Marketing Strategies for the Mature Market

Marketing Strategies for the Mature Market

Marketing Strategies for the Mature Market

Marketing Strategies for the Mature Market

Synopsis

This book helps organizations develop effective marketing strategies for serving the older consumer market. Assistance is provided in the form of information and recommendations for marketing action. Existing knowledge is summarized and additional information from a large-scale study is presented to fill gaps in existing knowledge. Using the strategic framework familiar to marketers, information is organized and presented as it may apply to specific stages in the strategic marketing process: key issues are raised and information is presented to address them. This volume is intended for the busy marketer who needs access to "state-of-the art" knowledge and its implications for marketing strategy development. It also includes information on the mature market, market segmentation and market targeting, as well as analysis of older consumers' behavior with respect to areas of the strategic marketing process. The bulk of the information presented in this book is on consumers' orientations toward business offerings and strategies, focusing on analyses of older consumer responses in all areas of the marketing mix - i.e., new product development, pricing, distribution, promotion, recommending specific courses of action. Finally, an effort is made to summarize the information using a strategic marketing framework, and to make recommendations on how to market to older consumers.

Excerpt

The aging population has captured the attention of business, government, and society in general. American businesses are affected by the changing demographics in two important ways. First, they are faced with the reality of a growing consumer segment having unique consumption needs and high discretionary income. Second, the aging population has implications for work force decisions, especially in areas such as job training, employee benefit, and eldercare programs.

In the process of satisfying needs of the aging population, businesses run the risk of crossing the line separating need fulfillment from need creation, which is often associated with high-pressure selling and deceptive practices. Thus, as businesses expand their operations to better serve the older population, government accordingly takes on an increasing responsibility of overseeing business practices and acting as a "watchdog" in the marketplace. Today, one hears of incidents of fraudulent business practices and of actions government takes to protect the older population from them.

Society is also influenced by the maturing population in a number of ways. First, the changing demographics affect families, especially the older persons' relationships with their adult children. With older people living longer and with larger numbers of their children in the work force, there is less time available for adult children (who are the main caregivers to older family members) to provide their parents with the desired or necessary support with day-to-day activities.

Given these demographic trends and their effects on business, government, and society, consumer researchers and scientists in general have increasingly become interested in understanding the aging population.

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