Authors : Arvin Fouladifar, Elham Taghipour and Arshad Hedayati
Abstract: Development of new business concepts like customer satisfaction, loyalty and relationship marketing obliged organizations to segment their market into smaller homogenous groups in order to have more precise marketing, advertising and product development strategies. Within present research, the importance of segmentation considering financial services sector is discussed with the emphasis on database marketing. A segmentation model for retail banking internet-based services is applied upon RFM and some demographic variables aiming to go more accurate through e-services market, in order to enable the marketers’ establishing new strategies and a sample of 1478 E-banking customers is clustered via K-Means algorithm. Finally, based on the clustering results recommendations and suggestions is offered to enhance customer relations and developing services.
Arvin Fouladifar, Elham Taghipour and Arshad Hedayati, 2016. “Market Segmentation for Marketing of Banking Industry Products Constructing a Clustering Model for Bank Pasargad’s E-Banking Customers Using RFM Technique and K-Means Algorithm”. International Business Management, 10: 1106-1119.