Consumer Behavior Of The Aging Population Marketing Essay
According to National Institute on Aging, since the beginning of recorded human history, young children have outnumbered older people. However, very soon this will change. For the first time in history, people age 65 and over will outnumber children under age 5. This trend is emerging around the globe. Today almost 500 million people are age 65 and over, accounting for 8 percent of the world’s population. Older people are one of the fastest growing markets. There are more people over 65 in Malaysia under than 15. While many older people may have quite low incomes it is also true that many others own their own homes, with children grown up, and with more time and more money than in the past.
In additional, marketers need to go beyond traditional marketing and consider the Baby Boomers’ real needs. In fact, when marketers make taking care of Boomers’ needs the top marketing objective, they will not only sell more products and services, but they will also build a loyal customer base that helps the company grow. For this group, retirement is now an issue and health changes are occurring. They are taking care of aging parents and require money to fund a new lifestyle or pay for a children’s college education. No matter what situation, many are shifting from an achievement mindset to quality of life values and concerns.
A brand or retailer should have special marketing campaigns for this aging population. If marketers want to create sales by attracting the buying attentions from elders, do not just use images of young single people or of young children. Marketers should remember that someone who is 75 years old today may be younger biologically than their parents were at 65 and their grandparents were at 55, and they may feel inside themselves like 50 year olds. Just because your client looks old to you it does not mean they feel old to themselves. Many elders lead very active lives, want to learn new things, and explore new places. They should not think about older people as one new market. There are many different markets, cultures, and lifestyles among those over 50 and each can be targeted in a different way.
1.1 How Attract Aging and Their Real Needs
Elders usually think more carefully about purchasing. They often place higher value on quality and price and are less impressed by high cost brand names. Therefore, the best way to create sales from elders is to focus on serving their needs. There are five factors can help marketers to attract the buying attentions from elders. The five factors of aging real needs are consists of community, connection, continuity, contribution, and creativity.
It is very important to older people who belonging to a definable, because they are frequently losing an identity in other areas of their life. Besides, they are no longer the “over-achieving executive with retirement looming. That is why they want a place where they can connect with others who share their values and beliefs. Since the value of community is important in everyone’s life, so when marketers marketing to elders, they need to use words and concepts that generate a sense of belonging to a group of like-minded people. Marketers can consider such things as the adventure travel group and the retail store’s “preferred shopper”. The more marketers appeal to the idea of joining a group of energetic people who share similar interests, the more elders will take notice of what marketers have to offer.
As a marketer, they need to know the audience and speak their words. The same concept applies when marketing to elders. Marketers should use words that resonate with elders and their needs. Some words consider includes health, mature, balance life and work, create a life of your choice, and so forth. For example, if marketers sell long-term care insurance and the marketing message says, with this policy you will be able to go into a nursing home and not have to pay for it, marketers are not going to attract the elders market. Rather, marketers need to position their products marketing message as with this policy, you can create the life you want because you will have options when it comes to your long term care needs. This will more attract or pursue the aging population to buy the products or service.
The older generation is one that is used to growing and learning. Elders were influenced by talk radio, personal growth topics, and self-development seminars. Therefore, elders have a strong desire to change and evolve, such as to not be stuck in a box or labelled too old to do something. As such, marketers should make sure the marketing messages show how elders can learn, grow, or improve themselves. For example, in the housing industry, marketers can advertise a new home community by stating, “Learn to live the lifestyle of your dreams.” Then, marketers should emphasize the community facilities such as adult education programs or neighbourhood club, that will help elders feel active and involved, and that will enable them to better themselves or improve their well-being.
Elders need to feel a sense of contribution to a greater cause, that is, a feeling that their life matters to someone or to a group. When people more elders, jobs and parenting roles frequently fill that contribution need. However, elders are in transition and may be losing some of those roles. Therefore, marketers should demonstrate elders how the product or service can help elders make a difference. For example, a car company can promote that when you buy this car you are contributing to the solution for global warming. Marketers should think of the big picture and how the business, product, or service fits in and enables older customers to feel like they are making a difference.
Nowadays, older people respond well to choices, menus, options, samples, and so on. Elders want to create their own packages to meet their needs. In addition, elders are satisfied with new ideas and new ways of looking at old problems, and they will not settle for being pushed into pre-defined categories or options. So, when marketers want to get elders to choose the product or service, marketers should make sure elders have plenty of choices to identify or customize their purchases. For example, if marketers who sell vacation packages, they should let elders choose the destinations they will visit in the tour. If marketers who sell financial planning, they should give elders a menu of the services they can sign up for. If marketers who offer technology products, they should allow elders to customize the items every step of the way. When marketers give elders choices and an opportunity to leave their creative mark on the offering, elders will enthusiastically become a loyal customer.
Besides concerning about the five factors, marketers also can create sales by attracting the buying intentions from elders based on these several guidelines. Marketers should make sure what they offer is perceived as good value for the money. As baby boomers get older, they are making sure that what they purchase is priced reasonably. Moreover, marketers should choose the words carefully. Marketers should not address the 50-plus group by calling it "older" or "senior;" the words "mature" or "prime" are viewed in a much more positive light. Besides, marketers should pay attention to the needs of aging customers. Marketers should make certain the signs, packaging, marketing materials and nametags are easy to read. Marketers should select larger type sizes and simpler type styles, and avoid all uppercase lettering.
In addition, marketers also can use positive role models, seniors already know what happen with them and do not appreciate being reminded of their limitations," according to Frank Conaway, president of Prime life, a marketing consultancy specializing in the senior market. They want to enjoy their mature years, and live actively and positively while dealing with the challenges of growing older. For this reason, using healthy, active, age-appropriate role models in advertising will help attract elders. Furthermore, marketers should choose the media carefully. The challenge with the elders segment is finding media that speaks to distinction in lifestyle, stage in life and health status, as opposed to age ranges alone. And marketers should not ignore the Internet as well.
In conclusion, elders changing the way companies will look at marketing nowadays. No matter what product or service marketers offer, when marketers focus on the five factors of aging real needs as well as the guidelines as discussed, marketers can create sales and collect the rewards by attracting the buying intentions from this demographic. Therefore, elders, like all people, respond better when marketing messages are tailored specifically to them.
Introduction of Facebook
Facebook is a social network service and website in the world, Facebook launched in February 2004 that is operated and privately owned by facebook. Inc. Facebook has more than million active users. The active users update the personal status, add other users as a friends and exchange message. Mostly users will daily update their personal status and post comment to other users or friends. In additional, some users will join as a group in Facebook, examples, School, University, College, Workplace, personal blog and so on. Facebook not only given the young generation, the register users when above 13 years old will can create the personal profile in Facebook.
Facebook founded by Harvard student Mark Zuckerberg, actually Facebook originally is called Thefacebook. And it is quickly famous and successful on campus, and it is extended beyond Harvard into other Ivy League school. For the Reason Thefacebook growing in popularity, Mark Zuckerberg enlisted two students Duston Moskovitz and Chris Hughes to assist him manage Thefacebook, within a few months, Thefacebook become a nationwide college networking website.
Zuckerberg and Moskovitz left Harvard to run thefacebook full time shortly after taking the site national. In August of 2005, Thefacebook was renamed Facebook, and the domain was purchased for a reported $200,000 US Dollars (USD). At that time, it was only available to schools, universities, organizations, and companies within English speaking countries, but has since expanded to include anyone. Facebook is a privately-held company and is headquartered in Palo Alto, Calif.
Nowadays, facebook have a more successful in the social network service and website. In additional, Facebook not only just for users add friends and exchange message only, still can doing business in Facebook and do advertising for the productions. If users view the profile of other users, maybe will get the information product what their selling and the way of buying.
In additional, Facebook still have more great and powerful attractive factors to attract the users always online and update status, one of the reason is the comment of the friends is one attractive factor to make user always online Facebook. Furthermore, some comment still can attract other users buying productions in Facebook. In conclusion, I will try find out the reasons or factors why Facebook can enhance impact the consumer behavior in the actuality.
2.1 How Facebook Enhance Impact the Buying Behaviour
Nowadays in Facebook, we can unlimited to add friends can update status to knowing more and more friends. Facebook can let us communicate with the friends at everywhere, not only in local place, users still can knowing some new friends in overseas and other race, this is the reason why Facebook can became a famous website in the world. For the research and statistics on Facebook, more than 500million active users, that is meaning when you published your products in Facebook, will got a lot users interest for the products, if the productions is attractive. Otherwise, if the users own self also have a lot friend in Facebook, if users can sell the product is fashionable and attractive; users already get a lot customer in the business already. Reasons of Friends and society opinions on the products and services how to impact the buying behaviour, we can explain in the Facebook function, add more friends, comment of the friends and customer, post the product picture, closer communication with the buyer. In additional, other factor to influence the consumer behaviour, we can categories 4 main factors to define, it is cultural factor, social factor, personal factor and psychological factor.
2.1.1 Cultural Factor
The set the basic value perception, what buyer want and buyer will learn the behavior of the family, friends, group member and other important institutions. Culture is the most basic to impact buyer behaviour, because every group and society also has a culture, and culture influences on buying behaviour may vary greatly from the opinion and culture. Examples, group, a group of Facebook will share the value system based on the life experience and situation. This is a greater opinion to impact the buying behaviour, as same group member, other membership will trusty to the member and stop or buying the product. Furthermore, almost every group or society also has a closer communication, the opinion of the society will direct enhance impact the buying behaviour.
2.1.2 Social Factor
The buying behaviour also has influences of the social factor, such as group, family, roles and status. More than two or above user join in same group or have a mutual goal, this will define as a group. Group can has a direct influence to the which person belongs are called as a memberships group. Some of the primary group includes family, friends, neighbour and working partner. And the secondary group can define as normal or less interaction on Facebook. But as a group on Facebook, if the users published some bad or good comment on which products, this will direct change the mind of other group member to buying the production. In addition, family group is more powerful to influence the buying behavior, comment of the family group is more strongly compare the other friends group. Furthermore, roles and status, seldom group maybe boycott some productions, this will make other group member also stop buying the product, examples, now has many users selling the colour contact in Facebook, but this all contact lenses maybe is not qualified In market, if the group leader boycott or forbid member buying the product, mostly member will follow the rules or commanded given by leader.
2.1.3 Personal Factor
Personal factor can included as age, occupation, economic situation, life style or personality and self concept. This also can influence the buying behaviour on Facebook.
People changes the goods and service with they buy over their lifetime, different age with have different tastes of good and perception on the buying behaviour. Examples, young generation will buy the productions is match of their age, can is fashionable hand beg, cosmetic and so on.
A person occupation will affect the goods and services bought, examples; blue collar worker will buy rugged work clothes, whereas white collar worker will buy more business suit.
126.96.36.199 Economic Situation
A person economics will affects the buying choice. Examples, several people not affordable to buying the luxury products or brander productions, but we always can see and check some users post the most cheaper and fashionable product on Facebook, this will attract them buy the product in cheaper price but get fashionable item.
188.8.131.52 Life Style
Different person will have different life style, tastes of goods, living style and so on. Examples, students, some of students like buying product in website, because it will more cheaply, more choice and they can afford, it is one of the life style of some people, but how the students know how buying the good and satisfy products in website? At the time, they can use Facebook asking friends or get society opinion on Facebook to know the information and feedback of the seller service good or poor. Personality and self concept mostly same with life style, each person distinct personality influence they buying behaviour, personality refer to the unique psychological characteristics that lead to relatively consistent and lasting responses to environment.
2.1.4 Psychological Factor
Personal psychological factor can define as perception, learning, and beliefs and attitudes.
The process by which people select, organize and interpret information to form a meaningful picture on Facebook. The seller will post or tag some attractive productions picture to other Facebook users, after the buyer view the picture, if buyer interesting on the product, his or her will contact to the seller and get more information like price and way to buying. This is the perception the buyer will do it.
The Facebook users will try get or learning other users experience to change the buying behaviour. Examples, if mostly friends and society give a bad opinion to some restaurant or café, impossible users still go enjoy food at the restaurant and café. This is the influence opinion of the friends and society.
184.108.40.206 Belief and Attitude
Belief is the person hold about something he trusty, attitude is person consistently favourable or unfavourable evaluations, feeling, and tendencies towards an object or idea. Examples, if the Facebook users belief the opinion friends and society on Facebook is reality and actuality, this will direct impact the mind set in they perception.
In conclusion, as we know what factor making Facebook has a strongly enhance impact to the users buying behaviour, mainly can categories by four factors, culture factor, social factor, personal factor and psychological factor. Nowadays, Facebook not only giving users exchange and knowing more friends, Facebook still can let users has more opportunity to earn money and running business, do advertising and find partners on Facebook. If we view Facebook, we can see got many advertising in the corner side Facebook, and mostly users will click and check it. Some pages still can see a lot attractive production picture and information post by seller, the products mostly is cheaper prices and has a lot good or poor comment by other buyer. This is one greater strategy to advertise the productions and get more customers in the business. For the reason and factor I find out on the Facebook, we know why Facebook can quickly successful and get greater feedback from the world.
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