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It is the intent of this article to show that the elderly, an important but neglected market segment, could be a viable segment for many businesses by the criteria of…
It is the intent of this article to show that the elderly, an important but neglected market segment, could be a viable segment for many businesses by the criteria of accessibility, responsiveness, identifiability, and size. This market itself comprises several segments, and these segments are identified. Finally, the article focuses on actions marketers can take in the component areas of marketing mix—product, price, promotion, place, and packaging—to meet the neglected needs of this consumer group. The paper emphasizes actions that not only contribute to the welfare of senior citizens, but are likely to be profitable as well.
Examines the mature market, defined as consumers age 50 years or older, and reviews 33 segmentation methods for the mature market and identifies five key segmentation criteria: discretionary income, health, activity level, discretionary time, and response to others. Integrates methods devised by other researchers and provides marketers with a step‐by‐step, actionable segmentation method based on these five criteria. Offers implications for managers.