Management Consulting Interview Question - Market Entry Strategy for Businesses catering to Senior Citizens

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Management Consulting Interview Question - Market Entry Strategy for Businesses Catering to Senior Citizens 

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    Interviewer: Our client is a real estate company. They want to venture into businesses that cater to senior citizens as they believe it is a lucrative target segment. Please help them with a few business ideas. 


    Market Entry Strategy for Businesses catering to Senior Citizens


    Priyanka: To understand the problem better, I would like to start by asking a few clarifying questions. 
    Interviewer: Sure, please go ahead. 
     

    Priyanka:  What type of real estate business is our client currently in? 
    Interviewer:  Our client owns several real estate residential properties. He has also created a complex only for senior citizens where there are multiple amenities for senior citizens.  

     
    Priyanka:  In which geography does our client operate? I am asking this question as the requirements for senior citizens in the US would be different from those in India. 

    Interviewer:  Our client is a big real estate player in India. 

     

    Priyanka:  Is our client looking for business ideas related to real estate or some other industry? 

    Interviewer:  While the client is open to both, you can think of ideas outside real estate first. 


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    Priyanka: Targeting the senior citizens is a good strategic move as this segment is growing in India. Their needs are also different from other segments hence they require a unique focus.  

     

    I would start by exploring the different needs of senior citizens: 

    • Healthcare: Old people require health check-ups and medications regularly. 

    • Wellness: Old people often feel the need to have a community or park where they can go for walks, mental relaxation, etc. 

    • Food: Senior citizens have different food requirements and often need home-cooked meals. 

    • Banking or Finance: Old people have to manage their finances and often need help to visit banks to collect their pensions. 

    • Caregiver: Old people need a caregiver to help and take care of them with their daily tasks. They often find it difficult to have one whom they can trust and rely on. 

    • Travel: Senior citizens require assistance when they are traveling from one place to another. This can include booking tickets, helping with the itinerary, taking care of special arrangements like wheelchair requirements, etc. 

    • Social media: Senior citizens feel disconnected from the existing social media applications as it cater much to the needs of younger generations. 

    • Entertainment: Like social media, senior citizens have different tastes and preferences regarding entertainment. Current entertainment options like OTT platforms do not serve their needs. 

    Priyanka: Now, I will delve deeper into how each of the above needs can be converted into business ideas for our client. 

    Interviewer: OK you can start by detailing each of them and then we can prioritize three later. 

     

    Priyanka:  

    • Healthcare: Our client can either develop or partner with healthcare applications like Practo, Apollo, etc. which can provide door-to-door medicine delivery regularly to senior citizens. The app can be used in such a way that senior citizens can post-pay the amount monthly so they can trust the app more. We can also create wearables with health monitoring features tailored for senior citizens, such as heart rate tracking, fall detection, and medication reminders. 

    • Wellness: We can create a wellness platform focusing on adding physical activity that senior citizens can pursue. Currently, there are no applications that provide information on how senior citizens can stay fit. The platform can also offer a community where seniors can meet with people of their age group and do these activities. 

    • Food: Develop a user-friendly cooking app or platform offering senior-friendly recipes, cooking tips, and video tutorials. We can also start a meal delivery service offering nutritious, chef-prepared meals tailored to seniors' dietary needs and preferences. 

    • Banking or Finance: Develop a freemium application through which senior citizens can opt for help required for managing their finances, investments, and retirement funds. 

    • Caregiver: We can build a platform where we can onboard qualified caregivers who can assist seniors and foster a sense of companionship. We can have processes in place to ensure background checks, real-time monitoring and maintain a constant feedback loop through quality checks, reviews and ratings, etc. 

    • Travel: Partner with travel service providers to curate packages for senior citizens keeping in mind accessibility and comfort. The application can also offer travel insurance catering to the needs of senior citizens. 

    • Social media: Develop a social networking app exclusively for seniors to connect, share experiences, and foster meaningful relationships. The feed can have content focussed on their age group.  

    • Entertainment: We can launch an online platform with entertainment content tailored to seniors. The platform can have content in regional languages, mythology shows, or other content that seniors can enjoy and relate to. 

     

    Priyanka: If I were to prioritize the ideas from the above, I would consider the potential impact and alignment with the needs of the senior citizens: 

    • Healthcare and wellness: As senior citizens increasingly focus on health and well-being, a comprehensive healthcare and wellness platform that would offer tailored fitness routines, exercises, and personalized nutrition plans will address their growing interest in staying active and healthy. The market for online delivery of medicines for senior citizens also looks promising as this is a constant requirement for this age group. 

    • Travel: Curating and designing travel experiences specifically for seniors recognizes their desire for leisure, exploration, and new experiences. Considering accessibility and comfort in travel packages, this business idea caters to their interests while promoting social engagement and enjoyable experiences. 

    • Social Media: Human beings have deep social needs, which also become important for well-being. Senior citizens often experience social isolation due to different reasons like staying away from friends or family, limitations due to physical conditions, retirement, etc. Hence a dedicated social networking app creates a virtual space for them to connect, reducing feelings of loneliness and fostering a sense of belonging. 

     

    Interviewer: This was well structured. We can end the case now. Thank you. 

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