Based on this upcoming, large spending group, what other types of products/services might be popular, and attention-getting to the baby boomer population market? Why would these products/services be a good fit for this group?
The baby boomer population has always been a large spending group. This fact explains why different marketers have capitalized on this opportunity. Such marketers have been producing a wide range of products in order to fulfill the demands of this generation. Many products will be popular among members of this generation (Kerin 63). To begin with, Sperl-Bell has been focusing on the best housing demands for this generation. Some of the unique needs of this generation include taxes, quality products, and health care. They also have huge disposable incomes. They also need leisure and income. That being the case, the baby boomers are in need of traveling services. The cruise industry is also offering tailored services to this aging generation. The individuals have been focusing on the best services.
Many television channels have emerged in the industry. For instance, many entertainment channels are supporting the needs of these baby boomers. Some channels on history and nature have also emerged in order to entertain members of this generation. This fact explains why Disney is currently using theme-park attractions to entertain members of this generation. Many media firms have emerged in order to satisfy these baby boomers (Howell 4). These individuals are also using the internet. The generation also embraces different online games and puzzles.
Car manufacturers have been focusing on the historical developments associated with members of this market. Companies such as Rolls Royce have been producing elegant cars for this population. The baby boomers do not want to get older. Some companies such as Bavaria Motor Works (BMW) and Mercedes Benz are producing quality cars for these individuals. Such products are addressing the needs of this population as it struggles with the middle-life crisis. These individuals are purchasing such cars because they have a lot of money to spend. The “generation also understands the value for its money” (Kerin 28).
Many food producers are considering the health needs of these baby boomers. They have added various nutrients and vitamins to such food materials. The important goal is to cater to the needs of this population. Many companies, such as Apple Incorporation, have also been producing quality handheld devices for this generation. The population has a lot of money. This situation makes it easier for such individuals to purchase expensive devices. Many health institutions are availing modernized checkups and devices such as eyeglasses to members of this generation. The proliferation of online shopping is making it possible for many baby boomers to access different products and services without leaving their houses (Howell 3).
This wealthy generation, therefore, presents a new opportunity for many marketers. Studies have also indicated that “consumers between the age of 45 and 60 switch brands and services just as readily as younger generations” (Howell 3). The above services and products, therefore, seek to fulfill the needs of this population. These customized products are appealing to this generation. Marketers should, therefore, capitalize on the aspects of this market in order to realize their business potentials.
Is there a segment of the baby boomers who are more conservative and not interested in buying products that speak to a younger living lifestyle as portrayed in this case study? If so, how would you define this segment, and what potential would there be to sell products and services to them?
The majority of the baby boomers are not conservative. They have enjoyed life to the fullest within the past fifty years. Marketers and business people have capitalized on the expectations of these baby boomers. However, it should be noted that there is a small segment of this generation that is more conservative. As mentioned above, the majority of these baby boomers “are purchasing products that appeal to a younger living lifestyle” (Howell 7). The conservative baby boomers might not be ready to purchase most of the above products and services. This segment includes citizens who might not want to purchase ostentatious cars. Such individuals might be focusing on different priorities, such as education, research, and peaceful retirement.
This segment represents a viable market for many businesspeople. These conservative baby boomers have their unique expectations in life. They do not embrace most of the products admired by their counterparts in the same generation. This situation presents a major potential for business people because of the unique demands of the generation. Marketers should begin by analyzing and understanding the needs of these individuals. For instance, this segment requires peaceful living environments without noise or pollution. These conservative individuals will read books instead of watching television or playing videogames. The conservative type will also live a big house. They will also live with their children and grandchildren. They will also “require frequent services such as nursing and cleaning” (Howell, 5).
The above discussion explains why marketers should embrace this potential. They will design the best products and services, depending on the above needs. Marketers and manufacturers will embrace the best practices in order to fulfill the needs of the segment. Business players in the real estate industry will construct decent homes with appropriate surroundings and healthcare services. Car manufacturers will produce classic Sports Utility Vehicles (SUVs) in order to attract these individuals. Companies like Amazon can deliver books and other products to these individuals. Many companies can introduce home-delivery services in order to attract more customers. Different television companies can introduce more news channels in order to satisfy the requirements of this conservative segment (Kerin 125).
Companies should produce quality products that will improve the image of this group. The important goal is to segmenting these members of the same generation. The conservative individuals do not need flashy materials. These individuals want to retire in peace and enjoy the remaining part of their lives. Manufacturers, marketers, and business people should, therefore, consider the issues associated with these conservative baby boomers. This situation creates a new market segment that can be satisfied using customized products and services. The products and services of such individuals should not be overpriced. This is the case because such individuals are not willing to spend most of their savings (Kerin 87). These practices can make many marketers successful.
For those baby boomers who would like to become entrepreneurs, what might be types of businesses that they would be good fits to operate? What would be their motivation to own and operate their own business?
The baby boom generation has created a legacy in many fields. This “aging generation is known to have transformed every stage and age it passed through” (Williams and Page 7). The majority of these individuals are over 50 years of age. That being the case, the baby boomers have the potential to become successful businesspeople. To begin with, such baby boomers have what it takes to start their own companies. This fact explains why such individuals should start their own manufacturing firms. Such firms should manufacture quality products that address the needs of targeted customers. They can also join the real estate industry. This approach will make it easier for individuals to fulfill the needs of the other baby boomers. These individuals understand the issues and needs of their fellow age mates.
The individuals should also consider different businesses that are not labor-intensive. They should hire the right people to manage different activities. This practice is relevant because such baby boomers cannot complete various tasks. The boomers can “also start their health institutions and support centers” (Williams and Page 11). Such businesses should be guided by their unique experiences. For example, retired doctors can start their health centers. A professional physiatrist can start his or her own counseling center. This approach will make it easier for more baby boomers to take advantage of their skills and competencies. The important goal is ensuring that these baby boomers achieve their goals in life.
According to the provided case study, the majority of these baby boomers might not be ready to retire. They still have what it takes to make more money. These individuals have accumulated many skills and ideas within the past years. The majority of them also possess quality skills that can transform many businesses. They have revolutionized and presented many innovations that can make the world a better place. These individuals are motivated to win. They always focus on the best practices in order to acquire more assets and money. The “attainment of retirement age also encourages them to engage in different economic activities” (Howell 9). These aspects encourage them to own and operate their own businesses.
This discussion shows clearly that these baby boomers can be good businesspeople. They understand the needs of both the X and Y generations. They are also familiar with different theories and marketing principles. They have more than enough disposable income. They can use their money to start different business enterprises. That being the case, the baby boomers can use the above recommendations in order to become successful entrepreneurs. They should identify the right businesses in order to emerge successfully. They should also market quality services that can address the needs of their fellow baby boomers (Howell 12). This practice is viable because the individuals understand the changing expectations of their age-mates.
Works Cited
Howell, Rebecca 2014, Market Segmentation: The Importance of Age Cohorts. Web.
Kerin, Roger. Marketing: The Core. New York, NY: McGraw Hill, 2012. Print.
Williams, Kaylene and Robert Page. “Marketing to the Generations.” Journal of Behavioral Studies in Business 1.1 (2014): 1-14. Print.