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.