Segmentation of the Small Business Market on the Basis of Banking Requirements

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Abstract
Successful marketing involves the identification of target market segments, where the customers requirements are matched to the services offered by the supplier. Many firms try to segment markets on the basis of the customers′ characteristics. However, characteristics are only an indication of actual behaviour. A study by Girobank plc is described which segmented the small business market on the basis of actual banking requirements. Ten segments were identified, each with a separate pattern of financial behaviour. This analysis was used by the bank to position itself within the market and successfully expand business levels within the chosen segments.

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