The financial services cultural orientation matrix

Stephenson, Deborah, Worthington, Steve, & Russell-Bennett, Rebekah (2013) The financial services cultural orientation matrix. Australasian Marketing Journal, 21(1), pp. 1-9.

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Abstract

With saturation within domestic marketplaces and increased growth opportunities overseas, many financial service providers are investing in foreign markets. However, cultural attitudes towards money can present market entry challenges to financial service providers. The industry would therefore benefit from a strategic model that helps to align financial marketing mixes with the cultural dimensions of a foreign market. The Financial Services Cultural Orientation (FSCO) Matrix has therefore been designed, with three cultural dimensions identified which influence preference for financial products; preference for cash, aversion to debt and savings orientation. Based on a combination of these dimensions and their relative strength within a culture, eight different consumer segments for financial products are identified, and marketing strategies for each consumer segment are then proposed. Three cultural clusters from the GLOBE Project House et al. (2002) are used to highlight possible geographic markets for each of these consumer segments. In particular, this paper focuses on GLOBE’s Confucian Asia, Southern Asia and Anglo cultural clusters, as these clusters represent the most well established financial markets in the world and the fastest growing financial markets for the future. The FSCO Matrix provides the financial services industry with an innovative and practical tool for addressing cross-cultural challenges and developing successful marketing strategies for entry into foreign markets.

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ID Code: 55556
Item Type: Journal Article
Refereed: Yes
Additional URLs:
DOI: 10.1016/j.ausmj.2012.07.001
ISSN: 1839-3349 (online) 1441-3582 (print)
Divisions: Current > QUT Faculties and Divisions > QUT Business School
Current > Schools > School of Advertising, Marketing & Public Relations
Copyright Owner: Copyright 2012 Australian and New Zealand Marketing Academy. Published by Elsevier Ltd. All rights reserved.
Copyright Statement: - author can archive pre-print (ie pre-refereeing)
- author can archive post-print (ie final draft post-refereeing)
Deposited On: 25 Feb 2013 23:33
Last Modified: 25 Jun 2014 23:48

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