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Innovation Behavior of Older Consumers

An Empirical Analysis of Older and Younger Consumers’ Determinants of Consumer Electronic Products Ownership

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Armin Tank

This book picks up two mega trends: On the one hand population figures demonstrate the structural transition of the majority of western industrial nations. This demographic change has manifold consequences, especially on companies and their clients. On the other hand most of the markets are characterized by increasingly shorter product life cycles and global competition. The commercialization of innovations represents one possibility to remain competitive in this environment. The author connects important aspects of these two subject matters and identifies existing differences in the consumer behavior of older and younger individuals regarding innovative consumer electronic devices – a product category that is characterized by an exceptionally high pace of innovation.

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Figures ............................................................................................................XVII Tables............................................................................................................... XIX Abbreviations............................................................................................... XXIII Statistical Abbreviations and Symbols.....................................................XXVII 1 Introduction .................................................................................................... 1 1.1 Aging Societies and the Importance of Older Consumers ......................... 1 1.2 “Older Consumer” Definition .................................................................... 7 1.3 Research Objective ..................................................................................... 8 1.4 Dissertation Structure ............................................................................... 13 2 Gerontology – Aging from the Perspective of Different Sciences............ 17 2.1 History and Objective of Gerontology ..................................................... 17 2.2 Demographic Aspects of Aging ............................................................... 20 2.3 Biological Aspects of Aging .................................................................... 31 2.3.1 Changes of External Appearance .................................................... 31 2.3.2 Changes of Sensory Organs............................................................. 32 2.3.3 Changes of Locomotor System ....................................................... 34 2.3.4 Changes in Health and Epidemiology ............................................. 35 2.4 Psychological Aspects of Aging............................................................... 38 2.4.1 Learning and Memory ..................................................................... 38 2.4.2 Intelligence ...................................................................................... 40 2.4.3 Personality ....................................................................................... 42 2.5 Sociological Aspects of Aging ................................................................. 44 2.5.1 Daily Activities................................................................................ 44 2.5.2 Social Network ................................................................................ 46 2.5.3 Family Life Cycle............................................................................ 47 2.5.4 Critical Life Events and Daily Hassles............................................ 49 2.6 Aging Theories ......................................................................................... 51 2.6.1 Change Theories .............................................................................. 52 XII 2.6.2 Continuity Theories ......................................................................... 54 2.7 Economic Aspects of Aging..................................................................... 55 2.7.1 Financial Situation of Old Consumers ............................................ 55 2.7.2 Expenses of Old Consumers............................................................ 62 2.8 Conclusion ................................................................................................ 65 3 Innovation Theory ........................................................................................ 67 3.1 Innovation Definition ............................................................................... 67 3.2 Innovation Diffusion Research................................................................. 71 3.3 Innovation Adoption Research ................................................................. 75 3.4 Innovation Decision Process .................................................................... 77 3.4.1 Different Models of the Innovation Decision Process .................... 77 3.4.2 Awareness........................................................................................ 80 3.4.3 Interest ............................................................................................. 81 3.4.4 Evaluation........................................................................................ 82 3.4.5 Adoption or Rejection ..................................................................... 84 3.5 Conceptualization of Adoption Determinants.......................................... 87 3.5.1 Product-Specific Variables as Adoption Determinants................... 88 3.5.1.1 Perceived Relative Advantage ............................................. 89 3.5.1.2 Perceived Compatibility ...................................................... 90 3.5.1.3 Perceived Complexity.......................................................... 92 3.5.1.4 Perceived Trialability and Divisibility................................. 94 3.5.1.5 Perceived Observability...

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