The older people get the more dissimilar they become in their habits and lifestyle and this condition justifies the segmentation of mature market. This makes the mature market more receptive to the changing needs of the mature customers. (1993, Moschise, George P.)
The needs and wants of the mature market are shaped up due to their age and life changings events. Moschis created four segments of using cluster analysis and surveying over 20 thousand customers over the age of 50. This method is known as gerontographics and was based on their health and propensity to go out. The four segments are:
Frail recluses 15%
Ailing Outgoers 34%
Healthy hermits 38%
Healthy Indulgers 13%
The Frail recluse’s and Healthy hermits are house bound whereas Ailing Outgoers and Healthy Indulgers are outgoing in nature. A better understanding of the segments helps to decide the target market and design production and marketing mix accordingly. (Purinton-Johnson, Elizabeth F., 2013)
As a tertiary matter, how would you go about marketing to this increasingly complex demographic? (Let's say you are attempting to sell home protection systems)