How to Market to an Aging Boomer: Flattery and Euphemism - Article Example

Download file to see previous pages However, this aspect is likely to change with increasing aging population of baby-boomers. This group of demographic segment promise lucrative market for many firms given their increased consumption behaviors. Nevertheless, success will not be derived from convectional marketing methods, but it will largely depend on devising new marketing strategies that capture both intrinsic and extrinsic needs of older consumers. This means that new marketing strategies will be developed and they will largely reflect the need for product design, product labeling and font size, modification of store layout, and enhancement of persuasive communication strategies. Moreover, sensitivity of consumer age issue should be observed and marketing strategies should reflect this need. ...
they age are changing the trends and what is being witnessed today constitute increased attempts by firms to appeal to this prospective market (Court, Farrell and Forsyth, 2007). Therefore, how well can consumer needs of aging population fulfilled in the most appropriate way through different marketing strategies? Answers to this question remain an area of investigation and is likely to continue into future. Current Industry Analysis America like other developed societies grapples with the issue of aging population that is projected will increase in the years to come. In the past, this demographic segmentation has not been given much attention as majority tended to buy less and save more. Nevertheless, with the increasing aging of the baby-boomers, the pyramid is being inverted as more aged baby-boomers increase their purchase behaviors unlike their past counterparts. The overall market for older people is increasing in almost all sectors and this can be evidenced from increasing sales in travel and leisure activities, fast food, automobiles, clothing and fashion, technology, drugs and health care, financial services, property, and many more (Lee and Kiley, 2005). In America today it is estimated baby-boomers account for 76 million of American consumer market, which represent 50% of the overall market (Lee and Kiley, 2005). The reasons associated to baby-boomers increasing spending on consumer goods have been identified as the increasing life expectancy among the aging population and the tendency of majority of baby-boomers to save less and spend more (Lee and Kiley, 2005). For example, in the coming ten years it is projected that baby-boomers will spend about $50 billion on consumer goods and services. The baby-boomers are likely to spend their resources, ...Download file to see next pagesRead More