Demographic Segmentation of "CASH & CREDIT"
In demographic segmentation, the market is divided into groups on the basis of variables such as age, gender, education, occupation, and banking service. These variables are the most popular basis for distinguishing customer groups.
¨ Gender segmentation
Out of these huge numbers of people we have found a proportion of gender as 60% male & 40% female. Female are involvement at work increasing day by day but still there are majority of working population are male.
¨ Age and life cycle stage
Among the respondents, 40% are belonging to 21-25 groups where majority of our target people belongs this age group and they are young generation. Second height of our target customers’ which is 30% their age limit is 26-30 they are maximum young executives and young business man. They are very much aware about their facilities, feature and hassle. 15% of our target customers are belongs 31-35year. 10% of our customers are belongs 15-20year age. In this group of people are mostly students may this group of people will loyal customers at future may we can serve them for a long time and can generate more profits from them. 5% of our target customers are above 35 year. They are very much matured and aware about service quality. This 5 group of our target customers who spontaneously responded us to conduct the survey done.
¨ Education:
The ratio of the education level of the respondents is given here. Here we can see that 55% are undergraduates. Second majority of people which is 40% of our target customers are graduate and the rest of the 5% are under HSC/A level.
¨ Occupation:
We conducted the survey to a variety of people among which a broad number (40%) were students, 35% were private service holders, the rest were others. Besides we conducted a separate survey in East West University where a significant number (40%) of students attended the survey that we have taken.
¨ Psychographic Segmentation
In psychographic segmentation, buyers are divided into different groups on the basis of life style or personalities. We have asked people despite their social class that whether they have debit card or not. Among them 55% replied as “No” and only 45% replied as “Yes”. That means still there age growth opportunity of create new customers.
In our survey one think we can realize that there are many people who are want to buy a new debit card. If they gotten more facilities and security. They are thinking to buy a debit card and this group of people 73% out of 55 %( still those who have no debit card)
We asked question to those who are not using debit card currently and we found that majority are saying its expensive which is 52% of the population. Second majority are saying that its lack of securities, if we cant ensure that our Cash & Credit zone is secure than may we can get this 31% of new customers. Third majority is saying its difficulty in handling that means in our target customers there are 14% people those who are not using debit card because of technological unawareness. If we can give instruction by our experts may this group of people will interested to buy our debit card.
According to our survey, we asked whether ATM service saves your time or not, maximum respondent are agree with us that ATM service help to save time which is 92%. And rest of the 8% saying that sometimes they have to maintain queue for take ATM service.
¨ Behavioral Segmentation
In Behavioral Segmentation we focused on the followings points. According to our survey 70% of our target customers are saying that “Yes” brand name is important And rest of the 30% is saying “No” brand name is not important service quality and facilities is important. It is true that today brand name is very important for gives better service to the customers and a brand can create a image of that organization.
In our survey we asked what comes to your mind when you heard the name Cash & Credit. Here 41% saying its meaningful which is the height. Second height 34% saying its memorable. Third height which is 14% saying affordability/flexibility. 6% saying its stylish and 5% saying its likable.
In our survey we found that a big portion of people which is 43% saying that if a debit cards’ Blue color is more preferable. Second majority saying about golden color and rest of the 34% saying it would be black, green or others color.
About this question people are saying that finger prints technology if very much unique to the Bangladesh banking sectors.
