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Consumer decision making and aging: A commentary from a public policy/marketing perspective
Author(s) -
Goldberg Marvin E.
Publication year - 2009
Publication title -
journal of consumer psychology
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 4.433
H-Index - 110
eISSN - 1532-7663
pISSN - 1057-7408
DOI - 10.1016/j.jcps.2008.12.005
Subject(s) - perspective (graphical) , marketing , subsidy , government (linguistics) , public policy , social marketing , institution , profit (economics) , population , business , population ageing , public relations , public economics , economics , economic growth , political science , sociology , law , microeconomics , linguistics , philosophy , demography , artificial intelligence , computer science , market economy
Efforts to assist older adults with cognitive deficits can take one of three paths: law, education or marketing. Legal protections have proved insufficient. Government educational efforts are typically dryly factual and likely to go unheeded. With the growing size of the older adult market, the independent efforts of both for‐profit and social marketers to develop products and services that can help this population remain functionally healthy and independent are likely to be successful. Both governments and insurance companies should be motivated to help subsidize these entrepreneurial efforts given the considerably higher costs of caring for the elderly in an institution.