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A Life Cycle Segmentation Approach to Marketing Financial Products and Services

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  • Rajshekhar (Raj) G. Javalgi
  • PAUL DION

Abstract

State-of-the-art market segmentation is becoming an important strategic tool in the continuing evolution of the financial services industry. This article, focusing on a life cycle segmentation approach, indicates that the importance attributed to financial choice criteria and financial services varies as consumers pass through an orderly progression of life cycle stages. Thus, the results suggest that marketers in the financial services industry should adopt a life cycle marketing based system to more fully satisfy the needdwants of their customers.

Suggested Citation

  • Rajshekhar (Raj) G. Javalgi & PAUL DION, 1999. "A Life Cycle Segmentation Approach to Marketing Financial Products and Services," The Service Industries Journal, Taylor & Francis Journals, vol. 19(3), pages 74-96, July.
    • Handle: RePEc:taf:servic:v:19:y:1999:i:3:p:74-96
    DOI: 10.1080/02642069900000031
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    References listed on IDEAS

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    1. Derrick, Frederick W & Lehfeld, Alane K, 1980. "The Family Life Cycle: An Alternative Approach," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 7(2), pages 214-217, Se.
    2. Wagner, Janet & Hanna, Sherman, 1983. "The Effectiveness of Family Life Cycle Variables in Consumer Expenditure Research," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 10(3), pages 281-291, December.
    3. Murphy, Patrick E & Staples, William A, 1979. "A Modernized Family Life Cycle," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 6(1), pages 12-22, June.
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    Cited by:

    1. Bijmolt, T.H.A. & Paas, L.J. & Vermunt, J.K., 2003. "Country and Consumer Segmentation : Multi-Level Latent Class Analysis of Financial Product Ownership," Other publications TiSEM 4fa5ac68-96cf-47ca-bc95-b, Tilburg University, School of Economics and Management.
    2. Bijmolt, T.H.A. & Paas, L.J. & Vermunt, J.K., 2004. "Country and consumer segmentation : Multi-level latent class analysis of financial product ownership," Other publications TiSEM fb506162-d125-4091-9083-9, Tilburg University, School of Economics and Management.
    3. D. F. Benoit & D. Van Den Poel, 2009. "Benefits of Quantile Regression for the Analysis of Customer Lifetime Value in a Contractual Setting: An Application in Financial Services," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 09/551, Ghent University, Faculty of Economics and Business Administration.
    4. John Hadjimarcou, 2012. "An Investigation Of Informational Versus Emotional Advertising Appeals During Life Transitions," International Journal of Management and Marketing Research, The Institute for Business and Finance Research, vol. 5(1), pages 55-65.
    5. Bijmolt, T.H.A. & Paas, L.J. & Vermunt, J.K., 2003. "Country and Consumer Segmentation : Multi-Level Latent Class Analysis of Financial Product Ownership," Discussion Paper 2003-75, Tilburg University, Center for Economic Research.

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