China’s Silver Hair Industry

China’s Silver Hair Industry

Marketing Strategy:

A. Primary and secondary market:

Primary market would be targeting the elderly Chinese population around the ages of 65 and older. The secondary market would be targeting the middle age adults because in China the children support their parents and older family members.

B. Overall branding strategy:

Branding products and services based strictly to cater to elderly population. Have a brand that is easily recognizable and associated with selling products and providing services to older population.

C. Product strategy:

Produce products that elderly people need. Slipper, long underwear and thick coats are just some examples of products that elderly consumers want and need. Services should also be extremely direct and simple for elderly to understand and locate.

D. Pricing strategy:

Prices should be low because the older population does not have a high income. The average monthly pension of an urban resident in China is approximately 2,000 yuan or roughly $320. That is less than half the average wage of an urban worker.

E. Promotional Strategy:

Promote the product and or service through both internet and television since so many elderly people stay at home and watch television or search the web. Provide incentives for younger adults for helping elderly relatives by providing free shipping or discounted membership so it limits cost. Also by having an “Elderly” section on website it would expedite process and allow individuals to locate products easier.

2. Some differences in promotion in U.S would be using more retail to sell product. More elderly in the U.S drive so they can access a large retailer such as Walmart and purchase product. Also, in the U.S the younger adults do not support the elderly as much as in China, so promotionally in the U.S the company can focus more on targeting the older population directly instead of targeting both elders and their children. Lastly, the average income for elders in the U.S may be higher than that of elders in China. So the pricing of products/services could be higher.