Psychographic segmentation of the farm market

Funk, Thomas F.; Hudon, Maryse J.

doi:10.1002/1520-6297(198803)4:2<119::aid-agr2720040203>3.0.co;2-c

Cited by 3 publications

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“…The concept of psychographic segmentation involves an analysis of lifestyle characteristics, attitudes and personality (Christopher et al, 1991). Psychographic segmentation attempts to address these issues since it hinges entirely on the way the customer thinks (Funk and Hudon, 1988;Engel et al, 1972, Punj andStewart, 1983). Psychographics look at "the inner person rather than the outward expression of the person" (Beane and Ennis, 1987, p. 22).…”

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“…In fact there are very few applications directed toward agriculture at all. Funk and Hudon (1988) used psychographic clustering techniques in a survey study to segment the market for farm supplies in Ontario, Canada. Rosenberg and Turvey (1991) used cluster analysis and found four distinct management profiles of Ontario swine producers useful for the delivery of extension services and credit products to farmers.…”

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Borrower attitudes, lender attitudes and agricultural lending in rural China

Kong

Turvey

et al. 2014

International Journal of Bank Marketing

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Purpose – The purpose of this paper is to investigate the lender-borrower relationship as it relates to Sannong loans for agricultural and rural financial markets by Rural Credit Cooperatives (RCCs) and other rural lenders. This paper is motivated by recent reforms to the rural credit market designed to encourage increased lending, particularly to farmers. Little is understood about the lender-borrower relationship in rural China. This paper fills that gap. Design/methodology/approach – The paper investigates relational attitudes between 120 loan officers at RCCs in China's costal Shandong province, paired with a field survey using matched questions to 394 farm households in the same region. Pairing lenders’ perception toward borrowers regarding RCC microcredit lending mechanism, against borrowers’ perception toward lenders and how themselves were perceived by lenders in the same regards, the paper investigates the degree of disconnect between lenders and with distinct cluster groupings based on their perceptions, the paper analyzes the influence of demographics on the borrower and lender cluster memberships. Findings – The paper identifies four borrower clusters and two lender clusters. Borrower clusters are segmented on credit access and satisfaction with their rural lender. The paper also identifies two lender clusters, segmented principally on financial incentives and lending activities. While all lenders view farming with higher regard than farmers believe they do, one cluster is clearly pro-farmer while the second is somewhat indifferent. Indifference is more related to current portfolio activities. The paper draws conclusions that policy initiatives should be put in place at RCCs that close the gap between lender and borrower in their credit relationship. Rural lenders should concentrate on advocating RCCs’ care and trust toward agriculture and farm households. At the institutional level, effort should be extended to train a dedicated team of loan officers that specialize in servicing farm households with standardized lending practices. This research provides financial institutions with outreach mechanisms to borrowers, while also training lenders to borrowers’ sensitivities. Originality/value – Management studies of RCCs are few. This is the first paper that the authors are aware of that studies farmer and lender attitudes on the same scale.

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Borrower attitudes, lender attitudes and agricultural lending in rural China

Kong

Turvey

et al. 2014

International Journal of Bank Marketing

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“…Based on studies of farmers’ entrepreneurship (Bergevoet, ), we assume heterogeneity in farmers’ personalities in regard to the above‐mentioned aspects. Funk and Hudon () state that psychographic segmentation of farmers is useful as there are important dissimilarities among buyers in terms of attitudes, buying behavior, and product and service needs. Kalogeras, Pennings, van der Lans, Garcia, and van Dijk () show that cooperative members do not necessarily share the same preference structure due to differences in their own firms’ characteristics.…”

Section: Attitudes Towards Specific Contract Attributesmentioning

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A Latent Class Cluster Analysis of Farmers’ Attitudes Towards Contract Design in the Dairy Industry

Schlecht

Spiller

2012

Agribusiness

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As a result of a number of recent developments, such as the milk strike in several European countries in 2008 and the planned expiration of the European milk quota scheme in 2015, it is necessary to redesign contractual relationships in the dairy industry. However, fostering acceptance of new stipulations (e.g., volume control, pricing systems) requires that the attitudes of farmers be taken into consideration. Thus, in this article, the authors analyze how dairy farmers' attitudes vary towards both contracting in general and specific contract attributes. Using a survey of 161 dairy farm managers, the research question is addressed by means of a latent class cluster analysis. Three clusters are identified. Their attitudes are heterogeneous, ranging from suppliers who are clearly convinced of the value of contractual relationships to farmers who reject contracts explicitly. Results may be utilized to match the preferences of farmers regarding contracts with modified dairy marketing contracts.

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Future priorities in agribusiness education: An Australian perspective

Schroder

1989

Agribusiness

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Psychographic segmentation of the farm market

Cited by 3 publications

References 1 publication

Borrower attitudes, lender attitudes and agricultural lending in rural China

Borrower attitudes, lender attitudes and agricultural lending in rural China

A Latent Class Cluster Analysis of Farmers’ Attitudes Towards Contract Design in the Dairy Industry

Future priorities in agribusiness education: An Australian perspective

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