An evaluation of mature consumer needs in the banking sector

Abstract

The mature market presents challenges to marketers because much of the information about the marketplace is based on younger consumers, differing from older consumers in many important ways. The research project was commisioned with two main objectives: to determine what is required to cater for customers falling into the age bracket of 60-75, enabling marketers to successfully target the mature consumer and retain these customers. A qualitative methodology was selected to collect and analyse information to enhance understanding of the perceptions with regard to the functional, social and emotional needs of the mature market sector. Abraham Maslow is known for postulating the 'Hierarchy of Needs Theory', stating that human beings are motivated by their unsatisfied needs. It is necessary to understand and investigate the relative importance of the functional, emotional and actualisation components of mature consumer needs.