This book coaches marketing practitioners and students how to best satisfy the needs of the older consumer population. It first highlights the heterogeneity of the older consumer market, then examines the specific needs of the older consumer. Lastly, the book highlights the most effective ways of reaching and serving older consumer segments for different products and services such as financial services, food and beverages, healthcare and pharmaceuticals, and travel among others. It presents segment-to-industry specific strategies that help marketers develop more refined and targeted micro-marketing strategies and customer relationship management (CRM) systems for building and retaining a large base of older customers. These strategies also help demonstrate how companies can make decisions that increase profitability not only by satisfying consumer needs and wants, but also by creating positive change and improvement in consumer well-being.
Author(s): George P. Moschis
Series: Management for Professionals
Publisher: Springer
Year: 2022
Language: English
Pages: 351
City: Cham
Preface and Acknowledgments
Contents
About the Author
1: Overview
1.1 The Older American Population
1.2 Consequences of Global Aging
1.3 Business and Government Responses
1.4 The Older Consumer Market
1.4.1 Demographic Characteristics of Older Americans
1.4.2 Older Consumers as a Target Market
1.5 About This Book
1.5.1 The Book’s Gist of Recommendations
1.5.2 The Bases of Recommendations
1.5.3 Focus on Two Oldest Generations
1.5.4 Terms and Definitions Used in This Book
1.5.5 About the Cited CMCS Studies
1.5.6 Structure of the Book and Its Main Premise
1.5.7 A Training Manual for Students and Practitioners
1.6 Summary and Implications
References
2: Understanding the Needs of Older Consumers
2.1 Aging and Age-Related Changes
2.1.1 Biophysical Aging
2.1.2 Psychological Aging
2.1.3 Social Aging
2.2 Contextual Effects: Cohorts, History, and Life Events
2.2.1 Cohort and Historical Factors
2.2.2 Life-Changing Events
2.3 Lifestyles
2.4 Life Stages of Older Adults
2.4.1 Four Life Stages of Older Americans
2.4.2 Profiles of Life-Stage Groups
2.5 Summary and Implications
References
3: Overview of Older Consumer Behavior
3.1 The Effects of Aging, Life Experiences and Events
3.1.1 Aging Effects on Consumer Behavior
3.1.2 Cohort and Historical Influences
3.1.3 Effects of Life Events
3.2 Older Consumer Behavior
3.2.1 The Consumption Habits of Older vs. Younger Consumers
3.2.2 The Internet as a Source of Information and Purchasing Channel
3.3 Consumer Behavior of the Older Generations
3.3.1 Buying Habits
3.3.2 Preference for Purchasing Methods
3.3.3 Buying New Products
3.3.4 Information Sources
3.3.5 Store Patronage Habits
3.3.6 Loyal Customers
3.3.7 The Influence of Relatives
3.3.8 Preference for Methods of Payment
3.3.9 Dis/satisfaction and Complaining
3.4 Consumer Behavior of Gerontographic Groups
3.4.1 Healthy Indulgers
3.4.2 Ailing Outgoers
3.4.3 Healthy Hermits
3.4.4 Frail Recluses
3.5 Summary
References
4: Effectual Marketing Strategies and Tactics
4.1 Marketing Strategies
4.1.1 Market Segmentation
4.1.2 Segment Selection and Targeting
4.1.3 Product/Service Positioning
4.2 Marketing Tactics
4.2.1 Product Development
4.2.2 Promotion
4.2.3 Distribution
4.2.4 Pricing
4.3 Assessing Effectiveness of Strategies and Tactics
4.4 Summary
References
5: Marketing Food and Beverage Products
5.1 Understanding the Older Food Buyer
5.1.1 Aging Effects on Consumption of Food Products
5.1.2 Food Buying Habits of the Older Generations
5.1.3 Gerontographics of Food Buyers
5.2 Marketing Strategies for Food and Beverage Manufacturers
5.2.1 Market Segmentation
5.2.2 Target Marketing and Positioning
5.2.3 Marketing Tactics
5.3 Marketing Strategies for Food Stores and Supermarkets
5.3.1 Market Segmentation and Positioning
5.3.2 Marketing Tactics
5.4 Marketing Strategies for Restaurants
5.4.1 Menu Items
5.4.2 Pricing
5.4.3 Promotion
5.4.4 Atmosphere and Operations
5.5 Summary
References
6: Marketing Apparel and Footwear
6.1 The Effects of Biophysical Changes
6.2 Apparel and Footwear Purchasing Behavior of Older Americans
6.2.1 Fashion Product Ownership
6.2.2 Criteria for Selecting Clothes and Shoes
6.2.3 Reasons Older Consumers Choose Specific Brands
6.2.4 Patronage of Retail Outlets of Apparel Products
6.2.5 Direct Buying
6.2.6 Sources of Information
6.3 Marketing Strategies for Apparel and Footwear Manufacturers
6.3.1 Market Segmentation and Product Positioning
6.3.2 Marketing Tactics
6.4 Marketing Tactics for Retailers
6.4.1 Products and Services
6.4.2 Price
6.4.3 Promotion
6.4.4 Distribution
6.5 Summary
References
7: Marketing Housing
7.1 Mature Consumer Housing Preferences and Decisions
7.1.1 Preference for Type of Housing
7.1.2 Plans for Future Housing
7.2 Remodeling Market
7.3 Factors Affecting Housing and Remodeling Preferences
7.3.1 Aging and Age-Related Changes
7.3.2 Perceptions and Motives
7.4 Marketing Strategies for Housing Projects
7.4.1 Market Segmentation
7.4.2 Target Segments and Positioning
7.4.3 Marketing Tactics
7.5 Marketing Strategies for Remodeling Projects
7.5.1 Market Segmentation and Positioning
7.5.2 Marketing Tactics
7.6 Summary
References
8: Marketing Pharmaceutical and Personal Care Products
8.1 Research Findings
8.1.1 Product Use
8.1.2 Purchasing Methods for Drugs and Cosmetics
8.1.3 Reasons for Patronizing Drug Stores and Pharmacies
8.1.4 Reasons for Choosing Brands of OTC Drugs and Health Aids
8.1.5 Sources of Information
8.2 Marketing Strategies for Pharmaceutical Companies
8.2.1 Market Segmentation
8.2.2 Positioning Drugs
8.2.3 Marketing Tactics for Drug Makers
8.3 Marketing Strategies for Drug Stores and Pharmacies
8.3.1 Positioning
8.3.2 Marketing Tactics
8.4 Marketing Personal Care Products
8.4.1 Market Segmentation
8.4.2 Positioning
8.4.3 Marketing Tactics
8.5 Summary
References
9: Marketing Healthcare
9.1 Health of Older Americans
9.2 Healthcare Expenditures
9.3 Research Findings
9.3.1 Preventive Healthcare
9.3.2 Exercising Habits of Older Adults
9.3.3 Use of Healthcare Products and Services
9.3.4 Sources of Information
9.3.5 Reasons for Patronizing Healthcare Providers
9.3.6 Ambulatory
9.3.7 Preference for Payment Systems
9.3.7.1 Use of Telehealth
9.4 Marketing Strategies for Health Clubs
9.4.1 Market Segmentation
9.4.2 Positioning
9.4.3 Marketing Tactics
9.5 Marketing Strategies for Hospitals and Physicians
9.6 New Facility Designs Provide a More Home-Like Setting
9.6.1 Market Segmentation
9.6.2 Positioning of Healthcare Services
9.6.3 Marketing Tactics
9.7 Summary
References
10: Marketing Long-Term Care
10.1 Long-Term Care Options
10.2 Home Care
10.3 LTC Research
10.3.1 Home Care
10.3.2 Institutionalized Care
10.4 Marketing Strategies for Long-Term Care Services
10.4.1 Marketing Home Care
10.4.2 Marketing Nursing Care
10.5 Summary
References
11: Marketing Financial Services
11.1 Research Findings
11.1.1 The Financial Health of Older Americans
11.1.2 Preferences for Financial Services
11.1.3 Institutional Patronage Preferences
11.1.4 Information Sources
11.1.5 Preference for Methods of Purchasing Financial Services
11.1.6 Satisfaction with Vendors of Financial Services
11.1.7 Characteristics of Older Consumers of Financial Services
11.1.8 Financial Preferences of Upscale Older Consumers
11.2 Strategies for Financial Service Providers
11.2.1 Market Segmentation and Positioning
11.2.2 General Tactics for Financial Service Providers
11.2.3 Marketing Strategies for Prime Segments of Financial Services
11.2.4 Marketing Strategies for Types of Financial Institutions
11.3 Summary
References
12: Marketing Insurance
12.1 Research Findings
12.1.1 Preference for Insurance Services
12.1.2 Preference for Sources of Information
12.1.3 Reasons for Patronizing Insurance Service Providers
12.1.4 Preference for Nontraditional Providers of Insurance Services
12.1.5 Preference for Methods of Purchasing Insurance Policies
12.1.6 Reasons for Buying or Not Buying Insurance Direct
12.1.7 Motivations for Buying Umbrella Policies: The Case of LTC Insurance
12.2 Marketing Strategies
12.2.1 Market Segmentation and Positioning
12.2.2 Marketing Tactics for LTC Insurance
12.3 Summary
References
13: Marketing Travel & Leisure Services
13.1 Research on Travel
13.1.1 Types of Travel-Related Services Used
13.1.2 Preference for Vendors of Ttravel Services
13.1.3 Generational Differences in Travel Behavior
13.2 Research on Leisure Activities
13.2.1 At-home
13.2.2 Attendance of Special Events
13.2.3 Other Leisure Activities
13.2.4 Gambling
13.3 Strategies for Marketing Travel and Leisure Services
13.3.1 Travel and Tour Packages
13.3.2 Lodging
13.3.3 Cruise Lines
13.3.4 Airlines
13.3.5 Casinos
13.4 Summmary
References
14: Seeking Profits by Enhancing Older Consumer Well-Being
14.1 Well-Being
14.1.1 The Concept of Well-Being
14.1.2 Domains of Well-Being
14.1.3 Well-Being Is Life-Stage Specific
14.2 Enhancing Longevity and Well-Being
14.2.1 Longevity and Quality of Life
14.2.2 Prescriptions for a Longer and Happier Life
14.3 How Businesses Can Enhance Consumer Well-Being
14.3.1 Helping Consumers Live Longer
14.3.2 Improving Financial Well-Being
14.3.3 Creating Positive Images of Older Persons
14.3.4 Promoting Active Lifestyles
14.4 Summary
References
15: Looking Ahead
15.1 Emerging Business Opportunities
15.1.1 Healthcare
15.1.2 Long-Term Care
15.1.3 Housing
15.1.4 Financial Services
15.1.5 Travel and Leisure
15.1.6 Adult Education
15.2 Business Responses to Market Changes
15.2.1 Changing Attitudes Toward the Aged and Aging
15.2.2 Greater Emphasis on Well-Being
15.2.3 Aging in Place
15.2.4 Increasing Reliance on Technology
15.2.5 Greater Emphasis on Convenience
15.2.6 Longer Working Careers
15.3 Emerging Marketing Strategies
15.4 Achieving Sustainable Well-Being
15.4.1 Social Sustainability: Addressing the Root Cause
15.4.2 Enhancing and Preserving the Well-Being of Present and Future Generations
15.5 Marketing to Older Generations in Other Countries
15.5.1 The Maturing Global Marketplace
15.5.2 The Aging World Markets in an Era of Business Globalization
15.5.3 The Challenges
15.5.4 Preparing for the Aging Global Marketplace
15.5.5 Directions for Future Research
15.6 Summary
References
Index
