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Understanding the elderly consumer market

1757 words (7 pages) Essay in Marketing

5/12/16 Marketing Reference this

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As people live longer, the world is entering into the aging stage. Although the extension of human life has brought a long-term challenges to the entire society, but it is undeniable that this is creating a new economic opportunities. Aging population will increase domestic demand for elderly-specific products and change the structure of household consumption.

Therefore, we need to have a new understanding of elderly consumer market. A traditional value is that the elderly have low incomes, weak purchasing power, but with the booming national economy, the variety of income of elderly will continue to increase. Potential purchasing power of the elderly needs to be explored.

Additionally another traditional value is that the life of elderly is difficult and reluctant to spend money. But in fact, the elderly in the final stages of life cycle, sons and daughters have their own career, family burden was significantly reduced. The income and savings of the elderly can basically be used for their own expenses, and people entering into old age, due to physiological changes, most elderly are willing to spend in the health care products, hygiene products, and medical services.

The elderly consumer market will certainly be great potential purchasing power. Understand the physiological and psychological changes of the elderly will help businesses make strategic decisions to provide the appropriate products and services for them and create a buying intention from elderly consumers. .

Thus, I will introduce the common physiological and psychological characteristics of elderly consumers and explain how to use these characteristics to create a buying intention from elderly consumers in the next part of this assignment.

Study of elderly consumers

People entering into old age, their physiological and psychological have undergone great changes, and this is corresponds to their demand characteristics. Understand the physiological and psychological changes of the elderly consumers will help the enterprise to make strategic decisions to provide the appropriate products and services.

2.1) Common physiological and psychological characteristics of elderly consumers

Firstly, we need to understand the physiological characteristics of elderly consumers. Dental disease is more common in the elderly people and this will seriously affect their chewing function. The reduction of digestive juice is also indirectly affected the appetite and digestive function of elderly people. Besides that, the bone density of elderly people is decreased, so the elderly people prone to fracture and they are inconvenience to walk. The brain function of elderly people is decline, such as memory loss and forgetfulness. The action of elderly people is gradually slow, they are slow response, poor adaptability, verbal repetition, and irritability.

On the other hand, we need to have an understanding of psychological characteristics of elderly consumers. Firstly, elderly people focus on the usefulness, convenience, safety or reliability of the product. In particular, they are main focus on the basic functions of the product rather than the appearance of the product. Elderly people want the product is easy to use so they are generally not willing to buy the complex products because they are afraid that the product is difficult to use.

In addition to this, elderly people often buy the products that they are familiar with because they have a sense of trust toward the product. Elderly consumers are most afraid of people blame them for slow movement so that they are always want for special care when shopping. Elderly consumers require a good service, the patience of the salesperson will have a direct impact on the desire to purchase.

2.2) Methods to create buying intention from elderly consumers

Elderly consumer market has a huge potential, but the enterprise want to be effective to expand this market is not an easy task. From the above, the consumption characteristics of the elderly have been introduced, these characteristics is very useful to develop a viable marketing strategy in order to create buying intention from elderly consumers.

2.2.1) Product strategy: Focus on usefulness, convenience and health

Physiological and psychological characteristics of elderly must be considered in the product development process, focusing on its usefulness, convenience and health. In terms of eating, the elderly usually ask to eat some easy to chew, digestible and low-fat, low sugar, low cholesterol food. Thus, the enterprise must pay as much as possible attention to food nutrition, easy to chew, digestible and low-fat, low sugar, and low cholesterol when it develop food product for elderly.

In terms of wearing, due to the action of elderly people is gradually slow. Thus, the enterprise can design clothing that is easy to wear off in order to give the elderly consumer a sense of convenience. In terms of the use of product, the mindset of elderly consumers is mature than other age groups. They are focus on the usefulness, convenience, safety or reliability of the product. In particular, they are main focus on the basic functions of the product rather than the appearance of the product. Therefore, in the products development for elderly consumers, enterprises must be quality oriented, focus on quality to access to the favor of elderly consumers and create brand awareness.

2.2.2) Sales strategy: Convenience to gain and set up counters

The physical strength of elderly consumers has already decline and some of them may be inconvenience to walk. Thus, they are always hoping that they can buy the product from the shop that is closer to their home areas. Thus, the enterprise can set up supermarket at the intensive areas in which is full of elderly people or the enterprise also can set up counters for elderly consumers at the supermarket. In this way, the enterprise can create a buying intention from the elderly people to improve the sale volume.

Furthermore, the enterprise also can use direct marketing, telemarketing, mail order, e-commerce to sell products in order to save the energy or physical strength of the elderly consumers. In this way, this will give the elderly consumers a sense of convenience and then they will have a confident toward the enterprise.

2.2.3) Promotional mix strategy: Friendly and caring

Firstly, elderly consumers are paying more attention to services, the quality of service directly affecting the consumption of the elderly consumer. Since some elderly consumers are slow, unresponsive, or slurred speech, could not get the product or do not understand the products, they need more help, which is necessary to add some friendly promoter to help them. The services for the elderly consumers should be patience, warm and friendly. Body language and facial expressions of promoters should give a warm feeling to them in order to dilute and eliminate the feeling of loneliness of the elderly consumers. In this way, the enterprise can obtain the trust of elderly consumers and create buying intention from them.

Furthermore, enterprises should pay attention to the form of advertising, the language of advertising should be simple and concise in order to make the content of advertising be clear and understandable for the elderly consumers. The content of advertising should not despise and insult for the elderly in order to maintain self-esteem of the elderly. The most important thing is that the themes of advertising should reflect the enterprise is concerned about the elderly as much as possible in order to create buying intention from them effectively.

Moreover, public relation activities are an important way to attract the intention of elderly consumers. Enterprises can organize free health checks and free medical consultation for elderly consumers to expand the impact of enterprise. In addition to this, free trial, health seminars will allow more elderly consumers familiar with the product and improve the loyalty and confidence towards the enterprise.

Conclusion

In conclusion, an enterprise must understand the common physiological and psychological characteristics of elderly consumers in order to develop a viable marketing strategy in order to create buying intention from elderly consumers.

Firstly, dental disease and the reduction of digestive juice are the more common problem in the elderly people and this will seriously affect their chewing function and digestive function. Thus, in product strategy, the enterprise must pay as much as possible attention to food nutrition, easy to chew, digestible and low-fat, low sugar, and low cholesterol when it develop food product for elderly. In terms of wearing, due to the action of elderly people is gradually slow. Thus, the enterprise can design clothing that is easy to wear off in order to give the elderly consumer a sense of convenience. In terms of the use of product, elderly consumers are focus on the usefulness, convenience, safety or reliability of the product. Therefore, the enterprises must be quality oriented, focus on quality to access to the favor of elderly consumers and create brand awareness.

Secondly, since the physical strength of elderly consumers has already decline and some of them may be inconvenience to walk. Thus, in sale strategy, the enterprise can set up supermarket at the intensive areas in which is full of elderly people or the enterprise also can set up counters for elderly consumers at the supermarket. In this way, the enterprise can create a buying intention from the elderly people to improve the sale volume. Furthermore, the enterprise also can use direct marketing, telemarketing, mail order, e-commerce to sell products in order to save the energy or physical strength of the elderly consumers. In this way, this will give the elderly consumers a sense of convenience and then they will have a confident toward the enterprise.

Lastly, since some elderly consumers are slow, slow response, or slurred speech. Thus, in promotional mix strategy, the services for the elderly consumers should be patience, warm and friendly. Body language and facial expressions of promoters should give a warm feeling to them. In this way, the enterprise can obtain the trust of elderly consumers and create buying intention from them. Furthermore, the language of advertising should be simple and concise in order to make the content of advertising be clear and understandable for the elderly consumers. The themes of advertising should reflect the enterprise is concerned about the elderly as much as possible in order to create buying intention from them effectively. Moreover, public relation activities are an important way to attract the intention of elderly consumers. Enterprises can organize free health checks and free medical consultation for elderly consumers to expand the impact of enterprise.

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