Affordable healthcare for persons over 55: Reasons for patronising specific providers and implications

Abstract

Abstract The current growth of the US mature market is projected to continue until 2025. This increase not only in numbers, but also in terms of diversity and importance, relative to other segments of the population deems this group extremely important to marketers. Within the healthcare market, this increase is expected to be further enhanced should the proposed healthcare reform suggested by current presidential candidates materialise. As is the case within other industries, increased market size encourages increased competitive activity, forcing service providers to pursue business models that will enhance profitability and survival. Achieving continued viability and growth may be accomplished by identifying and employing strategies that will result in the competitive advantage necessitated by prevailing market conditions. Traditionally, age has been the characteristic utilised for targeting the mature market. This presupposes similarities among members of the segment, and products are designed and positioned based on these presumed similarities. Recent studies, however, show that other characteristics are more reliable predictors of consumer needs and attitudes within this market. This paper shows the results of two such studies and discusses the implications of these findings with regard to the continued viability of healthcare providers in the USA.