Psychographic Segmentation of Saving Market

Sainjargal Bayarsaikhan; Davaasuren Batsukh; Otgonsuren Yadamsuren

doi:10.18034/ajase.v11i1.5

Authors

Sainjargal Bayarsaikhan Ph. D. Candidate, Business School, National University of Mongolia
Davaasuren Batsukh Professor, Business School, National University of Mongolia
Otgonsuren Yadamsuren Professor, National University of Mongolia

Keywords:

Market Segment

Psychographic Variables

Motive

Perception

Attitude

Demographic Variable

Intention

Abstract

The purpose of this study was to examine the possibility of saving market segmentation by identifying segments consumers using a combination of several dimensions, such as psychological motivations, perceptions, attitudes, and demographics. A sample of 1,800 age-appropriate savers, randomly selected, completed a structured questionnaire which contains more than 190 questions to determine an individual's psychological differences for each dimension. Data related to the key objectives were analyzed using Factor analysis, Cluster analysis, and Multi-factor regression. Results revealed certain segments that differed in psychological and demographic characteristics. The further differences were examined among the segments based on the factors that impact on consumer’s purchasing intention and choice of savings services.

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