Question

Is it practical to assume that people age 55 years and older constitute one large consumer market?
a) Why?
b) How can marketers segment this age subculture?
c) What are some important variables to keep in      mind when tailoring market strategies to mature consumers?
d) In your opinion, from a marketing perspective, what is the most attractive group in this age subculture and, why?

Answer 1

A:- No.

It is quite difficult to assume people age above 55 as one large consumer market . The major reasons are the declining chances of generating more disposable income . People above 55 tend to spend less due to less income potential . Another factor is they are relatively less interested in spending more time on shopping and their health and psychological conditions are not favorable for agrressive shopping or becoming loyal to certain products or services. They need support or help from others to chose products from market if it is completely a new product.

B:- marketers an segment this subculture based on their education, earning potential, financial back up status, socialization capability, open to change , capability to adapt to new technologies, health conditions etc .

C:- Some major factors to be keep in mind when tailoring for mature customers are

• Potential to spend for products :- It may come down due to their retirement and they tend to be more on savings for their next generation
• Resistance to change :- they may not be able to easily adapt to new requirements and their needs become more streamlined .
• Level of customer service:- People of this age is very difficult to be satisfied and they sometimes hesitant to share information and open up for sales talks

D:- Most attractive in this category could be early 60's where they aare almost retire from their professional services and they tend to be more experimental like they like to spend time for vacation, like to know new product and services to make them occupied. The subculture like sound financial backup, good socialization skills, sound health and psychological background are having potential to become a mature trusted consumers of the product.