Market research on target customers and appropriated services for ky son microfinance institution

MARKET RESEARCH ON TARGET CUSTOMERS AND APPROPRIATED SERVICES FOR KY SON MICROFINANCE INSTITUTION Program : Master of Marketing and Prospective; Corhot (2016-2018) Author : Nguyễn Huy Trung Supervisors : Dr Trần Thị Bich Hạnh Market research on target customers and appropriated services for Ky Son microfinance institution “Microfinance is an idea whose time has come” – Kofi Annan Former United Nations Secretary – General This is not charity This is business: Business with a social objective, which is to help people get out of poverty - Muhammad Yunus Founder of Grameen Bank and Nobel Peace Prize recipient Nguyen Huy Trung Marketing6 Market research on target customers and appropriated services for Ky Son microfinance institution ACKNOWLEDGEMENT I would like to express my deepest appreciation to all those who provided me the possibility to complete this research The study was prepared under the supervision and valuable support of Dr Tran Thi Bich HanhVietnam Japan University A special gratitude I give to her, whose contribution in stimulating suggestions and encouragement, helped me to coordinate my study in writing this research Without her support and direction, I wouldn‟t complete this research Furthermore I would also like to acknowledge with much appreciation the crucial role of the staffs of ChildFund Australia in Vietnam and Ky Son microfinance Institution, who gave the permission to use all required information to complete the research “Market research on target customers and appropriated services for Ky Son Microfinance Institution” Special thanks go to my supporters at Ky Son MFI, who‟s helped me to complete questionnaires Last but not least, many thanks go to attendants who involved in express ideas, without their sharing, I wouldn‟t figure out issues and recommendation in this research Nguyen Huy Trung Marketing6 Market research on target customers and appropriated services for Ky Son microfinance institution Contents ACKNOWLEDGEMENT PREFACE CHAPTER I: INTRODUCTION 10 I OVERVIEW 10 Microfinance- one effective method to reduce customer poverty 10 The microfinance in Vietnam, the history and its development 11 Figure 2: Leading Microfinance Institution in Vietnam 14 Segmentation for microfinance? 16 Measure Customer satisfaction? 17 The necessity of the research 18 CHAPTER II: THEORIES RELATED TO THE RESEARCH 19 2.1 SEGMENTATION 19 CHAPTER 3: SITUATION OF KY SON MFI 27 3.1 OVERVIEW 27 3.1.1 History 27 3.1.2 Vision and mission 28 3.2.1 The situation 28 3.2.1.1 The company‟s structure 28 3.1.2.2 The Competitors 30 3.2 Problems of Ky Son MFI 32 CHAPTER 4: METHODOLOGY 33 CHAPTER 5: MAIN FINDINGS 36 Results of survey 36 1.1 Borrowing purpose 36 Satisfaction 40 2.1 Reliability and validity of the variables 40 Variables 40 Cronbach‟s alpha 40 Reliability 40 Nguyen Huy Trung Marketing6 Market research on target customers and appropriated services for Ky Son microfinance institution Assurance 40 Empathy 40 Tangibles 40 Responsiveness 40 Segmentation 46 5.1 Orientation of business activities in the coming time 50 5.1.1 Potential customers 50 5.1.2 Core services 51 5.2 Recommendations to improve operational effectiveness 51 ANNEX 52 QUESTIONNAIRES 52 REFERENCES: 57 Nguyen Huy Trung Marketing6 Market research on target customers and appropriated services for Ky Son microfinance institution LIST OF ABBREVIATIONS ADB: Asian Development Bank WB: World Bank SBV: State Bank of Vietnam MFI: Microfinance institution MF: Microfinance PCF: People's Credit Fund CPCF: Central People's Credit Fund VBSP: Vietnam Bank for Social Policies NGO – non-governmental organization VN: Vietnam Nguyen Huy Trung Marketing6 Market research on target customers and appropriated services for Ky Son microfinance institution LIST OF TABLES Table 1: Overview of Vietnamese Microfinance of clients and loan portfolio, 2010-2012 Error! Bookmark not defined Table Clients exit Q42017 vs Q4 2016 Error! Bookmark not defined Table 3: Borrowing purpose Error! Bookmark not defined Table 4: Expectation of clients on borrowing amount Error! Bookmark not defined Table 5: Borrowing duration Error! Bookmark not defined Table 6: Repay methods (for the interest and loan) Error! Bookmark not defined Table 7: Reliability and validity of the variables Error! Bookmark not defined Table 8: KMO and Bartlett's Test Error! Bookmark not defined Table 9: Total Variance Explained Error! Bookmark not defined Table 10 : Rotated Component Matrix a Error! Bookmark not defined Table 11 Testing correlations between factors of service quality and customer satisfaction Error! Bookmark not defined Table 12 Model Summaryb Error! Bookmark not defined Table 13 Coefficientsa 43 Table 14 Results of regression analysis Error! Bookmark not defined Table 15 Descriptive Statistics Error! Bookmark not defined Table 16 Mean values of service quality dimensions 44 Table 17 Clustering results 46 Table 18 Best cluster selection 46 Table 19Cluster centroids Error! Bookmark not defined Table 20 Group characterization Error! Bookmark not defined Nguyen Huy Trung Marketing6 Market research on target customers and appropriated services for Ky Son microfinance institution LIST OF FIGURES Figure 1: Segmentation of Microfinance in Vietnam 13 Figure 2: Leading Microfinance Institution in Vietnam 14 Figure SERVQUAL model 26 Figure Borrowing purpose 36 Figure Expectation of clients on borrowing amount 37 Figure Borrowing duration 38 Figure Repay methods (for the interest and loan) 39 Figure HAC dendogram 47 Figure Segmentation 47 Nguyen Huy Trung Marketing6 Market research on target customers and appropriated services for Ky Son microfinance institution PREFACE After many years formulation and building its activities in Vietnam, Microfinance has become an one of the effective tool for improve the lives of the poor and marginalized people and promoting economic growth, as part of its overarching goal to reduce poverty Along with financial service, supported by government and policies, where brings benefit to it customer and itself- microfinance are well known by its coverage to poor and pro-poor people and household in over Vietnam Beside its achievements and contributions to the national poverty alleviation, microfinance organizations and programs/projects have been faced many difficulties/challenges, particularly in sustainable development Such as policies for microfinance, the weakened linkage among MFIs themselves, lack of collaborative mechanism in providing products and services, exchanging information and training One of the most issues that they are facing is the health of it financial recourses Base on mindset of NGOs, who developed MFIs- they didn‟t pay attention much about benefit In the project cycle, many organization only care about it objectives and goals and didn‟t care about sustainable development of MFIs or even pay attention but not enough After phased out of many NGOs in Vietnam, MFIs is facing to how to maintain it mission and vision is support poor people and poverty alleviation along with developing benefit and raising coverage They must to compete with banks, financial intuitions to survive Consequently, some MFIs may miss the direction and their mission This is why I develop this research to figure out problems The research reviews the operation of Ky Son MFI in Ky Son district, Hoa Binh province in Viet Nam Through the lends of business and marketing, focused on segmentation as well as customer satisfaction I would like to use Ky Son MFI as an example of how to survive in competitive environment and change MFI‟s services in order to bring useful and meaningful intervention to its clients Nguyen Huy Trung Marketing6 Market research on target customers and appropriated services for Ky Son microfinance institution CHAPTER I: INTRODUCTION I OVERVIEW Microfinance- one effective method to reduce customer poverty A microfinance institution (MFI) is a type of special social enterprise which provides financial services to meet the needs of individuals and families with low incomes or micro-enterprises (ADB, 2000; the Law on Credit Institutions, 2010) Microfinance plays a very important role in socio-economic development, especially in the reduction of the poverty and social development in developing countries Theoretical research (Legerwood, 1999; ADB, 2000; Morduch and Haley, 2002; Khandker, 2003), as well as the well-known empirical cases in Bangladesh (Grameen Bank), Indonesia (Bank Rakyat Indonesia), the Philippines (CARD Bank), and Bolivia (BalcoSol), provide persuasive evidence of microfinance‟s socio - economical role, especially in developing countries.By providing small loans and savings facilities to people who are excluded from commercial financial services, microfinance has become a strategy for reducing poverty Access to credit and deposit services is a way to provide poor women and men with opportunities to take an active role in their respective economies through entrepreneurship and building income, bargaining power, and social empowerment In Vietnam, the microfinance sector has been very important in supporting lower income populations to have access to banking and financial services for nearly three decades, particularly with the provision of credit loans for their production and business activities to help improve their lives Nguyen Huy Trung 10 Marketing6 Market research on target customers and appropriated services for Ky Son microfinance institution The data from the correlation table show that there were significant correlations among Global satisfaction and “Tangibles”, “Empathy”, “Assurance”, “Responsiveness” and “Reliability” Reliability and assurance have the highest correlational values with global satisfaction Tangibles has the least correlation with customer satisfaction Table 15 Descriptive statistics of the variables Factors Global satisfaction Empathy Assurance Means 2.730 2.691 Std Deviation 869 795 735 Decision Satisfied Satisfied Satisfied Responsiveness 3.295 2.608 752 Satisfied Reliability 2.939 824 Satisfied Tangibles 2.630 878 Dissatisfied For the five dimensions of service quality, customers rate assurance with the highest value Reliability receives the second highest rating from the customers for quality while empathy and responsiveness have the third highest mean values of 2.6 above 4.0 Tangibles receives the lowest mean value This suggests that customers are dissatisfied with tangibles of the company Table 16 Model Summary b Model R R Square a 623 Adjusted R Std Error of the Square Estimate 389 379 685 Durbin-Watson 942 a Predictors: (Constant), Tangibles, Empathy, Responsiveness, Reliability, Assurance b Dependent Variable: Global satisfaction The results of regression indicate that the (Five) factors/ independent variables may explain 37.9% of dependent factor (Global satisfaction) Of all the five factors for service quality, empathy, assurance, and reliability have the significant influence on customer satisfaction The coefficients of these factors are 254; 373; 261; , respectively These suggest that in order to increase customer satisfaction, Ky Son MFI should focus on improving empathy, assurance, and Nguyen Huy Trung 44 Marketing6 Market research on target customers and appropriated services for Ky Son microfinance institution reliability for the services The most focus should be on assurance However, responsiveness and tangibles have no significant effects on customer global satisfaction to services (p> 05) Table 17 Results of regression analysis Factors Empathy Assurance Responsiveness Reliability Tangibles Coefficients T-values 232 5.000 247 4.409 315 5.109 042 802 010 202 P-values Decisions 000 Significant effect 000 Significant effect 423 Non-significant effect 000 Significant effect 840 Non-significant effect a Predictors: (Constant), Tangibles, Empathy, Responsiveness, Reliability, Assurance b Dependent Variable: Global satisfaction Nguyen Huy Trung 45 Marketing6 Market research on target customers and appropriated services for Ky Son microfinance institution Segmentation The customer market of Ky Son MFI is segmented into groups as below: Table 18 Clustering results Clusters From the After one-pass dendrogram relocation cluster n1 131 128 cluster n2 89 94 cluster n3 94 92 Table 19 Best cluster selection Clusters BSS ratio Gap 0,0000 0,0000 0,1291 0,2267 0,2128 0,1174 0,2731 0,0091 0,3315 0,0402 0,3819 0,0450 0,4233 0,0237 0,4600 0,0106 0,4945 0,0583 10 0,5174 0,0104 Table 20 Cluster centroids Attribute Nguyen Huy Trung Cluster n1 Cluster n2 Cluster n3 Reliability 2,512500 2,212766 2,889130 Responsiveness 2,179688 2,470745 2,040761 Service assurance 3,113281 2,667553 2,831522 Empathy 2,645312 3,212766 3,282609 Service quality tangible 1,710938 1,630319 1,866848 46 Marketing6 Market research on target customers and appropriated services for Ky Son microfinance institution HAC Dendrogram 0,64 0,62 0,6 0,58 0,56 0,54 0,52 0,5 0,48 0,46 0,44 0,42 0,4 0,38 0,36 0,34 0,32 0,3 0,28 0,26 0,24 0,22 0,2 0,18 0,16 0,14 0,12 0,1 0,08 0,06 0,04 0,02 Figure HAC dendogram Figure Segmentation Table 21 Group characterization Description of "Cluster_HAC_2" Cluster_HAC_2=c_hac_1 Examples [ 40,8 %] 128 Att - Desc Test Group Overral value Nguyen Huy Trung Cluster_HAC_2=c_hac_2 Examples [ 29,9 %] 94 Att - Desc Test Group Overral value 47 Cluster_HAC_2=c_hac_3 Examples [ 29,3 %] 92 Att - Desc Test Group Overral value Marketing6 Market research on target customers and appropriated services for Ky Son microfinance institution Continuous attributes : Mean (StdDev) Continuous attributes : Mean (StdDev) Service assurance 6,30 3,11 (0,43) 2,90 (0,50) Empathy 6,15 3,21 (0,25) 3,00 (0,40) Reliability 9,12 2,89 (0,33) 2,53 (0,44) Q1 Gender 1,40 1,93 (0,26) 1,90 (0,30) Responsiveness 5,81 2,47 (0,42) 2,23 (0,49) Empathy 8,06 3,28 (0,30) 3,00 (0,40) Q4 Income resource: 0,76 4,09 (1,85) 3,99 (1,99) Q3 Borrowing duration 2,00 3,21 (1,33) 2,98 (1,36) Service quality tangible 4,68 1,87 (0,30) 1,73 (0,33) Q2 Age 0,69 2,96 (1,41) 2,89 (1,41) Q5 Income per year 1,21 3,66 (1,65) 3,48 (1,71) 2,17 Q1.Borrowing purpose 3,02 0,58 (1,41) 2,96 (1,44) 1,90 (0,30) 2,77 (1,12) 2,56 (1,11) Q1 Gender 1,90 0,12 (0,30) Q4 Repay methods ( the interest and loan) Q5 Income per year 0,10 3,49 (1,71) 3,48 (1,71) 1,75 2,67 (1,11) 2,50 (1,11) Q2.Amount of borrowing -0,01 2,98 (1,44) 2,98 (1,48) Q3.Travel condition from home to commune center Q2.Amount of borrowing 1,51 3,17 (1,57) 2,98 (1,48) Q4 Income resource: 0,18 4,02 (2,20) 3,99 (1,99) Q1.Borrowing purpose -0,02 2,96 (1,41) 2,96 (1,44) Q2 Age -0,03 2,89 (1,42) 2,89 (1,41) Q3 Borrowing duration -0,54 2,91 (1,41) 2,98 (1,36) Q5 Income per year -1,32 3,28 (1,78) 3,48 (1,71) Q3.Travel condition from 2,50 -0,04 home to (1,11) commune center 2,50 (1,11) Q4 Repay methods ( the interest and loan) -0,30 2,53 (1,16) 2,56 (1,11) Q1.Borrowing purpose -0,61 2,88 (1,52) 2,96 (1,44) Q2 Age -0,71 2,81 (1,42) 2,89 (1,41) Continuous attributes : Mean (StdDev) Reliability -0,68 2,51 (0,38) 2,53 (0,44) Q4 Income resource: -0,99 3,82 (1,98) 3,99 (1,99) Service quality tangible -0,97 1,71 (0,33) 1,73 (0,33) Q2.Amount of borrowing -1,48 2,79 (1,45) 2,98 (1,48) Q3 Borrowing duration -1,36 2,85 (1,33) 2,98 (1,36) 2,23 (0,49) 2,50 (1,11) Responsiveness 2,18 -1,40 (0,48) Q3.Travel condition from 2,34 -1,69 home to (1,11) commune center Q4 Repay methods ( the interest and loan) 1,63 (0,30) 1,73 (0,33) Service assurance -1,49 2,56 (1,11) Service quality tangible -3,62 2,43 -1,73 (1,04) 2,83 (0,51) 2,90 (0,50) Service assurance -5,28 2,67 (0,47) 2,90 (0,50) Q1 Gender -1,62 1,86 (0,35) 1,90 (0,30) Empathy - 2,65 13,20 (0,24) 3,00 (0,40) Reliability -8,34 2,21 (0,36) 2,53 (0,44) Responsiveness -4,33 2,04 (0,47) 2,23 (0,49) Discrete attributes : [Recall] Accuracy Discrete attributes : [Recall] Accuracy Discrete attributes : [Recall] Accuracy Computation time : ms Created at 15/06/2018 10:04:53 SA As the results, there are main cluster of Ky Son MFI as below: 1: Cluster 1: The biggest cluster: 40.8 % They are the WOMEN with the common characteristics as following: - She appreciates “assurance” of Ky Son‟s services, - Her age is around 30-40 years old - She wants to borrow for “For school‟s fee of children” Nguyen Huy Trung 48 Marketing6 Market research on target customers and appropriated services for Ky Son microfinance institution - Her annual incomeis 80-150 million VND - She wants to borrow from 10-15 mil - She wants to borrow from months to year Basing on the aforementioned characteristics, I name this cluster as “THE GREAT MOTHER” Cluster 2: the second group with dominance of 29.9% They are the WOMEN with the common characteristics as following: - She appreciates Ky Son MFI‟s service for “Empathy” and “Responsiveness” - For “Borrowing duration”: She wants to borrow from months to more than year (to years) - Her family earns 100-150 mil VND per year - She wants to repay interest and loan every week and month (not at the end of duration) - She tends to borrow money for agriculture activities - Her age ranges from 18-30 So, I suggest naming this cluster as “THE YOUNG and HARD-WORK FAMER” The last cluster with dominance of 29.3% They are the WOMEN with the common characteristics as following: - She appreciates Ky Son MFI‟s service for “Reliability” and “Empathy” - Her home may far away from commune center or near but difficult infrastructure - She wants to borrow from 2-10 mil VND - She is also as young as the women in cluster 2: 18-30 years old - She wants to borrow for school fee and agriculture activities more than years - Her income resources mainly come from planting fruits and it is around 80-100 mil per year So, I suggest the name of this cluster is “ THE POOR and FAR AWAY WOMEN” Nguyen Huy Trung 49 Marketing6 Market research on target customers and appropriated services for Ky Son microfinance institution CHAPTER CONCLUSION AND RECOMMENDATION 5.1 Orientation of business activities in the coming time 5.1.1 Potential customers Although Ky Son MFI have diverse customers and expectations from them Ky Son MFI should focused on their segments The three groups “THE GREAT MOTHER”, “THE YOUNG and HARD-WORK FAMER”, “THE POOR and FAR AWAY WOMEN” are all potential to develop Through this study, Ky Son MFI has shown that they don‟t miss their direction in supporting poor women All of clusters are poor women with low income and small loan The most important and the most potential group is group 1: “The great mother” with dominance of 40.8% They are also easy to access because of their condition and seem to give much profit But Ky Son must struggle to spend lot of their energy to keep this cluster because the giant competitors of Ky Son MFI (Agribank Ky Son, Ky Son VBSP) are also focusing on them The group “The young and hard work farmer” are also a very potential group to focus This group has many characteristics that will benefit any business, such as: young and hard work Ky Son MFI should focus on them because this cluster might give them a lot of benefits for now and the future The last group, “The poor and far away women” seems the hardest group, but in fact, they contribute to a big proportion Ky Son MFI has showed their ability to assess women live far away and lack of condition to access commune centers Due to Ky Son MFI‟s volunteers and collaborators at hamlet level, Ky Son MFI has taken advantage with giant competitors in this cluster Nguyen Huy Trung 50 Marketing6 Market research on target customers and appropriated services for Ky Son microfinance institution 5.1.2 Core services Base on the results of study, although in global satisfaction, clients are satisfied with Ky Son MFI but, in each of core services there are many differences: The big issues that Ky Son MFI are facing is that clients are not satisfied with their “Tangibles” the four remaining factors including responsiveness, reliability, and assurance empathy only received moderate customer satisfaction Among these factors, reliability, assurance, and empathy are largely significant to the level of customer global satisfaction In order to keep clients with them, Ky Son MFI should spend more resources on improving these dimensions In addition,“Tangibles” and “responsiveness” should also be paid some attention because these dimensions were rated rather low for Ky Son‟s services Improving these dimensions is also necessary for better service quality in the company 5.2 Recommendations to improve operational effectiveness There are recommendationS for Ky Son MFI in order to improve their operational effectiveness: Fighting on cluster “The great mother” and cluster “The young and hard work farmer”- It is reasonableto take this action because these cluster is too big and too potential with not only Ky Son MFI but also any MFIs and giant competitors Maintain advantages on cluster “The poor and far away women” Because in the near future, there are no risk about new competitors and hard to set a hall branches, volunteers and collaborators like Ky Son MFI Focus on enhancing ability in core service dimensions: “Reliability”, “ Service assurance”, and “Empathy” because these dimensions directly and significantly affect customer satisfaction to services Improve ability in core service dimension: “responsiveness” and “Service quality tangible” since Ky Son‟s performance on these dimensions is relatively low 5.3 Study’s limitations and suggestions for future research Nguyen Huy Trung 51 Marketing6 Market research on target customers and appropriated services for Ky Son microfinance institution Despite gaining valuable findings for Ky Son MFI, this study still has some limitations that need to be improved in the future in order to imply the conclusion to the larger range of microfinance sectors: The attendants in this survey are limited due to timing and financial resources, etc Future research should increase the size of the sample in order to warrant a more solid generalizability of the findings The survey should to be conducted in a larger scope that covers many areas with other minorities, ethnics rather than Ky Son MFI in Ky Son district, Hoa Binh province ANNEX QUESTIONNAIRES Begin Hi! My name Nguyen Huy Trung, I am co-operating with Ky Son microfinance institution(Ky Son MFI) We are conduction survey used to or are using its services I invite you participate in because we want to hear from you The information you give will help us to improve or services Your information will be keep confidential, the time bound around 5-10 mins and not affect to you Your ideas are very important and I hope you will tell us openly I Your borrowing purpose Your borrowing purpose? Agriculture 1 year For school fee Making toilet Small bussiness Buying land, Building house Expand business, firm How much you borrow ?(VND) Nguyen Huy Trung 52 Marketing6 Market research on target customers and appropriated services for Ky Son microfinance institution 2,000,000 - 5,000,000 >5,000,000 – 10,000,000 >10,000,000 – 15,000,000 >15,000,000 – 20,000,000 >20,000,000 – 50,000,000 >50,000,000 Borrowing duration mth- mths >3 mths – mths > mths - yr >1 yrs – yrs >3 yrs – yrs > yrs How you want to pay interest and loan? Interest and loan every weekTrả lãi gốc hàng tuần Interest and loan every month Interest per month, 1/2 loan at mid duration and 1/2 at the end Interest per month, pay loan at the end of duration Nguyen Huy Trung 53 Marketing6 Market research on target customers and appropriated services for Ky Son microfinance institution II SATISFACTION Have you ever borrow from Ky Son MFI? If yes, pls answer these questions, if no, pls move to part III # Statement I Reliability When Kỳ Sơn MFI promise to something by a certain time, they R11 Highly not agree R12 When a customer has a problem, Kỳ Sơn MFI will show a sincere interest in solving it R13 Kỳ Sơn MFI will perform the service right the first time R14 Excellent banks will provide the service at the time they promise to so R15 Excellent banks will insist on error free records II R21 Responsiveness Employees of Kỳ Sơn MFI tell you exactly when services will be performed R22 Employees of Kỳ Sơn MFI give prompt service to customers R23 Employees of Kỳ Sơn MFI will always be willing to help you R24 Employees of Kỳ Sơn MFI will never be too busy to respond to your requests III Assurance Nguyen Huy Trung 54 Marketing6 Not agree Agree Highly agree Market research on target customers and appropriated services for Ky Son microfinance institution A11 The behavior of employees in Kỳ Sơn MFI will instill confidence in you A12 You feel safe in with Kỳ Sơn MFI transactions A13 Employees of Kỳ Sơn MFI consistently courteous with customers A114 Employees of Kỳ Sơn MFI have the knowledge to answer your questions IV E11 Empathy Kỳ Sơn MFI give you individual attention E12 Kỳ Sơn MFI have employees who give you personal attention E13 Kỳ Sơn MFI will have their customer‟s best interests at heart E14 The employees of Kỳ Sơn MFI understand the specific needs of you E15 Kỳ Sơn MFI have operating hours convenient to all their customers V T11 Tangibles Up-to-date equipment T12 Physical facilities are visually appealing T13 Employees well-dressed/neat T14 Appearance of the physical facilities are consistent with the type of service industry VI 23 Global satisfaction You satisfy with service of Ky Son MFI because it meet your need Nguyen Huy Trung 55 Marketing6 Market research on target customers and appropriated services for Ky Son microfinance institution III FOR WE KNOW YOU MORE: Your gender? Men Women Your age? 18-24 >24-30 >30-40 >40- 50 >50 Travel condition from your home to commnue center? Easy and convinient Near but the road hard to go Far but easy to go Far away and difficult to go Income resources (chose one main resource): Planting rice Rasing castle and agriculture activities Raising cow, buffalow Planting tree fruit Small business Big business Salary and wage Your houshold income per year < 50,000,000 >50,000,000 – 80,000,000 >80,000,000 – 100,000,000 >100,000,000 – 150,000,000 >150,000,000 – 200,000,000 > 200,000,000 Thank you very much! Nguyen Huy Trung 56 Marketing6 Market research on target customers and appropriated services for Ky Son microfinance institution REFERENCES: Market Segmentation: A Tool for Improving Customer Satisfaction and Retention in Insurance Service Delivery- Festus M Epetimehin Influence of Microfinance Banks‟ Service Quality Dimensions on Customers‟ Satisfaction in South-south, Nigeria- Ugbaja, Ifeoma, Mary, Abdulkarim, Musa Evaluation of customer satisfaction with services of a micro-finance institution: Empirical evidence from Women Association for Social and Economic Gain customers‟ in Togo- Eddy BALEMBA Kanyurhi EVALUATING MFIS' SOCIAL PERFORMANCE: A MEASUREMENT TOOL- USAID Customer‟s perception regarding dimensions of service quality in microfinance institutions in Rajasthan- Ankita Jain MICROFINANCE IN VIETNAM: THE REAL SITUATION AND POLICY RECOMMENDATIONS -Editor Associate Prof PhD Nguyen Kim Anh CUSTOMER SATISFACTION SURVEY IN SELECTED MICRO FINANCE INSTITUTIONS- Dr Suresh Chandra Bihari MICROFINANCE VERSUS POVERTY REDUCTION IN VIETNAM - DIAGNOSTIC TEST AND COMPARISON- Assoc DR NGUYEN KIM ANH; Assoc DR NGO VAN THU RURAL AND MICROFINANCE IN THE LOWER MEKONG REGION- Policies, Institutions, and Market Outcomes- Binh T Nguyen and Robert Voge 10 THE SUSTAINABILITY OF MICROFINANCE INSTITUTIONS IN VIETNAM: CIRCUMSTANCES AND IMPLICATIONS- Associate Prof PhD Nguyen Kim Anh; PhD Le Thanh Tam 11 MICROFINANCE PRODUCTS AND SERVICES: CURRENT STATE AND DEVELOPMENT SOLUTION- Assoc Prof Dr Nguyen Kim Anh 12 Anderson E and Sullivan, M (1993) „‟The antecedents and consequences of customer satisfaction for firms‟‟ Nguyen Huy Trung 57 Marketing6 Market research on target customers and appropriated services for Ky Son microfinance institution 13) Aydin & Ozer (2005); Bitner & Hubbert (1994); Lee & Moghavvemi (2015) Nguyen Huy Trung 58 Marketing6 ... this niche market Nguyen Huy Trung 31 Marketing6 Market research on target customers and appropriated services for Ky Son microfinance institution 3.2 Problems of Ky Son MFI Although Ky Son MFI spend... satisfaction Nguyen Huy Trung 45 Marketing6 Market research on target customers and appropriated services for Ky Son microfinance institution Segmentation The customer market of Ky Son MFI is... target customers and appropriated services for Ky Son microfinance institution Figure SERVQUAL model Nguyen Huy Trung 26 Marketing6 Market research on target customers and appropriated services for