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Is “Seniors” One Demographic Group? Marketing Plan Example

Pages: 3

Words: 841

Marketing Plan

Segmentation & Target Market Analysis

The target market and segmentation is geared towards the 55-plus age bracket. The market is a large part of the population today. There are a large number of individuals who are in their seventies and eighties which changes the median age of the baby boomers. “Approximately 78 million baby boomers were born between 1946 and 1964, comprising one of the largest demographic generations to date. According to the US Census Bureau, another American turns 65 every 13 seconds; approximately 10,000 baby boomers retire every day” (Is Seniors, 2014). Seniors are traditionally done with their working lives and are ready to enjoy their free time. Twilight has focused their business on not only housing for the baby boomers, but also for activities that may interest this segmentation. The target market will consist of individuals who need full care and assisted living care. It is a very broad market with the same interest, living their lives.

The segmentation and target market analysis shows there are several considerations to take into account. “For both boomers and seniors overall, their interests, social influences, goals, and preferences are very different from those of previous generations and among themselves” (Is Seniors, 2014). The financial aspect is important for Twilight to consider as many baby boomers have a budget to stay within their retirement funds. Another consideration is the social influences that Twilight can provide. Group events which allow seniors to participate and build friendships with others their age is important for the market. The opportunity for Twilight is extensive if they focus on the group’s interest and considers the preferences for their age brackets. Seniors have goals as well, providing opportunities for the target market to reach their objectives is another benefit that Twilight can capitalize upon.

Competitive Analysis

There are many competitors in the senior living market. The private facilities, government funded service, and local properties are all competitors. “Most often, the competitors are assessed within local limits, such as city, township or zip code where the subject property is located and add surrounding cities, townships or zip codes in the primary service area where we expect the majority of senior living or assisted living residents to reside” (Market, 2015). Twilight needs to facilitate themselves in a manner that appeals to all seniors, capitalizing on the factors that have made other facilities successful. Analyzing some of the top senior facilities will allow Twilight to market themselves better and make adjustments to their existing plans. “In almost every city, there is a handful of senior facilities that stand out from the rest. They might be part of a huge corporate chain, or they might be family owned” (Top Ranked, 2014). Choosing from the many senior facilities is difficult, and it is important to stand out from the competition.

The market has several top ranked senior facilities and accommodations across the United States. The Army Residence Community is located in San Antonio, Texas. They offer full care, assisted, short-term, hospice, and many other services that have ranked them the top in the United States. Atria Guilderland is located in Slingerlands, New York. It is a state licensed facility and ranked high for their accommodations and care. Brighton Gardens of Stamford is located in Stamford, Connecticut. They offer a community for seniors that promote unity among their residents. Lastly, the Village at Mariner’s Point is located in East Haven, Connecticut. They offer all levels of care in their Oceanside community. The ranking is based on senior care, facilities, and overall options for their long-term care and continued life while aging.

SWOT Analysis

Strengths

  • Twilight is a new facility entering a partially tarnished market
  • The company plan gears towards not only living facilities, but also personal goals
  • Establish significant relations with partners for senior activities
  • Can provide a vast amount of care and planning for the seniors who are members
  • Twilight can appeal to all ages of the baby boomers bracket
  • They offer services for all ages 55 and up

Weaknesses

  • Twilight is a new company, and has no build credibility
  • The market is saturated and new entrants may not be readily accepted
  • Lack of advertising or marketing will prevent seniors from knowing Twilight exists
  • Inexperience with running and operating a senior facility
  • The limitations of senior funds to be able to afford the cost of the facility

Opportunity

  • To change how senior living is provided
  • To build a strong name for Twilight and open the door for expansion
  • To make Twilight a multi-state facility
  • To provide substantial opportunities for seniors to live out their dreams
  • Twilight can be substantially profitable if operated according to the plan
  • Can change the entertainment and recreational options to meet the changing demands of the community

Threats 

  • Existing senior facilities which are top ranked
  • Government regulation over the senior care facilities
  • Companies who come into the market after Twilights launch and copy their initiatives
  • Lack of capital to maintain business during the first year of operation
  • The lack of facilities to accommodate the demand of the market

References

Is “Seniors” One Demographic Group? An Analysis of America’s Changing Demographics. (2014). Retrieved from http://www.esri.com/baonrfseniortext

Market and Competitive Analysis. (2015). Senior Living LLC. Retrieved from http://seniorlivingmanager.com/market-and-competitive-analysis/

Top Rated Senior Facilities And Services. (2014). Retrieved from http://www.assistedseniorliving.net/ba/top-rated-senior-facilities.cfm

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