The lifestyle segmentation of house buyers’ in Malaysian new residential market
The property development industry is in need of a comprehensive market intelligence to be able to predict and satisfy the needs of house buyers. Many developers based their marketing decisions on hunches and guesses, rather than on intelligence drawn from marketing research. Property developers c...
| Main Authors: | , , |
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| Format: | Conference or Workshop Item |
| Language: | English |
| Published: |
2008
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| Subjects: | |
| Online Access: | http://eprints.usm.my/34484/ http://eprints.usm.my/34484/1/HBP1.pdf |
| Summary: | The property development industry is in need of a comprehensive market
intelligence to be able to predict and satisfy the needs of house buyers. Many developers
based their marketing decisions on hunches and guesses, rather than on intelligence drawn
from marketing research. Property developers can provide a better product offering to the
house buyers if they know what the buyers want. But developers found it impossible to stick
to a single strategy in approaching their customers, the main reason being, the residential
property market consists of various segments. All too often development projects have been
undertaken on the basis of superficial knowledge of the market. Most real estate purchases
are considered high involvement goods that required complex decision making. Greater
knowledge of real estate consumers and their behaviour will lead to better understanding
and prediction of decision-makers’ actions in the real estate market. As a result, property
developers must apply different sets of marketing strategies for different group of house
buyers to ensure that they could successfully communicate with each specific segment
separately. A lifestyle segmentation research could shed some light into the different
segments of house buyers in the country. Each of these segments can then be profiled and
characterised to give a more accurate picture of the behaviour and purchasing decisions of
house buyers. In view of these statements, this paper attempts to broadly define lifestyle
concepts based on the theories of lifestyle and consumer behaviour theories followed by
discussion on the definition and structure of marketing and segmentation, i.e. types,
segmentation scheme, benefit and advantages for residential market. This paper will also
look into house buyers’ consideration such as model of consumer behaviour, consumer
buying behaviour, the factor affecting the consumer buying process, consumer buying
decision process and the type of consumer buying behaviour. The paper then concludes
with a general view on the residential market scenario in Malaysia. |
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