Market Segmentation - Dissertation Example

• Consumer behaviour and market segmentation of Ganoderma Health food in Taiwan Motivation of people to buy this product

Table of Contents

Consumer behaviour and market segmentation of Ganoderma Health food in Taiwan Motivation of people to buy this product1

1. Introduction3

2. Literature Review4

2.1 Consumer behaviour6

2.2 Market segmentation8

2.3 Taiwan health food market11

2.4 Ganoderma Lucidum Health Benefits12

3. Conclusion15

Reference List18

• 1. Introduction

In the recent times, the marketers have developed a consumer centric approach towards introducing a new product or service to the market. Intense competition in every industry and the need to stay ahead in the race are the primary factors that influence every move that the marketers make. With the advancement in technology and the growing awareness of people about every product, marketers must develop a valuable and sustainable competitive advantage in order to endure in the market.

Having a good understanding of the consumer behaviour is very important in order to function well in a market. The understanding of the consumer behaviour helps the company in devising techniques to influence their buying decision (Larsen, 2010; Priest et al., 2013). Providing the market with a unique product that will serve the needs of the target customers is the key to success in any industry (Goyat, 2011; Rani, 2014; Petra, 2012).

Market segmentation is another important factor that helps the companies in deciding which market they would be able to serve better with their product or service. Understanding the needs of the customers and the value offering of the product or service are two of the most crucial factors that help companies in segmenting the markets. Based on those segments, companies devise their marketing strategies (Nguyen and Gizaw, 2014). This not only helps them in positioning themselves to the most relevant customers, but also helps them in serving the needs of each segment in a different and innovative way.

When it comes to the food industry, increasing level of health awareness and adaptation to healthy lifestyle is making people try new and healthy food habits. This is increasing the popularity of a new category of food products known as the health food category.

Ganoderma Lucindum is a category of mushrooms that has been known to the Asian culture for its incredible medicinal properties (Wachtel-Galor et al., 2011). Mentioned in the scriptures, for its health benefits, the herb is being used by many of the western countries as well. In this paper, an analysis will be provided on the consumer behaviour and market segmentation in Taiwan and the motivation of people to buy Ganoderma Lucidum health food products.

• 2. Literature Review

The most important factor before entering any market is to understand the needs and preferences of the people in that particular market. Understanding the external and internal environment in which the company functions is equally important to analyse the growth potential of a company in that particular market. According to Indris and Primiana, the internal environment in an organisation is the environment that prevails within the organisation (Indris and Primiana, 2015). It is affected by various factors such as working conditions; organizational culture, leadership style etc. fall under the internal environment. The external environment involves such as competition, government policies, demographic factors, technological factors and social and cultural factors etc (Gasparotti, 2009). Understanding these factors is important in order to perform well in any market, especially when launching a new product.

The company has to consider a number of factors before launching a product into the market. Understanding the customer needs and preferences, the competitors functioning in the particular market, the political and legal factors that affect the market, the changing trends in the market etc. are to mention a few.

According to Angeline G. Close, developing the understanding of consumer behavior is an important factor here, as it will help the marketers in developing a proper approach to the target segment (Zhang, 2015). It will also help the companies in developing a sustainable competitive advantage that will make them survive in the long run.

According to Angeline G. Close, market segmentation is also another important step that the companies have to take before starting their operations in a particular industries (Close, 2012). Market segmentation helps the companies in dividing the markets according to the consumer preferences and needs and helps the company in focusing on particular customers based on the segmentation (Yankelovich, and Meer, 2006; Dibb and Simkin, 2013). The objective of segmenting the market is to develop a more focused approach towards the target markets in order to serve the needs of the consumers in a better way. As suggested by Art Weinstein, the objective of market segmentation is to analyze the market and then capitalize on the opportunities there by a superior competitive positioning. According to the author, it is absolutely essential for the companies to understand that not every market is a potential market. Mostly , the companies are faced with two choices, either to consider the market in general, or to focus on a particular division of the market which has high profit potential and opportunities for the company.

Establishing a relationship between the offering of the company and the requirements of the customers is an important factor prior to entering a market. These will help the company in understanding the requirements of the consumers in an effective way and will help it in developing marketing tactics, specifically addressing the needs of the particular market segments. Having a more focused approach will also help the company in developing an effective competitive advantage, which is one of the primary requirements of the industry.

Paying attention to all these factors is very essential while analysing a market so that an accurate understanding of the customer needs, preferences, presence of competitors in the market and the external and internal factors affecting the markets can be developed.

• • 2.1 Consumer behaviour

. According to Kotler, consumer behaviour is the buying behaviour of individuals as well as households that buy goods and services for personal consumption (Shih et al., 2015). Consumers are of two types, personal consumers and consumers who belong to an organisation. Segmentation is done on the basis of the requirements of the products and the purpose that they serve. The personal consumers purchase the product for their personal use and mostly buy them in less quantity. On the other hand, organisational consumers purchase the products in a large quantity for organisational functions. The driving forces for the purchase by personal consumers are very different from that of organisational consumers. The purchase decision of the personal consumers is driven by personal needs and budget; whereas, the purchase decision of the organisational consumers is driven by production requirements (Shih et al., 2015).

Shih et al and Khaniwale suggested that consumer behaviour is influenced by mainly four factors which are cultural, social, personal and psychological. The buying decisions of the consumers are influenced to a great extent by the cultural upbringing and background that a person belongs to. Understanding the cultural preferences of the consumers becomes very important here as it will help the marketers in understanding what kind of product will work well in the market. It will also help them in deciding the right kind of product that will perform well in the market (Shih, et al., 2015; Khaniwale, 2015).

Social status of people is a major driving factor of their purchase decisions. The position that a person holds in his family, at his workplace and his group of friends and the expectations that they have from him decides the purchases that he makes.

Personal factors such as age, occupation, level of income, personality etc. drives the needs of a person. This is one of the reasons of changing buying decisions with age, lifestyle, occupation and economic status of the person (Rani, 2014).

The psychological factors that affect the purchasing decisions of customers can further be divided into four categories which are motivation, perception and learning and believes. One of the driving factors of purchasing decisions is motivation. Perception is the way a consumer process the information that he receives and interprets it in order to make a purchasing decision. Learning implies behaving after experiencing. This refers to brand switch or change buying behaviour of the customers after an experience with the product (Rani, 2014).

The consumers possess specific believes and attitude towards different products. These believe and attitudes define the brand image. Thus, it is important for the companies to understand what affects the buying decisions of the customers in order to perform well in the market.

According to Acton, consumer behaviour is the action taken to meet the needs of the consumer (Shih, et al., 2015). The marketers find it very important to focus on the above mentioned factors while developing the marketing strategy, in order to approach specific markets. Understanding these factors help the marketers in getting a clear idea about the requirements and the preferences of a market, which then helps them in devising promotional strategies .

According to Hawkins and Mothersbaugh,2010 the knowledge and awareness amongst the consumers is considered taking marketing decisions. The study of consumer behaviour is thus an important while it comes to launching a product in a particular market. This helps the companies in devising competitive marketing strategies.

In context of Taiwan, the food industry is experiencing a boom. With the increasing health awareness amongst people and the willingness to pay a high price for achieving good health and healthy lifestyles, there is an increase in demand for a new category of food called the health food. Many people prefer to use health food as dietary supplements, which open a huge scope for domestic and international companies (Fu, 2012; Erickson, 2011).

• • 2.2 Market segmentation

Marketing segmentation was first introduced by Wendell. R. Smith. It is the process of dividing the market into smaller subsets comprising of people with similar tastes, preferences and choices. A market segment is formed considering all the people having a similar mindset. These individuals react in a similar way to all the changes in the market. They have similar responses to the promotional efforts by the companies directed towards that particular segment (Abraham, 2011; Sharma, 2014.). Segmentation of the market is one of the main initial steps towards understanding the requirements of the market. With the increase in the level of competition in every industry and the companies trying to improve their products every day, it is important to pay attention to each customer base and understand their requirements in order to provide them with better quality products. On segmenting the markets, it becomes possible for the marketers to focus on each segment and devise their tactics accordingly.

The first step of market segmentation involves selecting the market that the company is planning to enter and the product category that it is planning to launch (Tough Nickel, 2013). It is important to carefully understand the requirements of the market and then understand if the product will be useful in serving the needs of that market.

The next stage is to identify the basis on which the market will be segmented. Selecting a proper segment type is important here. A proper knowledge of the market, managerial insight and understanding of the product are important factors here in order to select the right type of segmentation. The next step is to identify the right segmentation descriptors. Segmentation descriptors are the segmentation variables on the basis of which the market will be segmented (Tough Nickel, 2013). The fourth step is to analyse the segments that were formed. The analysis should be performed on the size of the segment, frequency of purchase, customer’s brand loyalty, current brand used, profit potential, expected growth in the segment, long term potential for sales etc. A thorough analysis of these factors will help the marketers in understanding the requirements of the particular segments and develop marketing strategies focusing on the particular segments. The next step is to select the target market. This is an important stage as the company is more focused on selecting the customer base that they want to serve.

The next step is to proper implementation of the marketing mixes. This is the most crucial part of the whole process as any failure at this stage will render the whole purpose of segmentation useless (Tough Nickel, 2013).

According to Art Weinstein, 2013 market can be segmented on the basis of Psychographic, demographic, geographic and behavioural segmentation are the main types of market segmentation. The values, interests and attitude of an individual are used here to classify them into a segment. This type of segmentation is referred to as psychographic segmentation. Under behavioural segmentation, the market is divided on the basis of buying pattern, decision making and usage (Weinstein, 2013). The promotion of the product is done based on the behaviour of an individual.

Demographic segmentation refers to the segmentation of the market on the basis of gender, age, income, occupation, race, nationality etc

People in a common geographic location show similar buying patterns and trends. The marketers use this aspect to segment the market depending upon the geographic locations. This type of segmentation is referred to as geographic segmentation.

Amongst all the nations in the North East Asia, Taiwan has the highest expenditure on food. The disposable income of the Taiwanese people is comparatively high, with a high preference of the people for healthy and quality food products. The lack of natural resources and limited space options increases the dependency of the country on foreign food products (Fu, C., 2012.).

• • 2.3 Taiwan health food market

With increasing globalisation and advancement in technology, it is not difficult to gain access to the products from one part of the world to another. It has connected the whole world together, with the clothes people wear, the music that they listen to, the technology they use and even the food that they eat. People are very eager about the different culture and lifestyles of others and are always keen to adapt to newer ways of life. This has lead to the widespread availability of food products throughout the world. Increased usage of fertilizers and better use of technology for irrigation are the primary reasons for the increase in production of crops around the world (Liu and Tsai, 2010; Hwang, 2007).

With the changes in the food preferences and lifestyle that the world is experiencing, Taiwan is also going through these changes. The Taiwanese food industry is a matured market and has shown an overall growth in the past few years (Shih et al, 2015).With increasing demand for foreign food products, the country has recognized trade relations with China, Singapore and New Zealand. There is also an increase in import from the European countries (Australian Government, 2016). Even though the food industry in Taiwan is not structured and there are no speciality products, it is classified on the basis of food categories. These categories are seasonings, non-alcoholic beverages and health food and bakery products (Kao and Hsueh, 2009). The main preference of people in Taiwan is Chinese food, fast food, Indian food and authentic food. The fast food category mostly includes western food products, which are mostly processed and canned (Yakup et al., 2011).

Organic food market has been growing sustainably for the past few years in Taiwan (Organic Trade Association, 2006). Growing awareness amongst people about the negative effects of chemicals and pesticides on food products has increased the consumption of organic food products amongst the Taiwanese (Dachi Tea Co., 2015). The level of import, when it comes to organic food is quite high in Taiwan because of the unavailability of organic farmland and very less number of organic food processing companies in Taiwan. As suggested by Pan et al., 2011 with improved transportation, availability of imported food and increased sedentary lifestyle, Taiwanese are facing problems such as diabetes, hypertriglyceridemia and obesity. Despite the increased availability of food products, the nutrition level in Taiwan has actually decreased. The increased consumption of energy-based food has actually led to the decreased consumption of healthy nutritional food.

The health conscious Taiwanese customer base also has the habit of depending on medicines or health food as dietary supplements in order to maintain or enhance their health (Yakup et al., 2011; Pan et al., 2011).

• • 2.4 Ganoderma Lucidum Health Benefits

Known as the plant of immortality in the Chinese culture, Ganoderma Lucidum or Reishi mushroom has the reputation of a miracle plant (Organo Gold, 2016). This mushroom has had a long history in the Asian cultures. One of the oldest known plants to the mankind, this mushroom has been used for over 2000 years for its medicinal properties. There is a mention of this herb in the scriptures for its health benefits (Ganoderma, 2016; Cohen, 2015).

The wild mushroom is very rare and in the old times, only Nobel people could afford it. In the recent years, people have mastered the art of cultivating this mushroom, thus making it easier to avail it.

According to Suzy Cohen, Ganoderma Lucidum is a type of non-toxic mushroom and can be used for its medicinal properties for treating a wide range of diseases. The healing properties of the mushroom make it beneficial for the treatment of Cancer. Other benefits of the mushroom are its anti- inflammatory, antiviral, adrenal adaptagen, Modulates immune function, antibacterial, antiviral properties (Cohen, 2015; Jaffe, 2014; Health Diaries, 2011).The mushroom is also used to control blood glucose level, hepatoprotection and bacteriostasis. According to a study published in 2009 by Bioorganic & Medicinal Chemistry, Taiwan, the mushroom was found to have the life span expanding properties of polysaccharides (Jaffe, 2014). The mushroom has also proved to be beneficial in the treatment of fatigue, high cholesterol, HIV and AIDS, Hypertension, Viral infections, increasing strength and stamina. It has also been proven that the mushroom lowers urinary tract symptoms when consumed on a regular basis (Organic Facts).

Other health benefits of the mushroom includes, it removes the specific toxins from the body that obstruct the method of oxidation in the body. Though there are countless benefits that the mushroom provides, there are a few side effects too that must be considered before consuming it (Moore, 2014). The detoxification process may lead to the occurrence of skin rashes and irritation throughout the body. There might also be mild acne formation. People have complained of headaches, minor stomach aches and diarrhoea too. In some cases, people have also reported nose bleeding from intake of high dosage of Ganoderma Lucidum. Sometimes, the body experiences anxiety as well as other symptoms after the intake of good quality herbs. The reason for this is that the body is not used to digesting such high quality nutrients. It is important not to stop using the herb in between as that may do more harm to the body (Examine, 2016).

Typically, it takes 2-3 weeks to get used to the effects of the mushroom. The piled on toxins in the adult body gets eliminated within that period of time and it becomes very normal to use the herb after that period of time.

The mushroom is used in the form of pills, powders, tea and dietary supplements. Different parts of the mushroom such as its mycelia, spores and fruit body are useful for consumption (Ganoderma, 2016).

With increasing modernization and a reduced birth rate, the structure of population in Taiwan is undergoing a dramatic change. The average age of the population is increasing. In other words, it is turning old. People are using healthy alternatives and bringing positive changes in their lifestyles in order to meet the changing needs of the society and deal with the old age. Diet and healthy eating habits are main weapons that people are using in order to deal with the old age. Increasing obesity is another factor that worries Taiwanese. Constant access to junk food and the increasing level of consumption of fast and processed food are the primary reasons for the growing level of obesity in the society. These unhealthy food products are not only increasing obesity but also causing several lifestyle related diseases like high blood pressure, diabetes and pulmonary diseases are to name a few (Cohen, 2015).

The Taiwanese are very open to the idea of finding a healthier and more graceful way of aging (CNA, 2013). They are resorting to means like healthy eating, exercising and bringing positive changes in their lifestyles in order to deal with old age. Increasing longevity is also one of their many lookouts. The incredible health benefits of these mushrooms make it a popular health supplement amongst the Taiwanese.

• 3. Conclusion

Prior to entering any market, it is important to understand the internal and external environment in which the companies function there. This will help in generating an idea about the competitive trends, the number of competitors, the preferences of customers, their needs and how the company can address those needs.

Understanding the consumer behaviour is crucial for market analysis that is done prior to enter a market. A proper knowledge of the consumer behaviour and response to a particular product or service not only helps the marketers in understanding how their product is going to be accepted in the market, but it also helps them in devising proper marketing strategies addressing the needs of the customers. With the changing trends in the market and the changing preferences of the customers, the level of acceptance that a product receives is varying. There are many factors that affect the acceptability of a product, starting from the launch of a new fad in the market to the increase in the number of competitors.

Market segmentation is another important factor that the marketers need to focus on before they decide to enter a market. Segmentation is done to generate a more focused approach towards each target market. Each market has different requirements and customer preferences. Having a generalised approach towards the consumers may not satisfy their respective needs. Market segmentation is done in a stepwise procedure of understanding the market, the trends of the market, the variable that affect the particular market and then dividing the whole market according to those variables. It is very important to identify the correct variables, as the segmentation will be done primarily on the basis of those segments. Any mistakes in that can render the whole market segmentation process useless.

The Taiwanese food market is one of the growing industries in the world. With globalisation, increasing technological advancements and the growth in transportation, food products are easily accessible to the consumers. The increasing acceptability of western processed and fast food, the increase in sedentary lifestyle and lack of time to prepare food are the primary reasons for increasing obesity amongst Taiwanese. Aging is another problem that the people of Taiwan are facing. The decreased mortality and birth rate are the main reasons for the aging population. People are becoming increasingly health conscious with the desire to age gracefully. They are adopting newer and healthier ways to lead their lives and incorporating healthier diet into their lifestyle. This preference of healthier food is generating a new segment of food products for the health conscious Taiwanese, known as the health food. The health food includes various food supplements and health drugs. Dependence of the Taiwanese people on these drugs has increased in order to meet the daily nutritional requirements.

The medicinal properties of Ganoderma Lucidum make it very useful in the treatment of diseases such as Cancer and AIDS. It is also known to increase longevity. Such incredible health benefits make it one of the most preferred nutritional herbs amongst Taiwanese. Spreading awareness of the benefits of Ganoderma Lucidum can really help in increasing its demand. There is a huge scope for this medicinal plant to perform well not only in markets of Taiwan, but also in other parts of the world.

• Reference List

Abraham, K., 2011. A Study on Consumer Behaviour, International Journal of Enterprise Computing and Business Systems, 1(2).

Australian Government, 2016. Food and beverage to Taiwan Trends and opportunities. [Online] Available at: < http://www.austrade.gov.au/Australian/Export/Export-markets/Countries/Taiwan/Industries/Food-and-beverage> [Accessed 7 July 2016]

Close, A., 2012. Online Consumer Behavior: Theory and Research in Social Media, Advertising, and E-tail. Abingdon: Routledge

CNA, 2013. Taiwan’s population moves from ‘aging’ to ‘aged’: statistics. [ Online] Taipei Times. Available at: < http://www.taipeitimes.com/News/taiwan/archives/2013/10/23/2003575197> [Accessed 7 July 2016]

Cohen, S., 2015. Reishi Mushroom Power – The Plant of Immortality.[Online] Suzy Cohen. Available at: < http://suzycohen.com/articles/mushroom-power-plant-of-immortality/ > [Accessed 5 July 2016]

Dachi Tea Co., 2015. Taiwan’s Organic Agriculture Movement. The Ritual. [Online] Available at: < https://theritual.dachitea.co/2015/08/19/taiwan-organic-agriculture-movement/> [Accessed 7 July 2016]

Dibb, S. and Simkin, L., 2013. Market Segmentation Success: Making It Happen! Abingdon: Routledge

Erickson, E., 2011. Made in Taiwan: Good Food, Good Principles. Food Processing [ Online] Available at: < http://www.foodprocessing.com/articles/2011/taiwan-food-production/> [Accessed 7 July 2016]

Examine, 2016. Ganoderma Lucidum. [Online] Available at: < https://examine.com/supplements/ganoderma-lucidum/> [ Accessed 7 July 2016]

Fu, C., 2012. Taiwan Food Service- Hotel Restaurant Institutional. [PDF] Available at: < http://gain.fas.usda.gov/Recent%20GAIN%20Publications/Food%20Service%20-%20Hotel%20Restaurant%20Institutional_Taipei%20ATO_Taiwan_6-25-2012.pdf> [Accessed 7 July 2016]

Ganoderma, 2016. Herbswisdom.[ Online] Available at: < http://www.herbwisdom.com/herb-reishi-mushrooms.html> [Accessed 4 July 2016]

Gasparotti, C., 2009. The Internal and External Environment Analysis of Roamanian Naval Industry with SWOT Model. Management & Marketing,4(3). pp. 97-110.

Goyat, S., 2011. The basis of market segmentation: a critical review of literature. European Journal of Business and Management , 3(9), pp. 45-53

Health Diaries, 2011. 10 Health Benefits of Ganoderma Lucidum. [Online] Available at: < http://www.healthdiaries.com/eatthis/10-health-benefits-of-ganoderma-lucidum.html> [ Accessed 7 July 2016]

Hawkins, D. I. and Mothersbaugh, D. L., 2010. Consumer Behavior: Building Marketing Strategy. New York: McGraw-Hill Irwin

Hwang, L. S., 2007. Recent Research and Development of functional food in Taiwan. The Journal of Medical Investigation, 54, pp., 389-391

Indris, S. and Primiana, Ina, 2015. Internal And External Environment Analysis On The Performance Of Small And Medium Industries (Smes) In Indonesia. International Journal of Scientific & Technology Research, 4(4), pp. 188-193

Jaffe, S.,2014. 4 Awesome Health Benefits Of Reishi Mushrooms. [Online] mindbodygreen. Available at: <http://www.mindbodygreen.com/0-15383/4-awesome-health-benefits-of-reishi-mushrooms.html> [Accessed 5 July 2016]

Kao, R. and Hsueh, A., 2009. Food and Agricultural Import Regulations and Standards –Narrative. [PDF] FAIRS Country Report. Available at: < http://agriexchange.apeda.gov.in/IR_Standards/Import_Regulation/Taiwan.pdf> [Accessed 5 July 2009]

Khaniwale, M., 2015. Consumer Buying Behavior. Innovative Space of Scientific Research Journals, 14(2), pp., 278-286

Larsen, N., 2010. Market Segmentation - A framework for determining the right target customers. [PDF] Available at: < http://pure.au.dk/portal/files/11462/BA.pdf> [Accessed 7 July 2016]

Liu, C. H. and Tsai, W. S., 2010. The effects of service quality and lifestyle on consumer choice of channel types: The health food industry as an example. African Journal of Business Management, 4(6), pp. 1023-1039

Moore, S., 2014. Ganoderma Lucidum Side Effects. [Online] Available at: < http://www.livestrong.com/article/112069-ganoderma-lucidum-side-effects/> [Accessed 7 July 2016]

Nguyen, T. H. and Gizaw, A., 2014. Factors that influence consumer purchasing decisions of Private Label Food Products. [PDF] Available at: < http://www.diva-portal.org/smash/get/diva2:705384/fulltext01.pdf> [Accessed 7 July 2016]

Organic Facts, 2016. Health Benefits of Reishi Mushrooms. [Online] Available at: < https://www.organicfacts.net/health-benefits/other/reishi-mushrooms.html > [Accessed 7 July 2016]

Organic Trade Association, 2006. The Taiwanese Market for Organic Food & Drink. [PDF] Available at: < http://s3.amazonaws.com/zanran_storage/www.ota.com/ContentPages/101868.pdf> [Accessed 7 July 2016]

Organo Gold, 2016. The Ganoderma Difference: From Ground To Cup. [Online] Available at: < http://www.organogold.com/ganoderma/> [Accessed 7 July 2016]

Pan, W. H., Wu, H.J., Yeh, C.J., Chuang, S. Y., Chang, H. Y., Yeh, N. H. and Hsieh, Y. T., 2011. Diet and health trends in Taiwan: comparison of two nutrition and health surveys from 1993-1996 and 2005-2008. Asia Pac J Clin Nutr, 20(2), pp., 238-250

Petra, M., 2012. Research of the Behavior of Consumers in the Insurance Market in the Czech Republic. Journal of Competitiveness, 4(2), pp., 20-37

Priest, J., Carter, S., and Statt, D. A., 2013. Consumer Behaviour. [PDF] Available at: < https://www.ebsglobal.net/EBS/media/EBS/PDFs/Consumer-Behaviour-Course-Taster.pdf> [Accessed 7 July 2016]

Rani, P., 2014. Factors influencing consumer behavior. [PDF] Available at: < http://www.ijcrar.com/vol-2-9/Pinki%20Rani.pdf> [Accessed 7 July 2016]

Sharma, M. K., 2014. The Impact on Consumer Buying Behaviour: Cognitive Dissonance. Global Journal of Finance and Management, 6(9), pp., 833-840

Shih, S. P., Yu, S. and Tseng, H. C., 2015. The Study of Consumers' Buying Behavior and Consumer Satisfaction in Beverages Industry in Tainan, Taiwan . Journal of Economics, Business and Management, 3 (3). pp., 391-394

Wachtel-Galor, S., Yuen, J., Buswell, J. A. and Benzie, I. F. F., 2011. Herbal Medicine: Biomolecular and Clinical Aspects. Ganoderma lucidum (Lingzhi or Reishi). [Online] Available at: < http://www.ncbi.nlm.nih.gov/books/NBK92757/> [Accessed 7 July 2016]

Weinstein, A. 2013. Handbook of Market Segmentation: Strategic Targeting for Business and Technology Firms. Abingdon: Routledge

Yakup, D., Mucahit, C. and Reyhan, O., 2011. The Impact of Cultural Factors on the Consumer Buying Behaviors Examined through An Impirical Study. International Journal of Business and Social Science, 2(5), pp., 109- 114.

Tough Nickel, 2013. Principles of Marketing - The Market Segmentation Process. [Online] Available at: < https://toughnickel.com/industries/PrinciplesofMarketingPart3MarketSegmentationandTargeting > [Accessed 7 July 2016]

Yankelovich, D. and Meer, D., 2006. Rediscovering Market Segmentation. Harvard Business Review [PDF]. Available at: < http://www.viewpointlearning.com/wp-content/uploads/2011/04/segmentation_0206.pdf> [Accessed 7 July 2016]

Zhang, Yi., 2015. The Impact of Brand Image on Consumer Behavior: A Literature Review. Open Journal of Business and Management, 3, pp., 58-62