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Bild 1Bild 1
BRANDING AS A VALUABLE
RESOURCE WITHIN THE SILVER
ECONOMIES.
H Ö G S K O L A N I S K Ö V D E A U T U M 2 0 1 8
Bild 2
Lecturer in Marketing at
University of Skövde
Fields – Marketing,
International Marketing and
Branding.
JAN SEDENKA
Bild 3
“the part of the economy covered by all citizens over the age of 50 and thus
includes all economic activities, demands and expenses both in terms of
products and services” (European Commission 2015)
SILVER ECONOMY - DEFINITION
Bild 4
Economic segments of the silver economy
Media Fashion
Gerontogy,
health service
Real estate,
smart homes Education system
Tourism,
medical tourism
Fitness Finance, insurance Cosmetics
Culture, recreation
IT, innovative
technology Home delivery
Architecture Design Public transport
Figure 1: Source: Zsarnoczky, M; 2016
Bild 5
Free lunches does not exist – consumtion has to be financed private
or via gouverment.
Good news – in Germany consumers over 65 are 20% of the total
population, but their consumption of health-related services
accounts for 50% of the total consumption of health-related
services. (Heinze & Naegele 2009)
HOW TO REACH THIS GROUP?
Bild 6
Through a broader understanding of the segment and through new
innovative solutions, concepts and ideas, economic growth can be
created (Schumpeter 1934)
Problematic when it comes to innovation of products and services
targeted at older people is that feedback from consumers (users)
often does not return to those who develop the products and
services (Magnusson et al., 20013)
DEVELOPMENT THROUGH
INNOVATION
Bild 7
(Zsarnocky 2016) exemplifies this problem by comparing the
relationship between a nurse and a patient with the relationship
between the nurse and his management. The first relationship
usually works better and is more developed. However, if the other
link is not added to the organization, the companies do not acquire
the knowledge gained in direct contact with the customer /
consumer
COMMUNICATION
Bild 8
Based on Berger and Luckmann (1966), the market can be described as a social
construction.
Storr (2010) describes the market as a product of various social measures and
as something that exists both in an objective and in a subjective reality. In
other words, a market is an unplanned, complex arena consisting of regulated
individuals driven by their own intentions. Market participants are governed
by a mixture of both formal rules and informal norms (which may vary
between countries and cultures).
THE SOCIAL CONSTRUCTION OF
THE MARKET
Bild 9
Seabright (2004) claims that, despite our inherent mistrust of strangers, we
have learned to follow certain rules of conduct when we act on the market that
allow us to deal with and meet strangers by treating them as "honorary
friends".
Rothbard (1993) argues that it is not strange that social sympathy and human
friendship are created in a place where social cooperation leads to reciprocal
gains and where transactions are not seen as a zero-sum game but as positive
for all participants.
FROM STRANGER TO FRIENDS?
æ
Bild 10
A total of 147 people (bathrooms) were asked, of
which 43 men and 103 women (one respondent did
not indicate gender). The questionnaire with
kitchen was answered by 137 people (36 men and
98 women). Three respondents did not specify
gender.
The average age of respondents was 73.3 years for
men in both studies and 74.4 years for kitchen and
74.7 years for kitchen in women.
FACTORS IMPORTANT IN THE CHOICE
OF KITCHEN AND BATHROOM FITTINGS
Bild 11
2% have changed bathrooms in the last year
16% have one to three years old bathroom
14% have a bathroom four to six years old
15% have a bathroom seven to ten years old
16% have a bathroom 11 and 20 years old
37% have a bathroom older than 20 years
AGE OF BATHROOM FURNISHINGS
Bild 12
25% functionality
25% User friendliness / ergonomics
19% price
11% indicated external form
8% warranty terms
5% indicated additional service
4% stated warranty length
2% indicated otherwise (disability-friendly &
tenancy)
15% indicated brand as important
Nobody chose advertising as important
MOST IMPORTANT FACTORS WHEN
BUYING A NEW BATHROOM FITTINGS
Bild 13
0,00%
10,00%
20,00%
30,00%
40,00%
50,00%
60,00%
70,00%
80,00%
90,00%
100,00%
Functionality Price Ergonomics Design Warranty
terms
Additional
service
Warranty
length
Brand Others
Most important factors when buying new bathroom fittings
Men Woman
Bild 14
0,00%
10,00%
20,00%
30,00%
40,00%
50,00%
60,00%
70,00%
80,00%
90,00%
100,00%
Functionality Price Ergonomics Design Warranty
terms
Additional
service
Warranty
length
Brand Others
Most important factors when buying new bathroom fittings
Kitchen older than 11 years In total
Bild 15
5% have changed the kitchen during
the past year
19% have one to three years old kitchen
30% have a kitchen four to ten years
old
23% have a kitchen between 11 and 20
years old
23% have a kitchen older than 20 years
AGE OF KITCHEN FITTINGS
Bild 16
Function accounted for almost 80%
Price answered 63%
Ergonomics 58%
Design answered 29%
Home delivery and warranty terms accounted
for 25%
Warranty Length Responded 20%
Brand replied 3%
MOST IMPORTANT WHEN BUYING
NEW KITCHEN FITTINGS
Bild 17
0,00%
10,00%
20,00%
30,00%
40,00%
50,00%
60,00%
70,00%
80,00%
Functionality Price Ergonomics Design Warranty
terms
Additional
service
Warranty
length
Brand Others
Most important factors when buying new kitchen fittings
Men Woman
Bild 18
0,00%
10,00%
20,00%
30,00%
40,00%
50,00%
60,00%
70,00%
80,00%
Functionality Price Ergonomics Design Warranty
terms
Additional
service
Warranty
length
Brand Others
Most important factors when buying new kitchen fittings
Bath older than 11 years In total
Bild 19
How can we use this facts when we want to create
value for our customers and to extend our relations
to the citizens of the silver economy?
BRANDING AND VALUE CREATION

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Branding as a valuable resource within the silver economies

  • 1. Bild 1Bild 1 BRANDING AS A VALUABLE RESOURCE WITHIN THE SILVER ECONOMIES. H Ö G S K O L A N I S K Ö V D E A U T U M 2 0 1 8
  • 2. Bild 2 Lecturer in Marketing at University of Skövde Fields – Marketing, International Marketing and Branding. JAN SEDENKA
  • 3. Bild 3 “the part of the economy covered by all citizens over the age of 50 and thus includes all economic activities, demands and expenses both in terms of products and services” (European Commission 2015) SILVER ECONOMY - DEFINITION
  • 4. Bild 4 Economic segments of the silver economy Media Fashion Gerontogy, health service Real estate, smart homes Education system Tourism, medical tourism Fitness Finance, insurance Cosmetics Culture, recreation IT, innovative technology Home delivery Architecture Design Public transport Figure 1: Source: Zsarnoczky, M; 2016
  • 5. Bild 5 Free lunches does not exist – consumtion has to be financed private or via gouverment. Good news – in Germany consumers over 65 are 20% of the total population, but their consumption of health-related services accounts for 50% of the total consumption of health-related services. (Heinze & Naegele 2009) HOW TO REACH THIS GROUP?
  • 6. Bild 6 Through a broader understanding of the segment and through new innovative solutions, concepts and ideas, economic growth can be created (Schumpeter 1934) Problematic when it comes to innovation of products and services targeted at older people is that feedback from consumers (users) often does not return to those who develop the products and services (Magnusson et al., 20013) DEVELOPMENT THROUGH INNOVATION
  • 7. Bild 7 (Zsarnocky 2016) exemplifies this problem by comparing the relationship between a nurse and a patient with the relationship between the nurse and his management. The first relationship usually works better and is more developed. However, if the other link is not added to the organization, the companies do not acquire the knowledge gained in direct contact with the customer / consumer COMMUNICATION
  • 8. Bild 8 Based on Berger and Luckmann (1966), the market can be described as a social construction. Storr (2010) describes the market as a product of various social measures and as something that exists both in an objective and in a subjective reality. In other words, a market is an unplanned, complex arena consisting of regulated individuals driven by their own intentions. Market participants are governed by a mixture of both formal rules and informal norms (which may vary between countries and cultures). THE SOCIAL CONSTRUCTION OF THE MARKET
  • 9. Bild 9 Seabright (2004) claims that, despite our inherent mistrust of strangers, we have learned to follow certain rules of conduct when we act on the market that allow us to deal with and meet strangers by treating them as "honorary friends". Rothbard (1993) argues that it is not strange that social sympathy and human friendship are created in a place where social cooperation leads to reciprocal gains and where transactions are not seen as a zero-sum game but as positive for all participants. FROM STRANGER TO FRIENDS? æ
  • 10. Bild 10 A total of 147 people (bathrooms) were asked, of which 43 men and 103 women (one respondent did not indicate gender). The questionnaire with kitchen was answered by 137 people (36 men and 98 women). Three respondents did not specify gender. The average age of respondents was 73.3 years for men in both studies and 74.4 years for kitchen and 74.7 years for kitchen in women. FACTORS IMPORTANT IN THE CHOICE OF KITCHEN AND BATHROOM FITTINGS
  • 11. Bild 11 2% have changed bathrooms in the last year 16% have one to three years old bathroom 14% have a bathroom four to six years old 15% have a bathroom seven to ten years old 16% have a bathroom 11 and 20 years old 37% have a bathroom older than 20 years AGE OF BATHROOM FURNISHINGS
  • 12. Bild 12 25% functionality 25% User friendliness / ergonomics 19% price 11% indicated external form 8% warranty terms 5% indicated additional service 4% stated warranty length 2% indicated otherwise (disability-friendly & tenancy) 15% indicated brand as important Nobody chose advertising as important MOST IMPORTANT FACTORS WHEN BUYING A NEW BATHROOM FITTINGS
  • 13. Bild 13 0,00% 10,00% 20,00% 30,00% 40,00% 50,00% 60,00% 70,00% 80,00% 90,00% 100,00% Functionality Price Ergonomics Design Warranty terms Additional service Warranty length Brand Others Most important factors when buying new bathroom fittings Men Woman
  • 14. Bild 14 0,00% 10,00% 20,00% 30,00% 40,00% 50,00% 60,00% 70,00% 80,00% 90,00% 100,00% Functionality Price Ergonomics Design Warranty terms Additional service Warranty length Brand Others Most important factors when buying new bathroom fittings Kitchen older than 11 years In total
  • 15. Bild 15 5% have changed the kitchen during the past year 19% have one to three years old kitchen 30% have a kitchen four to ten years old 23% have a kitchen between 11 and 20 years old 23% have a kitchen older than 20 years AGE OF KITCHEN FITTINGS
  • 16. Bild 16 Function accounted for almost 80% Price answered 63% Ergonomics 58% Design answered 29% Home delivery and warranty terms accounted for 25% Warranty Length Responded 20% Brand replied 3% MOST IMPORTANT WHEN BUYING NEW KITCHEN FITTINGS
  • 17. Bild 17 0,00% 10,00% 20,00% 30,00% 40,00% 50,00% 60,00% 70,00% 80,00% Functionality Price Ergonomics Design Warranty terms Additional service Warranty length Brand Others Most important factors when buying new kitchen fittings Men Woman
  • 18. Bild 18 0,00% 10,00% 20,00% 30,00% 40,00% 50,00% 60,00% 70,00% 80,00% Functionality Price Ergonomics Design Warranty terms Additional service Warranty length Brand Others Most important factors when buying new kitchen fittings Bath older than 11 years In total
  • 19. Bild 19 How can we use this facts when we want to create value for our customers and to extend our relations to the citizens of the silver economy? BRANDING AND VALUE CREATION