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Chapter 11 Selling the Bank
behavioralistic. By breaking consumers into segments, banks can focus
their marketing efforts on those who are most likely to become customers.
This group is the target market. The target market is the market segment
that will be the focus of the marketing strategy.
Matching Bank Products and Services to
Needs and Wants
Once the bank identifies a target market, it can match the needs and
wants of these consumers to its products and services. Products and
services are designed or modified by analyzing the needs and wants of a
certain market segment. In Figure 11-2, characteristics of mortgage loans
(the product) are matched to first-time home buyers (the target market).
Demographic Market
Segmentation
Ethnicity Age
Occupation
Gender
Family
size
Income
Education
Geographic Market
Segmentation
Region
Country
State Block
Neighborhood
City
Psychographic
Segmentation
Habits
Interests
Opinions Hobbies
Activities
Lifestyle
Behavioralistic
Segmentation
Benefits
sought–
motivation
for purchase
Usage
rate
Brand
loyalty
Purchase
frequency–
birthday, holiday,
graduation,
anniversary
Figure 11-1.
Market Segmentation