Segmenting the Korean housing market using multiple discriminant analysis
The business environment of the Korean housing industry has changed recently from a supplier's market to a buyer's. Establishing and implementing proper marketing strategies has increasingly become an important part of the managerial process. This research attempts to offer a characteristics profile and a forecasting model that classify the housing purchase consumers into three groups: a single-family housing purchase group, an apartment housing purchase group, and a non-purchase group. These groups can be classified and predicted by using the discriminant function: a linear combination of demographic, socio-economic, and residential characteristics. Findings in this research can provide valuable information for future efforts in identifying distinct target segments of the Korean housing market.
Keywords: KOREAN HOUSING INDUSTRY; MARKET SEGMENTATION; MULTIPLE DISCRIMINANT ANALYSIS; TARGET MARKETING STRATEGY
Document Type: Research Article
Publication date: 01 January 2000
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