Market Segmentation in the Banking Industry Based on Customers’ Expected Benefits: A Study of Shahr Bank, RESEARCH PAPER

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AGHAEI MOHAMMAD

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Paper Information

Journal: Interdisciplinary Journal of Management Studies Year:2021 | Volume:14 | Issue:3 Page(s): 629-648

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Title

Market Segmentation in the Banking Industry Based on Customers’ Expected Benefits: A Study of Shahr Bank, RESEARCH PAPER

Author(s)

AGHAEI MOHAMMAD | Issue Writer Certificate

Keywords

Market segmentationQ1

Banking industryQ1

Expected benefits approachQ1

Factor analysisQ2

Cluster analysisQ2

Abstract

Nowadays, the analysis of customer behavior is necessary for active organizations in the field of banking which deal with many customers with different characteristics. In recent years, Shahr Bank of Iran has faced many problems because of poor customer-orientedness and customer services. Therefore, to solve the existing problem, the current study concentrated on segmenting the customers of Shahr Bank based on their expected benefits. This study is applied in terms of purpose and descriptive-survey research in terms of data collection and analysis. To achieve the research objectives, through field studies and exploratory interviews with customers and banking experts, 165 benefits were extracted. Then, using expert questionnaires, the number of these benefits was reduced, and through Factor analysis, nine factors were identified as the most important expected benefits. Moreover, using Cluster analysis, four customer segments were extracted, namely benefit-oriented, peace-oriented, interest-oriented, and moderate ones. Finally, a suitable marketing solution was provided to the bank consistent with the most important features of the segments. For bank managers, this paper provides an appropriate view to identify customers' preferencesas an important factor in customer-orientedness and bank profitability.

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APA: Copy

AGHAEI, MOHAMMAD. (2021). Market Segmentation in the Banking Industry Based on Customers’ Expected Benefits: A Study of Shahr Bank, RESEARCH PAPER. IRANIAN JOURNAL OF MANAGEMENT STUDIES, 14(3 ), 629-648. SID. https://sid.ir/paper/369457/en

Vancouver: Copy

AGHAEI MOHAMMAD. Market Segmentation in the Banking Industry Based on Customers’ Expected Benefits: A Study of Shahr Bank, RESEARCH PAPER. IRANIAN JOURNAL OF MANAGEMENT STUDIES[Internet]. 2021;14(3 ):629-648. Available from: https://sid.ir/paper/369457/en

IEEE: Copy

MOHAMMAD AGHAEI, “Market Segmentation in the Banking Industry Based on Customers’ Expected Benefits: A Study of Shahr Bank, RESEARCH PAPER,” IRANIAN JOURNAL OF MANAGEMENT STUDIES, vol. 14, no. 3 , pp. 629–648, 2021, [Online]. Available: https://sid.ir/paper/369457/en

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