population based demographic segmentations: impact on customer behaviour towards financial services in banking

Demographic segmentation is the market segmentation based on the attributes such as age, gender, income etc.  Let it be an existing product or service or a new product launch demographic segmentation plays an important part as companies need to stay in sync and up to date with the changing market conditions.  Though large chunk of the population is still not active in terms of banking financial services it would be a tough ask for the banking industry to gain the confidence of the customers.  This research paper is and attempts to analyse how population based on demographic segmentation behave towards changes in product or services offered and the behaviour of the customers towards these products and services offered to them. Primary data was collected form 175 respondents from Nagpur city and nearby areas of Nagpur city. Hypothesis was framed and these hypotheses were tested using ANOVA and the reliability of the data was also tested using Cronbach’s Alpha value.  Hypothesis was tested using ANOVA and it was found there is no significant difference exists due to demographic segmentation towards the customer behaviour by the respondents for banks.