resentatives are likely to be biased in their representation of the facts due to their affiliation, the utilization of the observation method enabled this researcher to gather objective information. Finally, the Internet offered a comprehensive tool for retrieving information about BofA from a wide variety of sources including web sites and newspaper articles.
c. With a mission to offer individuals, small businesses and corporations a wide variety of products and services, the BofA caters to a diverse clientele that is not limited to specific age groups. One of its goals illuminates a characteristic of BofA's targeted customer: "Attract and retain profitable customers and reward them for bringing us more of their business" ("The Bank of America Journey, 2003รน"High Standards," 2003). Therefore, regardless of the ages of the customers, the BofA is primarily focused on acquiring and retaining customers who can offer them the most profits.
In fact, one of the primary reasons why BofA launched its "Advantage for Seniors" program was to tap into a new pool of affluent over-55 consumers who will contribute to the expansion of the senior population ("Bank of America Launches 'Advantage for Seniors'," 2002). According to a report produced by FISI Madison Financial, the aging baby boomer generation has become a lucrative source of revenue for the banking industry because it is the wealthiest segment of the $1 trillion market. Furthermore, these young seniors also spend $300 billion a year on new products and services, with a minority investing in the stock market (cited in Harris, 2002). Therefore, the BofA seeks to provide innovative products and services to cater to the distinctive needs of this group of educated and affluent group of consumers. With regard to the older population, the BofA's targeted population can thus be considered to be young seniors with ages ranging from 55 to 64.
Before determining whether BofA is se...