6.0 Main Findings
The findings show that there is a strong dependency relationship between customers’
behaviours and lifestyle (on an AIO approach) is also evident in the Malaysian context.
Demographic segmentation seems to be less significant as the trend of the
characteristics appear similar between investor and non-investor groups, and between
investment zone (high, moderate and lower prospect of investment).
Behavioristic segmentation indicates some differences in the and conduct, nevertheless
some actions are parallel.
The labels Pioneering Innovator, Cognizant Contemporary, Assertive Leader, Self-reliant
Advocate, Conformist Excitement Hunter, Gizmo Eager, Civilized Persona and Solo
Sustainer provide a general idea of lifestyle dimensions of each segment.
25
6.1 Application of AIO in Malaysia
Country (Year)
Malaysia (2008)
Sample
(Pop & Size)
Segmentation Group
Cross country
1.
2.
3.
4.
5.
6.
7.
8.
9.
n = 1520
26
Pioneering Innovator
Cognizant Contemporary
Assertive Leader
Self-reliant Advocate
Conformist
Excitement Hunter
Gizmo Eager
Civilized Persona
Solo Sustainer
6.2 Demographic Segmentation
Investors Vs Non Investors
Profile
Investors (%)
Non Investors (%)
Age
31-45
:
25.1
18-30
: 15.9
Gender
Male
:
Female :
33.4
29.7
Male
Female
: 19.0
: 17.9
Locality
Rural
Urban
:
:
50.7
49.3
Rural
Urban
: 53.9
: 46.1
Marital Status
Married :
Single
:
S Parent :
44.0
16.7
2.4
Married : 21.5
Single
: 13.6
S Parent : 1.7
27
Demographic Segmentation (cont.)
Investors Vs Non Investors
Profile
Investors (%)
Non Investors (%)
Offspring
None: 20
1-3 Children : 25.6
4-6 Children : 15.1
> 6 Children : 2.4
None
1-3 Children
4-6 Children
> 6 Children
: 16.1
: 11.3
: 7.4
: 2.1
Ethnicity
Malay
Chinese
Indian
Others
: 38.6
: 14.6
: 6.2
: 3.8
Malay
Chinese
Indian
Others
: 19.1
: 9.4
: 4.8
: 3.5
Employment
Govt.
Private
Own Business
Pensioner
Home maker
: 20.0
: 21.4
: 14.5
: 2.8
: 4.6
Govt.
Private
Own Business
Pensioner
Home maker
:
:
:
:
:
28
9.1
14.0
9.1
1.4
3.2
Demographic Segmentation (cont.)
Profile
Investors (%)
Profession
Managerial
Technical
General Worker
Pensioner
Home maker
Others
: 27.9
: 13.2
: 10.4
: 2.9
: 4.5
: 4.2
Managerial
Technical
General Worker
Pensioner
Home maker
Others
: 12.3
: 8.7
: 7.8
: 1.5
: 3.3
: 3.3
Academic Achievement
Graduate
Non Graduate
: 34.0
: 28.7
Graduate
Non Graduate
: 14.9
: 22.4
Current Household
Investment
<
>
>
>
>
: 38.0
: 25.0
: 22.3
: 6.9
: 5.2
RM 5 K
5K – 10 K
10 K – 50 K
50 K – 100 K
100 K
Non Investors (%)
* 2.6 % unanswered Q
29
N/A
6.3 Behavioral Profile
Investors
Non Investors
Cross occasions investors
Occasional investors
Track investment issues
Not interested in any investment
issues
Consult third party investment
advisors
No actions
Make special effort to invest
Moderate effort in making
investment
Make moderate effort in acquiring investment knowledge
30
Behavioral Profile (cont.)
Investors
Non Investors
Aspire towards enduring return
Eager towards short term gain
Make multiple transactions
Mix behaviors in transaction
Favor to invest in government’s link
investment arm
No specific preferences
No interest in investment publications
Observe investment matters in daily
news paper
31
Mix actions
6.4 Current Investment by Zone & State
High Zone
(Zone 1)
Moderate Zone
(Zone 2)
Low Zone
(Zone 3)
Johor
Sarawak
Melaka
Perak
Penang
Terengganu
Kedah
Putra Jaya /
Kuala Lumpur
Pahang
Kelantan
Sabah
Labuan
Perlis
Selangor
Negeri Sembilan
32
6.5 Zoning by Prospect & State
High Prospect
> RM 10 K
Moderate Prospect
RM 5 K – 10 K
Low Prospect
< RM 5 K
Johor
Negeri Sembilan
Melaka
Selangor
Penang
Terengganu
Perak
Putra Jaya /
Kuala Lumpur
Pahang
Kedah
Labuan
Kelantan
Perlis
Sabah
Sarawak
33
6.6 Zone Profile
High Prospect
Moderate Prospect
Low Prospect
Locality
Mix
(Urban & Rural)
Urban
Mix
(Urban & Rural)
Age
< 45
Cross age group
< 45
Gender
Mix
Male dominant
Female dominant
Marital status
Married & Single
Parents
Married
Married
Offspring
Mix
0 – 6 children
<3
<3
Ethnicity
Mix
Malay & Chinese
Malay dominant
Employment
Mix
Majority Private
Majority Private
Profession
Mix
Managerial &
Technical
Managerial &
General Workers
Academic
Achievement
Graduate
Mix
School leavers
34
Zone Profile (cont.)
High Prospect
Moderate Prospect
Low Prospect
Profession
Mix
Managerial &
Technical
Managerial &
General Workers
Academic
Achievement
Graduate
Mix
School leavers
* Other
Portfolio
Commitment
• Fixed Deposit
& Savings
• Insurance
• Shares
• Property
• Fixed Deposit
& Savings
• Fixed Deposit
& Savings
* Beside other portfolio investment, Investors are investing in other unit trust based investment.
35
6.7 Unit Trust Market: Competitive Scenario
Malaysian Unit Trust investors are also investing in other unit trust investment that
are provided by private and government service providers. The market of unit trust
is currently shared by other 33 providers (refer to Appendix D) with ranges of
offering prices. This group of service providers is regarded as direct competitors. In
term of price offers, 17 providers offer several portfolio at the price of above
RM1.00.
Nevertheless, most service providers are offering lower than RM 1.00, therefore the
price is considered as competitive.
Besides direct competitors, market is also served by several other types of
investment service providers, such as investment-linked fund (refer to Appendix E)
36
6.8 The Findings: Malaysian Psychographics
Segmentation
Country (Year)
Malaysia (2008)
Sample
(Pop & Size)
Segmentation Group
Cross country
1. Pioneering Innovator
n = 1520
2. Cognizant Contemporary
3. Assertive Leader
4. Self-reliant Advocate
5. Conformist
6. Excitement Hunter
7. Gizmo Eager
8. Civilized Persona
9. Solo Sustainer
37
6.8.1 Pioneering Innovator
Typology
Traits & Features
•
Love challenges
Adventurous
Thrill seekers
Willing to learn new things
Fond of outrageous things
and people
•
•
•
•
•
•
•
•
•
•
•
•
•
•
Mostly live in Zone 1
Age: < 45
Single & Married with 1 – 3 Kids
Majority Malay
Work mostly with private companies
Mostly hold managerial post
Graduates
Earn < RM 40K annually
Current investment < RM 10 K
Intend to invest RM 10K - 50 K in future
Other investment commitment: FD & Savings
Health conscious
Balanced Life (work & family)
Seek advice over investment matters
Prefer GLC investment products
38
6.8.2 Cognizant Contemporary
Traits and Features
Fashionable
Trendy
•
•
•
•
•
Up to date
•
•
•
•
•
•
•
•
•
•
Typology
Mostly live in Zone 1
Age < 45
Mostly Male
Mostly Married with < 3 Kids
Majority Malay
Work mostly with government & private
Mostly hold managerial & technical post
School leaver & Graduates
Earn < RM 40K annually
Current investment < RM 10K
Intend to invest < RM 10 K - 50K in future
Other investment commitment: FD & Savings & Insurance
Health conscious
Prefer GLC investment products
Follow investment column
39
6.8.3 Assertive Leader
Typology
Traits & Features
•
Like being in-charge
•
•
Like to lead others
•
•
•
Believe have more ability than
most people
•
•
•
Self proclaim intellectual
•
•
•
•
•
•
40
Mostly live in Zone 1 & Zone 2
Age 31 – 45
Mostly Male
Mostly Married with < 3 Kids
Majority Malay
Work mostly with government & private
Mostly hold managerial & technical post
School leaver & Graduates
Earn < RM 40K annually
Current investment < RM 10K
Intend to invest < RM 10 K - 50K in future
Other investment commitment: FD &
Savings & Insurance
Health conscious
Prefer GLC investment products
Follow investment column
6.8.4 Self-reliant Advocate
Typology
Traits & Features
•
Prefer making thing than
buying
Creative
D I Y attitude
•
•
•
•
•
•
•
•
•
•
•
•
•
Mostly live in Zone 1, Age < 45, Mostly Male
Mostly Married with < 3 Kids, Majority Malay
Work mostly with government & private
Mostly hold managerial & technical post
School leaver & Graduates
Earn < RM 40K annually
Current investment < RM 10K
Intend to invest < 50K in future
Other investment commitment: FD & Savings &
Insurance
Health conscious
Balanced Life (work & family)
Seek advice over investment matters
Prefer GLC investment products
Follow investment column
41
6.8.5 Conformist
Traits & Features
Typology
•
Conservative
•
•
Hold certain traditional and
religious values
Concern on social
environment
•
•
•
•
•
•
•
•
•
•
•
Mostly live in Zone 1 & Zone 2
Age < 45
Mostly Male
Mostly Married with < 3 Kids
Majority Malay
Work: Government, private & own business, as
well as home makers.
School leaver & Graduates
Earn < RM 40K annually
Current investment < RM 10K
Intend to invest < RM 10 K - 50K in future
Other investment commitment: FD & Savings &
Insurance, share and property
Prefer GLC investment products
Follow investment column
Switch product for better long term gain
42
6.8.6 Excitement Hunter
Typology
Traits & Features
Crave exhilarating
experience
Joyful
•
•
•
•
•
Pleasure-seeking
•
•
Vacationer
Enjoy hedonistic lifestyle
•
•
•
•
•
•
•
•
Mostly live in Zone 1 & Zone 2, Age < 55
Mostly Male, female group is increasing
Mostly Married with < 3 Kids, segment Kids 4 – 6 is
increasing
Majority Malay
Work mostly with government & private
Mostly hold managerial & technical post
School leaver & Graduates
Earn < RM 40K annually K
Prospect: Income level > 60 K annually
Current investment < RM 10K
Intend to invest < RM 10 K - 50K in future
Other investment commitment: FD & Savings & Insurance,
Property
Health conscious
Prefer GLC investment products
Follow investment column
43
6.8.7 Gizmo Eager
Typology
Traits & Features
•
Enjoy tools and
equipment
•
•
•
Like hardware and
automotive gadgets
•
•
Like to work on metal
and woods
•
•
•
•
•
•
•
•
Mostly live in Zone 1 & Zone 2, Age < 45
Both genders, Single & Married with < 6 Kids
Majority Malay & Chinese
Work mostly with government , private & own business
Mostly hold managerial, technical & general worker
post
School leaver & Graduates
Earn < RM 40K annually K
Current investment : Nil to < RM 50K
Intend to invest < RM 50 K in future
Other investment commitment: FD & Savings, Insurance
& Property
Health conscious
Balanced life (work & family)
Prefer GLC investment products
Follow investment column
44
6.8.8 Civilized Persona
Typology
Traits & Features
Appreciate art and culture • Mostly live in Zone 1 & Zone 2, Age < 45
•
Love knowledge
Deep person
•
•
•
•
•
Enjoy colorful life
•
•
The thinker
•
•
•
•
•
Both genders, Single & Married with < 3 Kids
Majority Malay & Chinese
Work mostly with private & own business
Mostly hold managerial & technical post
School leaver & Graduates
Earn < RM 40K annually K
Prospect: Income level > 60 K annually
Current investment : Nil to < RM 10K
Intend to invest < RM 10 K in future
Other investment commitment: FD & Savings &
Insurance
Health conscious
Prefer GLC investment products
Follow investment column
45
6.8.9 Solo Sustainer
Traits & Features
Typology
•
Limited life pursuit
•
•
Restricted interest
Risk averse
•
•
•
•
Resist changes
•
•
•
•
•
•
Mostly live in Zone 1 & Zone 2
Age < 45, age group > 56 is catching up
Both genders
Single & Married with < 3 Kids, family with 6
kids is catching up.
Majority Malay & Chinese
Work mostly with private & own business
Mostly hold managerial & technical post
School leaver
Cross income groups
Current investment : cross investment group
Intend to invest < RM 10 K in future
Other investment commitment: FD & Savings &
Insurance
Prefer GLC investment products
46
6.9 Psychographics Segmentation: Key Values
Psychographic Segments
Investors (mean)
Non Investors (mean)
1. Pioneering Innovator
1.51
1.50
2. Cognizant Contemporary
1.51
1.47
3. Assertive Leader
1.53
1.46
4. Self-reliant Advocate
1.48
1.59 **
5. Conformist
1.54 *
1.51
6. Excitement Hunter
1.51
1.52
7. Gizmo Eager
1.49
1.49
8. Civilized Persona
1.50
1.51
9. Solo Sustainer
1.48
1.55 **
* ** T-test – significant at 0.5 and 1.0 df : Target Segment to be avoided or redesign the strategy
47
6.10 Target Segment
Prime Target
CONFORMIST
Secondary Target
The rest 6 segments
Avoid or Innovate the product
SOLO SUSTAINER
&
SELF RELIANT ADVOCATE
48
6.11 Where to Market
Psychographic Segments
Zone to Target
2. Cognizant Contemporary
Whole country
3. Assertive Leader
Whole country
5. Conformist
Zone 1 & Zone 2
7. Gizmo Eager
Zone 1 & Zone 3
8. Civilized Persona
Zone 1 & Zone 2
49
6.11 The Position of Malaysian Psychographics Segments
On Unit Trust Product Based on Market Prospect
High NI
High Prospect
Investors
Moderate Prospect
Investors
V
E
S
T
M
E
N
T
GIZMO
EAGER
CIVILIZED
PERSONA
COGNIZANT
CONTEMPORARY
CONFORMIST
ASSERTIVE
LEADER
GIZMO
EAGER
Low Prospect
Investors
Low
50
C
O
M
M
I
T
M
E
N
T
6.12 The Shared Value Among Existing Consumer
Psychographics Segment
COGNIZANT
CONTEMPORARY
ASSERTIVE
LEADER
CIVILIZED
PERSONA
INTELLECTUAL
SELF RELIANT
ADVOCATE
PIONEERING
INNOVATOR
SOLO
SUSTAINER
GIZMO EAGER
EXCITEMENT
HUNTER
CONSERVATIVES
FULFILLS
ACTIONS
CONFORMIST
51
7.0 Managerial Implications
•
Market segmentation as a means of establishing the right positioning for the product
and enhance the brand’s real value and equity.
•
On the tactical level, psychographic variables can be applied to the design of the
marketing communications tools. It will be able to provide an input to improved
media selection or better advertising copy treatment.
•
Malaysian Unit Trust market is still not reaching maturity stage. It showed by the
homogeneity characteristics of all the segments identified.
52
Managerial Implications (cont.)
•
Psychographic provides depth in understanding of consumer market.
- to develop a more effective segmentation strategy, a psychographic
based segmentation should be applied.
- while demographic is necessary for effectively targeting the consumer,
psychographic is indispensable for understanding the consumer. Hence
the psychographic variable should be used as the main basis for
segmenting the market and supported by the demographic variables.
53
References
 Bone, P. F, 1991. “Identifying mature segments”, The Journal of Service Marketing, Vol.
5(Winter), pp.47-60.
 Bojanic, D.C., 2007, “Customer profile of the “carryout” segment for restaurants”,
International Journal of Contemporary Hospitality Management, Vol.19 No.1, pp. 21-31
 Chin, F. L, 2002. “Segmenting customer brand preference: demographic or
psychographic”, Journal of Product & Brand Management, Vol.11 No.4, pp. 249-268.
 Engel, J.F.; Blackwell, R.D. and Miniard, P.W. 1996, “Customer Behaviour”, 7th ed., The
Dryden Press, Hinsdale, IL.
 Divine, R. L. and Lepisto, L., 2005. “Analysis of the healthy lifestyle consumer”, Journal
of Consumer Marketing, Vol. 22 No. 5, pp. 275-283.
 Fraj, E. and Martinez, E., 2006. “Environmental values and lifestyles as determining
factors of ecological consumer behaviour: an empirical analysis, Journal of Consumer
Marketing, Vol. 23 No.3, pp. 133-144.
 Gonzalez, A.N. and Bello, L.,2002. “The construct “lifestyle” in market
segmentation:The behaviour of tourist consumers”, European Journal of Marketing, Vol.
36 No.1/2, pp.51-85.
54
References
 Kesic, T. and Piri-Rajh, S., 2003. “Market segmentation on the basis of food-related lifestyles
of Croatian families”, British Food Journal, Vol.105 No.3, pp.162-174.
 Kotler, P. and Armstrong, G., 2007. Principles of Marketing, 11th ed., Prentice Hall
International, Englewood Cliffs, NJ.
 Kucukemiroglu, O.,1999. “Market segmentation by using consumer lifestyle dimensions and
ethnocentrism: An empirical study”, European Journal of Marketing, Vol. 33 No. 5/6, pp.470487.
 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.
 Oates, B; Shufeldt, L. and Vaught, B.,1996. “A psychographic study of the elderly and retail
store attributes”, Journal of Consumer Marketing, Vol. 13 No.6, pp.14-27.
 Orth, U. R.; McDaniel, M.; Shellhammer, T. and Lopetcharat, K, 2004. “Promoting brand
benefits: the role of consumer psychographics and lifestyle”, Journal of Consumer Marketing,
Vol.21, No.3, pp.97-108.
 Quinn, L; Hines, T. and Bennison, D., 2007. “Making sense of market segmentation: a fashion
retailing case”, European Journal of Marketing, Vol. 41 No.5/6, pp.439-465.
55
References
 Reisenwitz, T. and Iyer, R.,2007. “A comparison of younger and older baby boomers:
investigating the viability of cohort segmentation”, Journal of Consumer Marketing, Vol.
24 No.4, pp. 202-213.
 Segal, M.N. and Giacobbe, R. W., 1994. “Market Segmentation and competitive analysis
for supermarket retailing”, International Journal of Retail & Distribution Management,
Vol.22 No.1, pp. 38-48.
 Solomon, M.R.; Marshall, G.W. and Stuart, E. W., 2008. Marketing: real people, real
choices, 5th ed., Prentice Hall International, Englewood Cliffs, NJ.
 SRI Consulting 1997. Investor Styles: A Psychographic Segmentation, Consumer Financial
Decisions, pp. 1-3.
 Tam, J.L.M. and Tai, S.H.C., 1998. ‘The psychographic segmentation of the female
market in Greater China”, International Marketing Review, Vol.15 No.1, pp.61-77.
 Todd, S.; Lawson, R. and Faris, F.,1997. “A Lifestyle Analysis of New Zealand Consumers”,
Asia Pacific Journal of Marketing and Logistics, pp.30-47.
 Wall, G. and Mitchell, V., 2005. “Demographic characteristics of consumers who find it
difficult to decide”, Marketing Intelligence & Planning, Vol. 23 No.3, pp.281-295.
56
Appendix B
No
Date
Survey Station
.
1
1–5
February 2008
Kuala Lumpur, PJ, Putrajaya, Rawang
2
4
February 2008
Ipoh
3
6–7
February 2008
Shah Alam, Kelang, Sabak Bernam
4
8 – 10 February 2008
Tanjung Malim
5
2–5
February 2008
Kuantan, Temerloh, Bandar Muazam, Pekan, Maran, Kuala Lipis
6
6–7
February 2008
Kuala Terengganu, Jertih, Setiu, Dungun, Paka & Kerteh
7
8 – 10 February 2008
Kota Bahru, Jeli, Bachok,
8
7–8
February 2008
Pulau Pinang, Butterworth, Seberang Prai, Kepala Batas
9
5–6
February 2008
Alor Setar, Jerlun, Pendang, Changlun, Yan, Kulim
February 2008
Kangar, Langkawi
February 2008
Seremban, Rembau, Gemas, Tampin
10
11
6
2–5
12
6
February 2008
Melaka Tengah, Merlimau, Jasin
13
7 – 10
February 2008
Batu Pahat, Muar, Mersing, Pontian & Johor Bahru
25 – 28 February 2008
Kota Kinabalu, Tuaran, Ranau, Beufort, Tamparuli
14
15
3 -7
March 2008
Kuching, Samarahan, Sri Aman, Sibu, Bintulu, Miri, Limbang
16
16 – 20
August 2008
Tawau, Lahad Datu & Sandakan
17
16 – 20
August 2008
Labuan
57
Research
Instrument
Self-completed
questionnaire
Appendix C
Appendix C will be available in soft format
List of Unit Trusts Brands
Brand
Number of
Products
Appendix D
> RM1.00 per unit
ASM
17
0 (0.18-0.64)
Asia Unit Trust
6
0 (0.27-0.83)
Affin Fund
6
0 (0.31-0.51)
Avenue oneinvest
13
0 (0.16-0.56)
Amanah Saham BSN
2
0 (0.23-0.27)
Apex
8
0 (0.17-0.49)
59
List of Unit Trusts Brands (cont.)
Brand
Number of
Products
> RM1.00 per unit
Areca
6
2 (0.41-1.02)
Alliance
14
1 (0.23-1.00)
AMmutual
42
12 (0.20-1.17)
AMassurancelink
10
0 (0.30-0.62)
Amanahraya
4
2 (0.46-1.00)
BIMB unit trust
4
0 (0.21-0.51)
60
List of Unit Trusts Brands (cont.)
Brand
Number of
Products
> RM1.00 per unit
CIMB wealth
25
5 (0.35-1.10)
CRM trust
9
0 (0.36-0.60)
CIMB asset
38
5 (0.20-1.13)
HLG unit trust
35
0 (0.10-0.70)
HwangDBS
22
6 (0.22-1.10)
Inter-pasific
3
0 (0.19-0.50)
61
List of Unit Trusts Brands (cont.)
Brand
Number of
Products
> RM1.00 per unit
ING Funds
14
4 (0.25-1.06)
ING oneanswer
9
0 (0.37-0.60)
Kenanga
2
2 (1.00-1.44)
KSC capital
2
1 (0.96-1.04)
KAF
3
2 (0.95-1.06)
Amanah Mutual
18
0 (0.26-0.99)
62
List of Unit Trusts Brands (cont.)
Brand
Number of
Products
> RM1.00 per unit
MAAKL
23
3 (0.13-1.06)
OSK-UOB
36
5 (0.23-1.20)
Public Mutual
67
12 (0.13-1.02)
PHEIM
5
2 (0.55-1.08)
Pasific Mutual
18
0 (0.34-0.51)
Philip Mutual
3
0 (0.28-0.50)
63
List of Unit Trusts Brands (cont.)
Brand
Number of
Products
> RM1.00 per unit
Prudential Fund
38
5 (0.15-1.05)
RHB investment
27
6 (0.26-1.11)
TA investment
15
0 (0.26-0.53)
64
Appendix E
Investment-Linked Funds
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
Allianz life
AIA/AIA Takaful
TM Asia
AXA Affin
CIMB Aviva/Takaful
Great Eastern Ass.
Hong Leong Ass.
HSBC Amanah
HLTMT
ING Insurance
11. Takaful Ikhlas
12. Manulife
13. MAA/MAA International/
MAAIA/Takaful
14. Mayban Life
15. ETIQA/Takaful
16. MCIS Zurich
17. Prudential Assurance/ P-BSN
Takaful
18. Takaful Malaysia
19. UNI ASIA life Insurance
65
The Team
1.
Assoc. Prof. Dr. Hj. Rohaizat Baharun (Leader)
2.
Assoc. Prof. Dr. Abu Bakar Abdul Hamid
3.
Ahmad Sharifuddin Shamsuddin
4.
Norzaidahwati Zaidin
5.
Norzafir Md. Salleh
6.
Zuraidah Sulaiman (Currently attached to the Sydney University
of Technology)
45
66