A Model of Market Segmentation for the Customers of Mellat Bank in Iran
If organizations like Mellat Bank want to identify its
customer market completely to reach its specified goals, it can
segment the market to offer the product package to the right segment.
Our objective is to offer a segmentation model for Iran banking
market in Mellat bank view. The methodology of this project is
combined by “segmentation on the basis of four part-quality
variables" and “segmentation on the basis of different in means".
Required data are gathered from E-Systems and researcher personal
observation. Finally, the research offers the organization that at first
step form a four dimensional matrix with 756 segments using four
variables named value-based, behavioral, activity style, and activity
level, and at the second step calculate the means of profit for every
cell of matrix in two distinguished work level (levels α1:normal
condition and α2: high pressure condition) and compare the segments
by checking two conditions that are 1- homogeneity every segment
with its sub segment and 2- heterogeneity with other segments, and
so it can do the necessary segmentation process. After all, the last
offer (more explained by an operational example and feedback
algorithm) is to test and update the model because of dynamic
environment, technology, and banking system.
[1] Bloomberg Businessweek: http\\WWW.Bloomberg.com, a brief look.
(2012). Retrieved April 12, 2012, from English web site of Bank Mellat:
http://www.en.bankmellat.ir/protal.aspx
[2] alabanis, G. (1997). Strategic Marketing. In P. R. Dickson (Ed.). 28, p.
34. Dryden Press.
[3] Berton , C. G., & Mrtin, O. M. (2011). International market selection
and segmentation: a two-stage model. International Marketing Review,
28(3), 20.commercial banks. (2010, December 10). Retrieved November
11, 2011, from
[4] Choi, D. F., & Clovutivat, W. (2004). The relaxation of foreign
ownership limits and market integration: the case of Thailand.
Managerial Finance, 30(7), abstract.
[5] Cooil, b., Aksoy, L., & Keiningham, T. L. (2006, July 24). Approaches
to customer segmentation. 7.
[6] Dibb, S., & Wensley, R. (2002). Segmentation analysis for industrial
markets: Problems of integrating customer requirements into operations
strategy. European Journal of Marketing, 36(1/2), abstract.
[7] Dimitriadis, S. (2009, June). Customers' relationship expectations and
costs as segmentation variables: preliminary evidence from banking.
Journal of service marketing, 25(4), 2.
[8] Dimitriadis, S., Kouremenos, A., & Kyrezis, N. (2011). Trust-based
segmentation: Preliminary evidence from technology-enabled bank
channels",. International Journal of Bank Marketing,, 29(1), abstract.
[9] Dimitridis, S. (2011). Customers' relationship expectations and costs as
segmentation variables: preliminary evidence from banking. Journal of
Services Marketing, 25(4), abstract.
[10] Foscht, T., Maloles, C. 3., Schloffer, J., Chia, S. L., & Sinha, I. J.
(2010). Banking on the youth: the case for finer segmentation of the
youth market;Young Consumers. Insight and Ideas for Responsible
Marketers, 11(4), 7.
[11] Freathy, P., & Connell, F. O. (2000, 3 18). Market segmentation in the
European airport sector. Emerald, 1.
[12] Goller, S., Hogg, A., & Kalafatis, S. P. (2002). A new research agenda
for business segmentation. European Journal of Marketing, 36(1/2),
abstract.
[13] Grimm, C. M., Lee, H., & Smith, K. G. (2006). Strategy as Action:
Competitive Dynamics and Competitive Advantage (Vol. 1). (C. M.
Grimm, H. Lee, & K. G. Smith, Eds.) New York, New York, U.S:
Oxford university press.
[14] Lee, E. J., Kwon, K. N., & Schumann, D. W. (2005). segmenting the
non-adopter category in the diffusion of internet banking. International
Journal of Bank Marketing, 23(5), abstract.
[15] Lin, C. F. (2002). Segmenting customer brand preference: demographic
or psychographic. Journal of Product & Brand Management, 11(4),
abstract.
[16] Martin. (2006). Segmentation model with respect to the difference in
means. Warsaw School of Economics, 2-5.
[17] Polasik, M., & Wisniewski, T. p. (2008, June 22). Empirical Analysis of
Internet Banking Adoption in Poland. Social Science Research Network,
1, 1.
[18] Poon, W. C. (2007). User's adoption of e-banking services: the
Malaysian perspective. Journal of Business & Industrial Marketing ,
23(1), abstract.
[19] Powers, T. L., & Sterling, J. U. (2008). Segmenting business-to-business
markets: a micro-macro linking methodology. Journal of Business &
Industrial Marketing, 23(3), abstract.
[20] Saunders, S. G., Bendixen, M., & Abratt, R. (2007, 1 21). Banking
patronage motives of the urban informal poor. Emerald of service
marketing, 2.
[21] Sudbury, L., & Simcock, P. (2009). A multivariate segmentation model
of senior consumers. Journal of Consumer Marketing, 26(4), abstract.
[22] Svensson, G. (2001). Re evaluation the marketing concept. Emerald ,
13(2), 2.
[23] Weinstein, A. (2011). Segmenting Technology Markets: Applying the
Nested Approach. Marketing Intelligence & Planning, 29(7), abstract.
[24] Wen, K. W., & Peng, K. F. (2002). Market segmentation via structured
click stream analysis. Industrial Management & Data Systems, 102(9),
abstract.
[25] Zuccaro, C., & Savard, M. (2010). Hybrid segmentation of internet
banking users. Internationl Journal of Bank Marketing, 28(6),
[1] Bloomberg Businessweek: http\\WWW.Bloomberg.com, a brief look.
(2012). Retrieved April 12, 2012, from English web site of Bank Mellat:
http://www.en.bankmellat.ir/protal.aspx
[2] alabanis, G. (1997). Strategic Marketing. In P. R. Dickson (Ed.). 28, p.
34. Dryden Press.
[3] Berton , C. G., & Mrtin, O. M. (2011). International market selection
and segmentation: a two-stage model. International Marketing Review,
28(3), 20.commercial banks. (2010, December 10). Retrieved November
11, 2011, from
[4] Choi, D. F., & Clovutivat, W. (2004). The relaxation of foreign
ownership limits and market integration: the case of Thailand.
Managerial Finance, 30(7), abstract.
[5] Cooil, b., Aksoy, L., & Keiningham, T. L. (2006, July 24). Approaches
to customer segmentation. 7.
[6] Dibb, S., & Wensley, R. (2002). Segmentation analysis for industrial
markets: Problems of integrating customer requirements into operations
strategy. European Journal of Marketing, 36(1/2), abstract.
[7] Dimitriadis, S. (2009, June). Customers' relationship expectations and
costs as segmentation variables: preliminary evidence from banking.
Journal of service marketing, 25(4), 2.
[8] Dimitriadis, S., Kouremenos, A., & Kyrezis, N. (2011). Trust-based
segmentation: Preliminary evidence from technology-enabled bank
channels",. International Journal of Bank Marketing,, 29(1), abstract.
[9] Dimitridis, S. (2011). Customers' relationship expectations and costs as
segmentation variables: preliminary evidence from banking. Journal of
Services Marketing, 25(4), abstract.
[10] Foscht, T., Maloles, C. 3., Schloffer, J., Chia, S. L., & Sinha, I. J.
(2010). Banking on the youth: the case for finer segmentation of the
youth market;Young Consumers. Insight and Ideas for Responsible
Marketers, 11(4), 7.
[11] Freathy, P., & Connell, F. O. (2000, 3 18). Market segmentation in the
European airport sector. Emerald, 1.
[12] Goller, S., Hogg, A., & Kalafatis, S. P. (2002). A new research agenda
for business segmentation. European Journal of Marketing, 36(1/2),
abstract.
[13] Grimm, C. M., Lee, H., & Smith, K. G. (2006). Strategy as Action:
Competitive Dynamics and Competitive Advantage (Vol. 1). (C. M.
Grimm, H. Lee, & K. G. Smith, Eds.) New York, New York, U.S:
Oxford university press.
[14] Lee, E. J., Kwon, K. N., & Schumann, D. W. (2005). segmenting the
non-adopter category in the diffusion of internet banking. International
Journal of Bank Marketing, 23(5), abstract.
[15] Lin, C. F. (2002). Segmenting customer brand preference: demographic
or psychographic. Journal of Product & Brand Management, 11(4),
abstract.
[16] Martin. (2006). Segmentation model with respect to the difference in
means. Warsaw School of Economics, 2-5.
[17] Polasik, M., & Wisniewski, T. p. (2008, June 22). Empirical Analysis of
Internet Banking Adoption in Poland. Social Science Research Network,
1, 1.
[18] Poon, W. C. (2007). User's adoption of e-banking services: the
Malaysian perspective. Journal of Business & Industrial Marketing ,
23(1), abstract.
[19] Powers, T. L., & Sterling, J. U. (2008). Segmenting business-to-business
markets: a micro-macro linking methodology. Journal of Business &
Industrial Marketing, 23(3), abstract.
[20] Saunders, S. G., Bendixen, M., & Abratt, R. (2007, 1 21). Banking
patronage motives of the urban informal poor. Emerald of service
marketing, 2.
[21] Sudbury, L., & Simcock, P. (2009). A multivariate segmentation model
of senior consumers. Journal of Consumer Marketing, 26(4), abstract.
[22] Svensson, G. (2001). Re evaluation the marketing concept. Emerald ,
13(2), 2.
[23] Weinstein, A. (2011). Segmenting Technology Markets: Applying the
Nested Approach. Marketing Intelligence & Planning, 29(7), abstract.
[24] Wen, K. W., & Peng, K. F. (2002). Market segmentation via structured
click stream analysis. Industrial Management & Data Systems, 102(9),
abstract.
[25] Zuccaro, C., & Savard, M. (2010). Hybrid segmentation of internet
banking users. Internationl Journal of Bank Marketing, 28(6),
@article{"International Journal of Business, Human and Social Sciences:50112", author = "Nader Gharibnavaz and Hossein Yazdi", title = "A Model of Market Segmentation for the Customers of Mellat Bank in Iran", abstract = "If organizations like Mellat Bank want to identify its
customer market completely to reach its specified goals, it can
segment the market to offer the product package to the right segment.
Our objective is to offer a segmentation model for Iran banking
market in Mellat bank view. The methodology of this project is
combined by “segmentation on the basis of four part-quality
variables" and “segmentation on the basis of different in means".
Required data are gathered from E-Systems and researcher personal
observation. Finally, the research offers the organization that at first
step form a four dimensional matrix with 756 segments using four
variables named value-based, behavioral, activity style, and activity
level, and at the second step calculate the means of profit for every
cell of matrix in two distinguished work level (levels α1:normal
condition and α2: high pressure condition) and compare the segments
by checking two conditions that are 1- homogeneity every segment
with its sub segment and 2- heterogeneity with other segments, and
so it can do the necessary segmentation process. After all, the last
offer (more explained by an operational example and feedback
algorithm) is to test and update the model because of dynamic
environment, technology, and banking system.", keywords = "market segmentation model, banking system, Mellat
bank", volume = "6", number = "9", pages = "2339-5", }