VOT NO: 68708

VOT NO: 68708

Acknowledgement

We would like to confer our appreciation for the financial

award, co-operation and support we have received during the

course of this study from Yayasan Tun Ismail Mohamed Ali

Berdaftar, and Permodalan Nasional Berhad.

We would also like to express our gratitude towards Research

Management Centre, Universiti Teknologi Malaysia for the

assistance in managing the research activities.

i

Executive Summary

Purpose

The purpose of this study is to develop a new segmentation for investment expenditure

and pattern based on psychographic variables in Malaysia.

Approach

This study employed survey method using questionnaire adopted from established

international model. Survey data was gathered nationwide (1520 respondents).

Findings

The results of the study reveals nine segments for investment and pattern based on

psychographic variables in Malaysia

Managerial Implications

Although demographic variables are crucial to a successful segmentation strategy, it is

deemed to be insufficient on its own by various academic literature. The psychographic

variables therefore can be used as the main basis to enhance segmentation and

supported by the demographic variables.

ii

Contents Pages

Acknowledgement iExecutive Summary iiTable of Content

1.0 Introduction 1 2.0 Main Objectives 2

3.0 Research Approach 3

3.1 Survey Research Tool 43.2 Population and Sampling Technique 53.3 Survey & Interviews 63.4 Limitation 83.5 Data Analyses 93.6 Reliability & Validity 10

4.0 AIO Worldwide 11

4.1 Research on AIO 124.2 Application of AIO worldwide 134.3 Application Of AIO Worldwide: The Conclusion 17

5.0 Scope of the Study 19

Table of Contents

6.0 Main Findings 20 6.1 Application of AIO in Malaysia 216.2 Demographic Segmentation 226.3 Behavioral Profile 256.4 Current Investment by Zone & State 276.5 Zoning by Prospect & State 286.6 Zone Profile 296.7 Unit Trust Market: Competitive Analysis 316.8 The Findings: Malaysian Psychographics Segmentation 32

6.8.1 Pioneering Innovator 336.8.2 Cognizant Contemporary 346.8.3 Assertive Leader 356.8.4 Self-reliant Advocate 366.8.5 Conformist 376.8.6 Excitement Hunter 386.8.7 Gizmo Eager 396.8.8 Civilized Persona 406.8.9 Solo Sustainer 41

6.9 Psychographics Segmentation Key Values 426.10 Target Segment 436.11 Where to Market 446.12 The Position of Malaysian Psychographics Segments on 45

Unit Trust Product Based on Market Prospect 6.13 The Shared Value Among Existing Consumer Psychographics Segment 46

7.0 Managerial Implication 47ReferencesAppendices

6

MRTeam (UTM) was appointed by the Yayasan Tun Ismail Mohamed Ali

Berdaftar Permodalan Nasional Berhad (PNB) on September 7, 2007 to

conduct a study on The Psychographic and Demographic Segmentation of

Malaysian Population in Expenditure and Investment Pattern.

The study was carried out nationwide and took 18 months from the inception

until the delivery of the final report (December 2008).

The result of the study will be able to contribute to the understanding of the

Malaysian attitude, interest, and opinion regarding investment products and

more importantly reveal the newly developed segments for expenditure and

investment pattern.

1.0 Introduction

7

2.0 Main Objectives

1. To generate the psychographics dimensions and demographic

impact of Malaysian population

2. To develop a typology of Malaysian population based on their

expenditure and investment pattern

8

Developed Survey research tool

Conducted survey and interviews

Analyzed Data

Identified Population and Sampling Size

3.0 Research Approach

9

1. The survey Questionnaire (refer to Appendix A) consists of 77 items includes

the following:

• Psychographics (35 items): based on AIO (attitude, interest and opinion)

measurement that were tailored to financial environment.

• Demographic (12 items): Profile of the respondents.

• Behaviouristic (30 items): Investment pattern of the respondents.

2. The team conducted a pilot study to test the validity of the items.

3. PNB endorsed the questionnaire on 21 September 2007.

3.1 Survey Research Tool

10

3.2 Population and Sampling Technique

• The population of the study comprises of Malaysian citizen.

• Samples were drawn from all states of Malaysia.

• The sampling method employed were mall-intercept and omnibus

survey.

• Convenience sampling technique was utilized in selecting

respondents for the study. However, quota sampling were observed

to ensure that the sample were evenly distributed.

• The sample size of the study was 1700, however only 89 % (1520) of

the questionnaires were usable.

11

3.3 Conducting Survey & Interviews

• The research instrument was applied between early

February to April 2008.

• The locations of the survey were chosen (refer to

Appendix B) based on the availability of volunteer

respondent and ability to being able to

accommodate surveyors without impinging on the

respondents’ private time.

12

3.3 Conducting Survey & Interviews (cont.)

Interviewers

The self completed surveys were distributed by the interviewers.

A group of trained marketing under graduate students from UTM were employed to carry out the interviews.

An induction program was provided which included: training in the administration of the surveys; data gathering; etiquette for approaching potential respondents; and etiquette when working within crowded commercial environments such as mall, hospital, banks, recreational park and other public areas.

13

3.4 Limitations

As with most research, this study was subject to some limitations. Due to budgetary constraints, random and representative face to face sampling of the entire population of Malaysia was not possible to be utilized for the survey. Rather, convenience sampling was conducted along with a self completed survey. Further research would be required to determine whether this sample was representative of visitation to the region over the entire year.

14

3.5 Data Analyses

• The tool used for analyses was SPSS (version 12) –licensed to UTM.

• For Descriptive Analyses; mean, t-test & Anova were exploited to compare

mean, standard deviation and variances between groups of respondents

(Investors and non-investors).

• For Multivariate Analyses; Factor Analysis was exploited to generate

segments of consumer according to their psychographic dimensions.

• Data were tested on its reliability by utilizing the Cronbach Alpha test,

whilst validity was tested using Factor Analysis & KMO Bartlett tests.

Data of the study is attached: Refer to Appendix C

15

3.6 Reliability & Validity

1. Reliability of psychographic variables:

• Overall Cronbach Alpha score (0.8365)

2. Validity of Psychographic Variables

• KMO Bartlett score (0.876)

• Explain Variance (0.577)

16

4.0 AIO Worldwide

Psychographics research focuses on individual activities known as Attitude, interest and opinions (AIO).

This model is the most widely used approach to lifestyle measurement in many researches. The model has been tested worldwide and been endorsed as reliable model to be utilized in establishing the market segments.

Attempts to measure the quantitative dimensions of lifestyle were initially referred to as psychographics. (research on the application of AIO in segmentation studies is presented in Table 1).

Evidences of the adoption of AIO in industries world-wide are presented in the Table 2.

17

Author (s) Variables Location Of Study Main Findings

Kucukemiroglu (1999)

General AIO Population in Istanbul, Turkey

Identified eight lifestyle dimensions with ethnocentrism

Gonzales and Bello (2002)

Specific AIO, leisured activities

Residents in one provincial capital in Spain

Segmentation of long and short trips in tourist market

Orth, McDaniel, Shellhammer and Lopetcharat (2004)

Specific AIO, benefits, brand preference

Adults in Pacific Northwest of the USA

The relationship between consumer brand preference, brand benefits and lifestyle.

Divine and Lepisto (2005)

AIO and healthy lifestyles

Nationwide mail survey, USA Main indicators of healthy lifestyles are fruit and vegetable consumption

Fraj and Martinez (2006)

General AIO and ecological behaviour

Residents from the city of Zaragoza, Spain

Individuals who have environmental respect are willing to purchase ecological products

Reisenwitz and Iyer (2007)

General AIO A regional sample, USA Identified similarities and differences between two major age groups of baby boomers generational cohort

Table 1: Research on the Application of AIO in segmentation studies

18

Country (Years)

Sample (Pop & Size)

Segmentation Group

Spain (2006) City of Zaragoza N = 573

1. Fashion2. Advent3. Leader4. Knowledge

USA (2006) Online Shoppers (Netizen: based on email address)

n = 1824

1. Socializers2. E-shopping lovers3. E-value leaders4. Averters5. Tech muddlers

Table 2: Application Of AIO in Industries Across the World

19

Country (Year) Sample (Pop & Size)

Segmentation Group

Croatia (2003) Cross country

n = 628

1. Relaxed2. Traditionalists3. Modern4. Concerned5. Hedonists

Taiwan (2002) Cross country

n = 707

1. Home-life2. Enthusiasm3. Solipsism4. Well-known brand

pursuer5. Independence6. Comfort7. Free-living8. Conservatism9. Pessimism


20

Country (Year)

Sample (Pop & Size)

Segmentation Group

Turkey (1999) Istanbul

n = 532

1. Fashion Conscious2. Leadership3. Family Concern4. Health consciousness5. Carefree6. Community consciousness7. Cost consciousness8. Practicality

China (1998) Female of Guangzhou, Hong Kong and Taipei

n= 558

1. Conventional Females2. Contemporary Females3. Searching Singles4. The followers


21

Country (Year) Sample (Pop & Size)

Segmentation Group

New Zealand (1996)

Cross country

n = 3773

1. Family values people2. Conservative quiet lifers3. Educated liberals4. Accepting mid-lifers5. Success-driven extroverts6. Pragmatic strugglers7. Social strivers


22

4.1 Application of AIO Worldwide: The Conclusion

Lifestyle patterns provide a broader, more three dimensional

view of consumers that marketers and businessmen should

not ignore.

The success of a marketing model inherently lies in the researchers’ ability to identify variables that can really distinguish people’s performance in the marketplace. Bojanic (2007)1 listed a few criteria that are normally used to evaluate the effectiveness of the market segmentation strategies such as substitutability, measurability, accessibility and actionability. Once the segmentation strategy satisfies these four criteria, the next step is to choose the segmentation variables that would work best at segmenting the market.

1 Bojanic, D.C., 2007, “Customer profile of the “carryout” segment for restaurants”, International Journal of Contemporary Hospitality Management, Vol.19 No.1, pp. 21-31

23

Continue.

Prominent findings from the psychographic and lifestyle research worldwide

indicate that psychographic segmentation is able to provide the essential

information that financial institutions are seeking, i.e. :

Who are the likely to be the profitable customers

Where they could be found?

The rationale of employing both, the demographic and psychographic

dimensions is

that the segmentation strategy would be more holistic and provide greater

understanding of consumers’ profile and behavior.

24

5.0 Scope of the Study

Cross Sectional Study in nature.

Consumer sentiment may vary over time due to the dynamic change in the world and local economic environment.

Consumer Price Index is assumed to remain constant and not affect the

outcome of the study.

Reluctance of the respondents to produce honest response on certain particular variable related to monetary figures.

The findings should not be deemed as the conclusive outcome of the overall Malaysian population attributes.

This research only focus on the development of Psychographic Segmentation in Malaysia and will not address any specific strategic implications on the part of the client.

25

6.0 Main Findings

The findings show that there is a strong dependency relationship between customers’

behaviours and lifestyle (on an AIO approach) is also evident in the Malaysian context.

Demographic segmentation seems to be less significant as the trend of the

characteristics appear similar between investor and non-investor groups, and between

investment zone (high, moderate and lower prospect of investment).

Behavioristic segmentation indicates some differences in the and conduct, nevertheless

some actions are parallel.

The labels Pioneering Innovator, Cognizant Contemporary, Assertive Leader, Self-reliant

Advocate, Conformist Excitement Hunter, Gizmo Eager, Civilized Persona and Solo

Sustainer provide a general idea of lifestyle dimensions of each segment.

26

6.1 Application of AIO in MalaysiaCountry (Year)

Sample (Pop & Size)

Segmentation Group

Malaysia (2008)

Cross country

n = 1520

1. Pioneering Innovator2. Cognizant Contemporary 3. Assertive Leader4. Self-reliant Advocate5. Conformist6. Excitement Hunter7. Gizmo Eager8. Civilized Persona9. Solo Sustainer

27

6.2 Demographic Segmentation Investors Vs Non InvestorsProfile Investors (%) Non Investors (%)

Age 31-45 : 25.1 18-30 : 15.9

Gender Male : 33.4 Female : 29.7

Male : 19.0 Female : 17.9

Locality Rural : 50.7 Urban : 49.3

Rural : 53.9Urban : 46.1

Marital Status Married : 44.0 Single : 16.7 S Parent : 2.4

Married : 21.5 Single : 13.6 S Parent : 1.7

28

Demographic Segmentation (cont.)

Investors Vs Non Investors

Profile Investors (%) Non Investors (%)

Offspring None: 20 1-3 Children : 25.64-6 Children : 15.1> 6 Children : 2.4

None : 16.1 1-3 Children : 11.3 4-6 Children : 7.4 > 6 Children : 2.1

Ethnicity Malay : 38.6Chinese : 14.6Indian : 6.2Others : 3.8

Malay : 19.1Chinese : 9.4Indian : 4.8Others : 3.5

Employment Govt. : 20.0Private : 21.4Own Business : 14.5Pensioner : 2.8Home maker : 4.6

Govt. : 9.1Private : 14.0Own Business : 9.1Pensioner : 1.4Home maker : 3.2

29

Profile Investors (%) Non Investors (%)

Profession Managerial : 27.9Technical : 13.2General Worker : 10.4Pensioner : 2.9Home maker : 4.5Others : 4.2

Managerial : 12.3Technical : 8.7General Worker : 7.8Pensioner : 1.5Home maker : 3.3Others : 3.3

Academic Achievement

Graduate : 34.0Non Graduate : 28.7

Graduate : 14.9Non Graduate : 22.4

Current Household Investment

< RM 5 K : 38.0> 5K – 10 K : 25.0> 10 K – 50 K : 22.3> 50 K – 100 K : 6.9> 100 K : 5.2

* 2.6 % unanswered Q

N/A

Demographic Segmentation (cont.)

30

6.3 Behavioral Profile

Investors Non Investors

Cross occasions investors Occasional investors

Track investment issues Not interested in any investment issues

Consult third party investment advisors

No actions

Make special effort to invest Moderate effort in making investment

Make moderate effort in acquiring investment knowledge

31

Behavioral Profile (cont.)

Investors Non Investors

Aspire towards enduring return Eager towards short term gain

Make multiple transactions Mix behaviors in transaction

Favor to invest in government’s link investment arm

No specific preferences

No interest in investment publications

Observe investment matters in daily news paper

Mix actions

32

6.4 Current Investment by Zone & State

High Zone(Zone 1)

Moderate Zone(Zone 2)

Low Zone(Zone 3)

Johor Sarawak Melaka

Perak Penang Terengganu

Kedah Putra Jaya / Kuala Lumpur

Pahang

Kelantan Sabah Labuan

Perlis Selangor Negeri Sembilan

33

6.5 Zoning by Prospect & State

High Prospect> RM 10 K

Moderate ProspectRM 5 K – 10 K

Low Prospect< RM 5 K

Johor Negeri Sembilan Melaka

Selangor Penang Terengganu

Perak Putra Jaya / Kuala Lumpur

Pahang

Kedah Labuan

Kelantan

Perlis

Sabah

Sarawak

34

6.6 Zone Profile

High Prospect Moderate Prospect

Low Prospect

Locality Mix (Urban & Rural)

Urban Mix(Urban & Rural)

Age < 45 Cross age group < 45

Gender Mix Male dominant Female dominant

Marital status Married & Single Parents

Married Married

Offspring Mix0 – 6 children

< 3 < 3

Ethnicity Mix Malay & Chinese Malay dominant

Employment Mix Majority Private Majority Private

Profession Mix Managerial & Technical

Managerial & General Workers


Graduate Mix School leavers

35

Zone Profile (cont.)

High Prospect

Moderate Prospect

Low Prospect

Profession Mix Managerial & Technical

Managerial & General Workers


Graduate Mix School leavers

* Other Portfolio Commitment

• Fixed Deposit & Savings• Insurance• Shares• Property

• Fixed Deposit & Savings

• Fixed Deposit & Savings

* Beside other portfolio investment, Investors are investing in other unit trust based investment.

36

6.7 Unit Trust Market: Competitive Scenario

Malaysian Unit Trust investors are also investing in other unit trust investment that

are provided by private and government service providers. The market of unit trust is

currently shared by other 33 providers (refer to Appendix D) with ranges of

offering prices. This group of service providers is regarded as direct competitors. In

term of price offers, 17 providers offer several portfolio at the price of above

RM1.00.

Nevertheless, most service providers are offering lower than RM 1.00, therefore the

price is considered as competitive.

Besides direct competitors, market is also served by several other types of

investment service providers, such as investment-linked fund (refer to Appendix E)

37

6.8 The Findings: Malaysian Psychographics Segmentation

Country (Year)

Sample (Pop & Size)

Segmentation Group

Malaysia (2008)

Cross country

n = 1520

1. Pioneering Innovator

2. Cognizant Contemporary

3. Assertive Leader

4. Self-reliant Advocate

5. Conformist

6. Excitement Hunter

7. Gizmo Eager

8. Civilized Persona

9. Solo Sustainer

38

6.8.1 Pioneering Innovator

Traits & Features Typology

• Mostly live in Zone 1• Age: < 45• Single & Married with 1 – 3 Kids• Majority Malay• Work mostly with private companies• Mostly hold managerial post• Graduates• Earn < RM 40K annually • Current investment < RM 10 K• Intend to invest RM 10K - 50 K in future• Other investment commitment: FD & Savings• Health conscious• Balanced Life (work & family)• Seek advice over investment matters• Prefer GLC investment products

Love challenges

Adventurous

Thrill seekers

Willing to learn new things

Fond of outrageous things and people

39

6.8.2 Cognizant Contemporary

Traits and Features Typology

Fashionable

Trendy

Up to date

• Mostly live in Zone 1• Age < 45• Mostly Male• Mostly Married with < 3 Kids• Majority Malay• Work mostly with government & private• Mostly hold managerial & technical post• School leaver & Graduates• Earn < RM 40K annually • Current investment < RM 10K• Intend to invest < RM 10 K - 50K in future• Other investment commitment: FD & Savings & Insurance• Health conscious• Prefer GLC investment products• Follow investment column

40

6.8.3 Assertive Leader


Like being in-charge

Like to lead others

Believe have more ability than most people

Self proclaim intellectual

• Mostly live in Zone 1 & Zone 2• Age 31 – 45 • Mostly Male• Mostly Married with < 3 Kids• Majority Malay• Work mostly with government & private• Mostly hold managerial & technical post• School leaver & Graduates• Earn < RM 40K annually • Current investment < RM 10K• Intend to invest < RM 10 K - 50K in future• Other investment commitment: FD & Savings

& Insurance• Health conscious• Prefer GLC investment products• Follow investment column

41

6.8.4 Self-reliant Advocate


Prefer making thing than buying

Creative

D I Y attitude

• Mostly live in Zone 1, Age < 45, Mostly Male• Mostly Married with < 3 Kids, Majority Malay• Work mostly with government & private• Mostly hold managerial & technical post• School leaver & Graduates• Earn < RM 40K annually • Current investment < RM 10K• Intend to invest < 50K in future• Other investment commitment: FD & Savings &

Insurance• Health conscious• Balanced Life (work & family)• Seek advice over investment matters• Prefer GLC investment products• Follow investment column

42

6.8.5 ConformistTraits & Features Typology

Conservative

Hold certain traditional and religious values

Concern on social environment

• Mostly live in Zone 1 & Zone 2• Age < 45• Mostly Male• Mostly Married with < 3 Kids• Majority Malay• Work: Government, private & own business, as well

as home makers. • School leaver & Graduates• Earn < RM 40K annually • Current investment < RM 10K• Intend to invest < RM 10 K - 50K in future• Other investment commitment: FD & Savings &

Insurance, share and property• Prefer GLC investment products• Follow investment column• Switch product for better long term gain

43

6.8.6 Excitement Hunter


Crave exhilarating experience

Joyful

Pleasure-seeking

Vacationer

Enjoy hedonistic lifestyle

• Mostly live in Zone 1 & Zone 2, Age < 55• Mostly Male, female group is increasing• Mostly Married with < 3 Kids, segment Kids 4 – 6 is increasing • Majority Malay• Work mostly with government & private• Mostly hold managerial & technical post• School leaver & Graduates• Earn < RM 40K annually K• Prospect: Income level > 60 K annually• Current investment < RM 10K• Intend to invest < RM 10 K - 50K in future• Other investment commitment: FD & Savings & Insurance, Property• Health conscious• Prefer GLC investment products• Follow investment column

44

6.8.7 Gizmo Eager


Enjoy tools and equipment

Like hardware and automotive gadgets

Like to work on metal and woods

• Mostly live in Zone 1 & Zone 2, Age < 45• Both genders, Single & Married with < 6 Kids• Majority Malay & Chinese• Work mostly with government , private & own business• Mostly hold managerial, technical & general worker post • School leaver & Graduates• Earn < RM 40K annually K• Current investment : Nil to < RM 50K • Intend to invest < RM 50 K in future• Other investment commitment: FD & Savings, Insurance &

Property• Health conscious• Balanced life (work & family) • Prefer GLC investment products• Follow investment column

45

6.8.8 Civilized Persona


Appreciate art and culture

Love knowledge

Deep person

Enjoy colorful life

The thinker

• Mostly live in Zone 1 & Zone 2, Age < 45• Both genders, Single & Married with < 3 Kids• Majority Malay & Chinese• Work mostly with private & own business• Mostly hold managerial & technical post• School leaver & Graduates• Earn < RM 40K annually K• Prospect: Income level > 60 K annually• Current investment : Nil to < RM 10K • Intend to invest < RM 10 K in future• Other investment commitment: FD & Savings &

Insurance• Health conscious• Prefer GLC investment products• Follow investment column

46

6.8.9 Solo SustainerTraits & Features Typology

Limited life pursuit

Restricted interest

Risk averse

Resist changes

• Mostly live in Zone 1 & Zone 2• Age < 45, age group > 56 is catching up• Both genders • Single & Married with < 3 Kids, family with 6

kids is catching up.• Majority Malay & Chinese• Work mostly with private & own business• Mostly hold managerial & technical post• School leaver • Cross income groups• Current investment : cross investment group • Intend to invest < RM 10 K in future• Other investment commitment: FD & Savings

& Insurance• Prefer GLC investment products

47

Psychographic Segments Investors (mean) Non Investors (mean)

1. Pioneering Innovator 1.51 1.50

2. Cognizant Contemporary

1.51 1.47

3. Assertive Leader 1.53 1.46

4. Self-reliant Advocate 1.48 1.59 **

5. Conformist5. Conformist 1.54 * 1.51

6. Excitement Hunter 1.51 1.52

7. Gizmo Eager 1.49 1.49

8. Civilized Persona 1.50 1.51

9. Solo Sustainer 1.48 1.55 **

* ** T-test – significant at 0.5 and 1.0 df : Target Segment to be avoided or redesign the strategy

6.9 Psychographics Segmentation: Key Values

48

6.10 Target Segment

Prime TargetCONFORMIST

Secondary TargetThe rest 6 segments

Avoid or Innovate the product SOLO SUSTAINER

& SELF RELIANT ADVOCATE

49

Psychographic Segments Zone to Target

2. Cognizant Contemporary Whole country

3. Assertive Leader Whole country

5. Conformist Zone 1 & Zone 2

7. Gizmo Eager Zone 1 & Zone 3

8. Civilized Persona Zone 1 & Zone 2

6.11 Where to Market

50

CIVILIZED PERSONA

ASSERTIVE LEADER

COGNIZANT CONTEMPORAR

Y

CONFORMIST

GIZMO EAGER

GIZMO EAGER

High Prospect Investors

Low Prospect Investors

Moderate Prospect Investors

High

Low

INVESTMENT

COMMITMENT

6.11 The Position of Malaysian Psychographics SegmentsOn Unit Trust Product Based on Market Prospect

51

INTELLECTUAL

FULFILLSCONSERVATIV

ESACTIONS

ASSERTIVE LEADER

COGNIZANT CONTEMPORAR

Y

SELF RELIANT ADVOCATE

GIZMO EAGER

CONFORMIST

CIVILIZED PERSONA

SOLO SUSTAINER

PIONEERING INNOVATOR

EXCITEMENT HUNTER

6.12 The Shared Value Among Existing Consumer Psychographics Segment

52

7.0 Managerial Implications

• Market segmentation as a means of establishing the right positioning for the product and enhance the brand’s real value and equity.

• On the tactical level, psychographic variables can be applied to the design of the marketing communications tools. It will be able to provide an input to improved media selection or better advertising copy treatment.

• Malaysian Unit Trust market is still not reaching maturity stage. It showed by the homogeneity characteristics of all the segments identified.

53

Managerial Implications (cont.)

• Psychographic provides depth in understanding of consumer market.

- to develop a more effective segmentation strategy, a psychographic

based segmentation should be applied.

- while demographic is necessary for effectively targeting the consumer,

psychographic is indispensable for understanding the consumer. Hence

the psychographic variable should be used as the main basis for

segmenting the market and supported by the demographic variables.

54

References

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Bojanic, D.C., 2007, “Customer profile of the “carryout” segment for restaurants”, International Journal of Contemporary Hospitality Management, Vol.19 No.1, pp. 21-31

Chin, F. L, 2002. “Segmenting customer brand preference: demographic or psychographic”, Journal of Product & Brand Management, Vol.11 No.4, pp. 249-268.

Engel, J.F.; Blackwell, R.D. and Miniard, P.W. 1996, “Customer Behaviour”, 7th ed., The Dryden Press, Hinsdale, IL.

Divine, R. L. and Lepisto, L., 2005. “Analysis of the healthy lifestyle consumer”, Journal of Consumer Marketing, Vol. 22 No. 5, pp. 275-283.

Fraj, E. and Martinez, E., 2006. “Environmental values and lifestyles as determining factors of ecological consumer behaviour: an empirical analysis, Journal of Consumer Marketing, Vol. 23 No.3, pp. 133-144.

Gonzalez, A.N. and Bello, L.,2002. “The construct “lifestyle” in market segmentation:The behaviour of tourist consumers”, European Journal of Marketing, Vol. 36 No.1/2, pp.51-85.

55

References Kesic, T. and Piri-Rajh, S., 2003. “Market segmentation on the basis of food-related lifestyles

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Minhas, R.S. and Jacobs, E. M.,1996. “Benefit segmentation by factor analysis: an improved method of targeting customers for financial services”, International Journal of Bank Marketing, Vol. 14 No.3, pp.3-13.

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Orth, U. R.; McDaniel, M.; Shellhammer, T. and Lopetcharat, K, 2004. “Promoting brand benefits: the role of consumer psychographics and lifestyle”, Journal of Consumer Marketing, Vol.21, No.3, pp.97-108.

Quinn, L; Hines, T. and Bennison, D., 2007. “Making sense of market segmentation: a fashion retailing case”, European Journal of Marketing, Vol. 41 No.5/6, pp.439-465.

56

References Reisenwitz, T. and Iyer, R.,2007. “A comparison of younger and older baby

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SRI Consulting 1997. Investor Styles: A Psychographic Segmentation, Consumer Financial Decisions, pp. 1-3.

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57

Appendix BNo

.Date Survey Station Research

Instrument

1 1 – 5 February 2008

Kuala Lumpur, PJ, Putrajaya, Rawang

Self-completed

questionnaire

2 4 February 2008

Ipoh

3 6 – 7 February 2008

Shah Alam, Kelang, Sabak Bernam

4 8 – 10 February 2008

Tanjung Malim

5 2 – 5 February 2008

Kuantan, Temerloh, Bandar Muazam, Pekan, Maran, Kuala Lipis

6 6 – 7 February 2008

Kuala Terengganu, Jertih, Setiu, Dungun, Paka & Kerteh

7 8 – 10 February 2008

Kota Bahru, Jeli, Bachok,

8 7 – 8 February 2008

Pulau Pinang, Butterworth, Seberang Prai, Kepala Batas

9 5 – 6 February 2008

Alor Setar, Jerlun, Pendang, Changlun, Yan, Kulim

10 6 February 2008

Kangar, Langkawi

11 2 – 5 February 2008

Seremban, Rembau, Gemas, Tampin

12 6 February 2008

Melaka Tengah, Merlimau, Jasin

13 7 – 10 February 2008

Batu Pahat, Muar, Mersing, Pontian & Johor Bahru

14 25 – 28 February 2008

Kota Kinabalu, Tuaran, Ranau, Beufort, Tamparuli

15 3 - 7 March 2008

Kuching, Samarahan, Sri Aman, Sibu, Bintulu, Miri, Limbang

16 16 – 20 August 2008

Tawau, Lahad Datu & Sandakan

17 16 – 20 August 2008

Labuan

Appendix C will be available in soft format

Appendix C

59

List of Unit Trusts Brands

Brand Number of Products

> RM1.00 per unit

ASM 17 0 (0.18-0.64)

Asia Unit Trust 6 0 (0.27-0.83)

Affin Fund 6 0 (0.31-0.51)

Avenue oneinvest 13 0 (0.16-0.56)

Amanah Saham BSN

2 0 (0.23-0.27)

Apex 8 0 (0.17-0.49)

Appendix D

60


> RM1.00 per unit

Areca 6 2 (0.41-1.02)

Alliance 14 1 (0.23-1.00)

AMmutual 42 12 (0.20-1.17)

AMassurancelink 10 0 (0.30-0.62)

Amanahraya 4 2 (0.46-1.00)

BIMB unit trust 4 0 (0.21-0.51)

List of Unit Trusts Brands (cont.)

61


> RM1.00 per unit

CIMB wealth 25 5 (0.35-1.10)

CRM trust 9 0 (0.36-0.60)

CIMB asset 38 5 (0.20-1.13)

HLG unit trust 35 0 (0.10-0.70)

HwangDBS 22 6 (0.22-1.10)

Inter-pasific 3 0 (0.19-0.50)


62


> RM1.00 per unit

ING Funds 14 4 (0.25-1.06)

ING oneanswer 9 0 (0.37-0.60)

Kenanga 2 2 (1.00-1.44)

KSC capital 2 1 (0.96-1.04)

KAF 3 2 (0.95-1.06)

Amanah Mutual 18 0 (0.26-0.99)


63


> RM1.00 per unit

MAAKL 23 3 (0.13-1.06)

OSK-UOB 36 5 (0.23-1.20)

Public Mutual 67 12 (0.13-1.02)

PHEIM 5 2 (0.55-1.08)

Pasific Mutual 18 0 (0.34-0.51)

Philip Mutual 3 0 (0.28-0.50)


64


> RM1.00 per unit

Prudential Fund 38 5 (0.15-1.05)

RHB investment 27 6 (0.26-1.11)

TA investment 15 0 (0.26-0.53)


65

Investment-Linked Funds

1. Allianz life 2. AIA/AIA Takaful 3. TM Asia 4. AXA Affin 5. CIMB Aviva/Takaful 6. Great Eastern Ass. 7. Hong Leong Ass. 8. HSBC Amanah 9. HLTMT10. ING Insurance

11. Takaful Ikhlas12. Manulife13. MAA/MAA International/

MAAIA/Takaful14. Mayban Life15. ETIQA/Takaful16. MCIS Zurich17. Prudential Assurance/ P-

BSN Takaful18. Takaful Malaysia19. UNI ASIA life Insurance

Appendix E

66

1. Assoc. Prof. Dr. Hj. Rohaizat Baharun (Leader)

2. Assoc. Prof. Dr. Abu Bakar Abdul Hamid

3. Ahmad Sharifuddin Shamsuddin

4. Norzaidahwati Zaidin

5. Norzafir Md. Salleh

6. Zuraidah Sulaiman (Currently attached to the Sydney University

of Technology)

The Team

45

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