This consumer group will represent an unfilled demand for residential Home care which not only provides the basic care but also fitness and other well-being programs. Ethnic marketing which reflect the unique attitudes, race or ancestry communication preferences and lifestyles of ethnic Canadians is especially important to cater to this diverse ethnically aging population. However, currently, in some cultures, people are living as part of extended families. This family structure Is partly designed to care for he senior(s) In the family and affects retirement homes such as Seniors.
This Is very Important when selecting a location for a retirement home areas with high concentration of one culture, especially South Asian, will not access retirement home care as much. This trend might change In the future generation when these cultures blend in with the Canadian culture so it is important to have staffs that speak languages other than English and French. Economic Forces The microeconomic trends in term of consumer income are important factors, specially since Canada is recovering from the 2008 recession.
There is no relevance to offer services/products that consumers are unable to afford. Baby Boomer consumers would be directing more of their discretionary income toward retirement planning. Various reports show that many Canadians are not adequately planning and saving for their retirement and will require working well into their retirement age. This will have a severe Impact on how they pay for retirement care and when they can retire. Technologies Forces The development and advancement of technologies play a big part In changing arresting practices and alter the way consumers shop.
More than 80% of Canadian firms use internet to increase efficiencies and enable them to engage in new levels of interactive marketing. Likewise, baby boomer consumers are well versed in the use of technology. Therefore, it is important to use the power of the internet for developing interactive websites. It is important to create customer to marketing where proactive customers’ initiate communication and interest with companies by providing suggesting and feedbacks on their experiences. This will enable firms to improve their services or offer relevant services sought by the consumers.
In addition, modern technology has allowed companies to provide personal response and support services to seniors and physically challenged citizens in Canada. The push of a button activates a two-way, hands-free communication with live agents who these services for a low monthly cost. Already, Japanese manufacturers are investing only the tip of the iceberg. When combined with advances in software, nanotechnology and the internet the speed of development and implementation will only become faster
Competitive Forces By the time a person requires aged care service, he or she and his or her family would have gained considerable knowledge and insight into how to access these services. In addition, he or she will have accessed and compared information and feedback about various providers. Providers need to learn how to maximize revenue in the form of government funding from serving these consumers. Very few residential care facilities cater to the palliative needs of residents in a satisfactory manner. Opportunities will exist for providers to meet the needs of this segment of he market for a premium price.
It is possible that the potential for financial reward could entice investors into the aged care sector. This will bring firms with new and innovative ideas. However, because of the capital requirements to build the infrastructure in the beginning, it might deter some potential entries. Regulatory Forces Regulations exist to protect and encourage a competitive environment and fair business practices. Ontario has more than 630 Long Term Care homes which are funded and regulated by Ministry of Health Long Term Care.
Residential care population is one of the most vulnerable groups in our society since the consumers are elderly, with more than 50% of them suffering from dementia and other forms of Mental Health issues who depend on others to provide care to them on a daily basis. Regulation of the quality of care and adequate enforcement of regulations to ensure minimum qualified staffing levels and other quality indicators are important. Resident care facilities need to be licensed and there should be regular unannounced inspections by trained inspectors to ensure regulations are adhered to.