Silver Marketing: The State of Play in Asia
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The document discusses marketing strategies for the "silver-haired" or senior consumer segment in Asia. It finds that 77% of multinational companies surveyed in Asia do not currently have a marketing strategy targeted at consumers aged 50 and older, though 35% recognize a need for one in the next 3-5 years. Industries like healthcare are seen as benefiting most from growth in the silver market. The document provides case studies of companies employing successful silver marketing strategies in Asia and identifies issues companies face in developing such strategies.
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Silver Marketing: The State of Play in Asia
- 1. Presentation Silver Marketing: The State of Play in Asia Prepared for: SICEX 2008 Date: 11 January 2008
- 2. Table of Contents 5 Key Survey Findings i. 15 Case Studies of Silver Marketing in Asia iii. 21 Key Take-aways iv. 12 Issues in Silver Marketing ii. Page Topic
- 6. Existence of Silver-Hair Marketing Strategy in Asia 77% of MNCs interviewed currently do not have a marketing strategy targeted at the Asian silver-hair segment * The silver-hair market refers to senior citizen consumers aged 50 and above.
- 7. Plans to Strengthen Silver-Hair Marketing Strategy Among the MNCs that currently have a silver-hair marketing strategy, 79% plan to strengthen these marketing efforts in the future
- 8. Intention to develop Silver-Hair marketing strategy within the next 5 years (overall) 35% of MNCs that currently do not possess a silver-hair marketing strategy recognise a greater need for such a strategy in the medium-term (next 3 to 5 years). 35% 65% 7% 93%
- 9. Breakdown of Industries by Existence of Silver Marketing Strategy Most MNCs in the ICT industry have no Silver strategy. * The โOthersโ category includes MNCs providing security services, advertising, and education & training services.
- 10. Industries with Greatest Benefit from Growth of Silver Market The healthcare industry is perceived to be the greatest beneficiary of Silver market growth
- 11. Country Markets with Greatest Potential for Silver Strategies Japan and China are perceived to offer the greatest opportunities for Silver strategies
- 12. Issues in Silver Marketing
- 15. Case Studies of Silver Marketing in Asia Insert relevant picture
- 21. Key Take-aways Insert relevant picture
- 23. ย
Editor's Notes
- 1. Levels of market segmentation Buyers have unique needs and wants => each is potentially a market segment. Some companies serve customers/clients individually (e.g. in the aerospace industry, insurance industry), some serve larger number of smaller buyers => complete segmentation is practical. ๏จ Market can the segmented at different levels. Mass marketing Very popular in the past century. Henry Ford: We could have the car in any color as long as it is black. Today, Coca-Cola still maintains this approach (โFor everyoneโ) Creates the largest potential market => economies of scale => lower costs => lower selling prices Today the world mass market has changed, making it more difficult for mass marketing (working women, single parents, baby boomers, etc) ๏จ hard to create a single product or program that appeals to every one. Also the proliferation of distribution channels and ad. Media (super markets, hyper markets, online shopping, specialty shops, etc) + bombard of messages of various media (TV, radio, press, tel, internet, etc) ๏จ mass marketing is dying!? (ii) Segment marketing Better meet customer needs: GM designs specific models for different income groups. Can market more efficiently: targeting its products/services, channels and communications programs toward only consumers that it can serve best and most profitably. Can market more effectively: fine tuning products, prices and programs to the needs of carefully designed segments. (iii) Niche marketing A niche is a more narrowly defined groups, usually identified by a segment into sub segments or by defining a group with a distinctive set of traits that might seek a special combinations of benefits. E.g.: the utility vehicles segment = light-duty pick up trucks + sport utility vehicles + โฆ Niches are smaller and attract only a few competitors. Customers are willing to pay for a price premium because niche marketers know their market so well. Niching offers smaller companies an opportunity to compete by focusing their limited resources on serving niches that are not attractive to larger competitors. Niching is the trend ! ๏จ Quotes: Companies will have to niche or be niched/ there is no market today for products that every body likes a little, only for products that somebody likes a lot. (iv) Micro marketing Local marketing: tailoring brands and promotions to the needs and wants of local customer groups (cities, neighborhood, even specific stores). Can drive up production costs because of reduced economy of scale Can create logistic problems The brand image might be diluted Good when different regions have profound differences in demographics and lifestyles. Meet retailersโ need more because they want fine-tuned product assortments for their neighborhood to increase the originality of the shop.
- Long-term implications โ slower growth as less labor and somewhat less consumption, government deficits (since theyโre slashing taxes) and higher interest ratesโฆ. 21-24% of the population are aged >50 in China, Korea, Taiwan, Thailand & Singapore (30% in Australia & Hong Kong) But big business opportunity
- Explore most important reason for each segment โ see whether there are any difference or are they all similar?