Melanie Lindner explains the many ways that a business can position themselves to take advantage of the aging population of the United States in her article titled, Entrepreneurs - How to Profit from the Baby Boom. She lists a number of markets where the growing elderly population is demanding goods and services that are tailored just for them. The author explains that through a deeper understanding of these needs and wants for this demographic, a company can create an effective marketing mix of product, price, promotion, and place. By using this marketing mix to position themselves as the best value for money, a business can become successful catering to the baby boomer.
Therefore, she demonstrates just having an understanding that the
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The author discusses areas of nutrition advising as an area of business that could be profitable. This is an example of a service meeting Maslow’s hierarchy of physiological need and to a lesser extent, the esteem need. One of the more expensive suggestions for investment was the development of “active adults” residents where the baby boomer can live in safe and secure gated communities while still enjoying various staged group activities. This investment idea would meet the customer’s safety need on the Maslow’s hierarchy of needs. Of course, if you can find a great celebrity endorsement, the investment suggestion by Melanie Lindner to sell what she refers to in the article as “cosmeceuticals” is another low cash outlay with high rewards. These products, she explains, straddle the line between cosmetics and drugs which would be meeting the higher two levels of esteem and self-actualization on Maslow’s hierarchy of