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Market Segmentation Of Maybank

   

Added on  2020-06-05

11 Pages3530 Words1762 Views
MarketingMarketing
Market Segmentation Of Maybank_1
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1INDIVIDUAL RESEARCH REPORT ...........................................................................................1Company Overview....................................................................................................................1Segmentation...............................................................................................................................2Targetting....................................................................................................................................3Positioning...................................................................................................................................4Product market orientation..........................................................................................................4Company's value proposition and differentiation.......................................................................5Customer needs, wants and demands..........................................................................................5Factors influence buying behaviours..........................................................................................6Nature and level of competition..................................................................................................7CONCLUSION................................................................................................................................7REFERENCES................................................................................................................................8
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INTRODUCTIONThe present report is based on Maybank (Malayan Banking Berhad) is publicly tradedcompany which is based on Malaysia. This company has revenue and income in Billion and theyare trading in banking sector at large level. Maybank has main focus on customers need andwants and they are effective to adopt various measures in this regard. In the present report, thereis an explanation regarding May-bank's product and market orientation, value proposition anddifferentiation, needs and desire of its users, factors that have impact over buying behaviour,competition etc.TASK 1INDIVIDUAL RESEARCH REPORT Company OverviewMaybank is a largest bank of Malaysia and as well as South East Asia, they are having anet worth of US$165 Billion. It is a public listed company and it was founded by Malaysianbusinessman Khoo Teck Puat and this bank had made a huge gro0wth in it's market and hadgrew 150 branches with in 3 years (Kim & Ko, (2010)). Now it has approx 2400 branches in allover world and providing employability to more than 43000 employees. Currently in theMalaysia they are having three main sector, consumer, business and corporate but they arehaving a main focus on personal banking. They have 393 branches in the Malaysia to providetheir services efficiently. So it is a leading bank of this nation and it has ranked in 35th in topbankers of world so they are having a proper focus to provide a proper customers satisfaction totheir service users. Malaysia is a third largest economy of South East Asia and they are managing theircontinuous growth at 7% from last 10 years (Chen, Fay & Wang, (2011)). Tourism is maineconomic development cause for the country and most of the people are engaged in this sector sothey are having huge need of financial support. So most of the banking sector organisations areproviding their services accordingly. SegmentationIt is essential for a company to make a market segment by which they can make a betterproduct for their targeted customers and by which they can provide a better services to improve1
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their customers satisfaction level. Objective behind making segmentation is to allow marketingprogrammes to focus on a particular area by which a company can increase their sales. By this anorganisation can identify what are the needs of a particular market segment by which they candevelop their products by covering these all needs in their products (Erdoğmuş & Cicek, (2012)).It is the process to divide market into groups so that the needs and wants of different people canbe fulfilled. This bifurcates the large unit into small portion that has more and less similarfeatures. There are different ways of market segmentation, Maybank can divide their in thesesegments which are;Geographic: According to this base a company can make their market segments on the basis ofstates, city and different geographic conditions (Ernst, Hoyer & Rübsaamen, (2010)). Psycho graphic: In this section a company can consider life style, values and personality oftargeted people, on the basis of this company can make their market segment. Behavioural: An organisation can maker their market segment on the basis of the behaviours oftheir targeted customers. Demographic: It is one of the way to segment that market so that organisation can identify theneed of different people.Maybank has used demographic basis to segment their market and they have makesegment on the basis of age, gender, salary, profession, education, religion, race and family size.Age is a major factor and on the basis of this bank has made their service packages in insurance(Kaplan, (2012)). They can make an insurance plan which can cover all type of medical bills forthose people which are around the age group of 45-70. The Maybank can make their packages on the basis of religion because people has a hugedifferentiation in between the needs of the customers regarding to purchase according toreligious festivals. So the bank can use these two approaches which can help to them to make abetter change in to market. TargettingIt is a section in which a company use media tools to communicate about their productsin their targeted market. So it is essential for the organisation to use those media tools which canhelp to make a better promotions and communication about their products and services in 5theirtargeted market (MacInnis, (2011)). So it is essential for them to use appropriate medium tocommunicate about their different types of services to their targeted market. Targetting contains2
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