Abstract

ANALYSIS OF MARKET SEGMENTS FOR TRADITIONAL HERBAL PRODUCTS IN KARACHI

Mehwish Iqbal, Samiyah Tasleem* and Mirza Kashif Baig

Abstract

Traditional herbal products are being used for more than 100 years for preventing and promoting health along with treating diseases as its always perceived as a natural and safest way to alleviate any symptom rather people are also using it to maintain good health, the manufacturers & entrepreneurs dealing in this vicinity are earning in millions of dollars annually so the commercial value of this relationship that exists between people and botanicals can’t be overlooked. In spite of knowing all those facts there is very limited information available regarding the segments of the market people usually ignore the importance of segmentation in marketing planning. Furthermore there is the shortage of published data on market segmentation of traditional herbal medicines in population of Karachi. Thus this study is designed to analyze potential segments of market to better understand about consumer’s preferences, their needs, their perceptions, where to give specific attention and to invest resources. The Objectives of this study is to identify specific market segments for traditional herbal products in Karachi, Pakistan and to explore about the consumer’s perceptions regarding traditional herbal products in all those segments. A quantitative cross sectional study was performed using semi structured questionnaire as research instrument on a sample of 388 residents of Karachi by using non probability convenience sampling. Descriptive statistics, chi square analysis and ANCOVA (analysis of covariance) were used in data analysis. Total of 388 responses were recorded with 91.2% survey response rate the responses shows that around 91% of survey respondents have used herbal products in any form among which the majority of them were females (n= 237; 61.10%) according to (n= 216; 58.7%) respondents the benefit they sought after using herbal products is that they are natural and doesn’t cause any deteriorating effects while most commonly used herbal products were medicinal products (n=227; 61.7%) followed by cosmetic product (n=167; 45.4%) & the most common conditions for which they have used herbal products are respiratory diseases (29.3%) followed by general use & maintenance of health (24.5 %). The chances of respondents to reuse and repurchase herbal products are 64% while their level of satisfaction is 61.2% respondents were satisfied with the results of herbal products. Psychographic segmentation shows significant relationship with age, gender and education. The study shows that there is a demand of herbal products among the residents of Karachi & the consumers are willing to purchase or try any alternative medicine, the market segments analysis demonstrates that majority of people either of both gender, all ages, income groups, religion, marital status are using or have used herbal products and most of them were ready to reuse & repurchase herbal products in the future.

Keywords: Herbal products, Segmentation, demographic, behavioral, psychographic.