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Article Information:
Segmenting Consumers Based on Luxury Value Perceptions
Bahar Teimourpour, Kambiz Heidarzadeh Hanzaee and Babak Teimourpour
Corresponding Author: Bahar Teimourpour
Submitted: July 24, 2012
Accepted: August 21, 2012
Published: February 11, 2013 |
Abstract:
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This study seeks to discover consumer segments by using a multidimensional concept of luxury by encompassing functional, individual and social components in the luxury market. Survey data was collected from 1097 consumers in Iran. Eight luxury factors were indentified through an exploratory factor analysis. These factors are used for segmenting these consumers with the K-means method. Cluster analysis of the data resulted in four different behavioral style segments namely: non-luxury consumers, rational consumers, social seeker consumers and materialistic consumers. Each segment shows the importance of luxury value dimensions differently. This study sheds light on the differences between consumers’ perception about luxury value, which helps marketers to choose their marketing strategies more consistently with the consumers’ viewpoint.
Key words: Cluster analysis, consumer behavior, luxury, market segmentation, perception, value,
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Cite this Reference:
Bahar Teimourpour, Kambiz Heidarzadeh Hanzaee and Babak Teimourpour, . Segmenting Consumers Based on Luxury Value Perceptions. Research Journal of Applied Sciences, Engineering and Technology, (05): 1681-1688.
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ISSN (Online): 2040-7467
ISSN (Print): 2040-7459 |
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Sales & Services |
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