Marketing pharmaceutical and cosmetic products to the mature market

Abstract

Purpose – Because the growth in the elderly population is a worldwide phenomenon, it is essential for businesses to develop an understanding of the older consumer market. Older consumers are especially important to companies operating in the pharmaceutical industry, since they spend more on medical supplies and drugs than any other age group. The aim of this paper is to examine older consumers' preferences for sources of information and methods of purchasing prescription drugs and cosmetics, as well as the reasons they choose specific drug stores and specific brands of drugs and health aids. Design/methodology/approach – This study employs a large national sample and various statistical procedures. Responses given to selected attitudinal and behavioral measures were tabulated and cross-tabulated by selected demographic and other characteristics. Grouping of older Americans into four segments based on aging characteristics and life events circumstances was achieved by means of cluster analysis. Findings – The research presented in this paper shows major differences in the way older consumers respond to various marketing offerings. The responses of older Americans do not only differ from those of their younger counterparts; they also vary widely by psychographic characteristics that are based on aging, life-changing events and circumstances older consumers have experienced. The results provide the bases for recommended strategies to most effectively appeal to older consumers in general, as well as to members of specific segments. Practical implications – The study helps marketers of pharmaceutical products improve their efforts when marketing to older consumers. Originality/value – Unlike previous studies that examine choices of pharmaceutical and cosmetic products by older consumers as a homogeneous group, the present study treats these consumers as a heterogeneous market and examines their motives for their choices.