2025 Volume 45 Issue 1 Pages 55-63
It has occurred to marketers that the senior market is not a single homogeneous segment but a diverse group of consumers, and that marketing strategies should be tailored to this diversity. However, existing research has not provided sufficient frameworks for capturing heterogeneity among the senior market. In this study, we used future time perspective (FTP) and future self-continuity (FSC) as indicators of diversity in the senior market and conducted an exploratory survey among senior women. The results showed that FTP had a negative effect on purchasing activity for non-consumable goods, whereas FSC had a positive effect. An interaction was also observed between FTP and FSC, indicating that the most active consumers were “senior women who have a strong connection with their future selves but feel that their remaining time is not long.” In contrast, “senior women who have a strong connection with their future selves and feel that their remaining time is long” tended to refrain from financial expenditures on the aforementioned goods.
シニア市場は同質な単一セグメントではなく多様な消費者の集まりであり，この多様性に応じたマーケティング戦略が必要であるという認識が広まりつつある。しかし，シニア市場内の多様性を捉える具体的な枠組みを提示する既存研究は少なく，消費者間の差異を十分に捉えきれていない。そこで本研究では，シニア市場内の多様性を表す指標として未来展望（FTP）と将来自己連続性（FSC）を用い，シニア女性を対象として，実際の購買データを用いて探索的な調査を行った。その結果，FTPは非消耗品の購買活動に負の影響を与え，FSCが正の影響を与えることが明らかになった。また，FTPとFSCの交互作用が観察され，購買活動がもっとも活発なのは「将来の自分とのつながりは強いが，残された時間は長くないと感じているシニア女性」であり，「将来の自分とのつながりが強く，残された時間も長いと感じるシニア女性」は，金銭的支出を控える傾向が示された。
In 2021, the percentage of the population aged 65 and over in Japan’s total population was recorded at 29.1%1). The expanding senior market is estimated to be worth 100 trillion yen (Nikkei Business Daily, 2017) and is attracting corporate interest as an attractive market with strong purchasing power. When the senior market first began to attract attention, marketers tended to view it as a single mass market with baby boomers as the main constituency, which later proved ineffective. Recognizing the limitations of viewing senior consumers as a homogeneous segment, marketers have started developing strategies based on more sophisticated segmentation criteria, such as analyzing lifestyles and proposing appropriate appeal methods. Meanwhile, in academia, although studies have attempted to discuss the diversity within the senior market, limited frameworks exist to analyze such differences among seniors (Aoki, 2015a). One of the few research frameworks is a life course approach, but it presents high methodological hurdles and is not easy to apply in practice (Aoki, 2015b).
The purpose of this study is to propose a measurable and practically applicable segmentation index that reflects the temporal context of various “ways of aging” within the senior population on the basis of the characteristics of a life-course approach. Specifically, we focus on senior women’s perceptions of the future in terms of future time perspective and future self-continuity, and analyze the relationships between these indicators and senior women’s purchasing behavior for non-consumable goods in an exploratory manner. By emphasizing that shopping is an investment in the future and that the outcome of shopping influences consumers for a certain period, we aim to advance the discussion of segmentation, which has focused mainly on consumers’ states and consumption behaviors in the “here and now” while disregarding the past and future.
One way to understand a target segment is to compare it with other segments. The simplest segmentation criterion might be biological age. Aging results in various physical and psychological changes that trigger different purchasing behaviors compared to younger consumers. As physical functions decline, the needs that arise have an impact on senior consumers’ purchasing behavior, and as society ages, the market for healthcare products continues to grow2).
In the academic field, several studies have been conducted from the perspective of age-related cognitive decline (Kuppelwieser & Sarstedt, 2014). In consumer behavior research, experiments have been conducted to capture the characteristics of seniors in information processing and decision-making. For example, it has been reported that senior consumers tend to be more readily satisfied than younger consumers, have smaller consideration sets, are more likely to repeat purchases, and give greater attention to emotional information and thus adopting emotional heuristics (Carpenter & Yoon, 2011). However, most of these studies focus on “how seniors are different from younger adults” and often ignore the diversity within the senior population. In marketing research, in addition to biological and perceived age, several other factors are considered, such as lifestyle (Sorce et al., 1989), gerontographics (Moschis, 1993), social activity, employment status (e.g., Weijters & Geuens, 2002), and others that combine several factors (e.g., social activity and employment status) (e.g., Weijters & Geuens, 2002). However, most of these indicators only capture the state of consumers at a specific time point and cannot explain consumer behavior in a temporal and contextual manner (Moschis, 2012). In response to this problem, Moschis (2019) suggested addressing this issue from a broader perspective, positioning individual factors such as age as part of a more comprehensive theory—a life course approach.
2. Life course approach in senior consumer researchAlthough a life course approach originated in sociology, it is now increasingly used across various research fields to integrate a wide range of research findings and understand human development in an interdisciplinary manner (Bynner, 2016). Life course refers to “the totality of paths that a person follows over the course of a lifetime” (Aoki, 2015b). The analysis focuses on life events, such as employment, marriage, and bereavement, which are turning points in life. Life events are often accompanied by the acquisition or loss of social roles. Therefore, the order in which they occur and the intervals between them can be factors that define the patterns of individuals’ life courses (cf. Giele & Elder, 1998).
Role changes through life events influence purchasing behavior by redefining consumption needs and priorities (Moschis, 1994). For example, preretirees reduce spending on clothing (Wagner & Hanna, 1983), and pregnant women acquire the mother role by purchasing baby items (Sevin & Ladwein, 2008). Senior consumers have experienced various life events, which have diversified their life courses and influenced their current purchasing behavior.
However, this approach requires longitudinal data collection, which is time-consuming, costly, and demands special skills for qualitative analysis, making practical application challenging (Aoki, 2015b).
To address this challenge, this study examines the impact of life events on individuals’ perceptions of the future and explores their usefulness as segmentation indices. Life events alter consumers’ perceptions of the future along with their social roles. For example, the death of a relative or family member and the deterioration of one’s own or spouse’s health are triggers for initiating “Shu-katsu” (preparation for one’s death, such as disposal of household goods and the writing of wills)3). This change in perception is attributed to life events, altering one’s view of the remaining future. Since this perception is based on past or present experiences, it is expected to be a segmentation index that reflects the diverse life courses of seniors in terms of temporal extension. The following sections outline future time perspective and future self-continuity, which are perceptions of the future.
3. Future time perspective (FTP)Shopping involves an investment process that spans towards the future. However, traditional cognitive psychology research has often overlooked this aspect of consumer behavior. In practice, senior consumers have been portrayed as past-oriented and nostalgic (cf. Havlena & Holak, 1991), neglecting the potential future orientation of senior shopping, whether driven by positive or negative motivations. Nuttin (1984) introduces the concept of future time perspective (FTP) as pivotal in understanding future-oriented behavior.
FTP is defined as “a temporal perspective of the future that influences present behavior” (Lewin, 1939, p. 879). It has gained prominence in developmental psychology, particularly in conjunction with the socioemotional selectivity theory (SST) proposed by Carstensen and colleagues. According to SST, motivations and goals for behavior change significantly based on whether individuals perceive their remaining lifespan as expansive or limited (Carstensen et al., 1999). Those who perceive ample time ahead prioritize acquiring knowledge and preparing for the future, whereas others focus more on immediate emotional gratification. Notably, changes in motivations and goals due to FTP are influenced not only by aging but also by significant life events (Carstensen et al., 1999), shaping the life course, as discussed earlier. FTP can also be experimentally manipulated through scenario reading. Wei et al. (2013) and Williams and Drolet (2005) successfully manipulated participants’ FTP in experiments examining its impact on advertising claims and product evaluations.
This discussion suggests that (1) FTP, which reflects diverse life courses, can capture the diversity within the senior market and (2) enable exploration of the relationship between FTP and purchasing behavior. Moreover, (3) advertising messages can directly influence consumers’ FTP, potentially yielding favorable marketing outcomes. This study aims to elucidate (1) and (2). Consequently, the following research questions were formulated:
RQ1: Can FTP serve as a segmentation index reflecting the diversity of senior consumers?
The FTP scale developed by Carstensen and Lang (1996) comprises 10 items, including statements such as “Many opportunities await me in the future,” “My future seems infinite to me,” and “I have the sense time is running out.” In SST, FTP is treated as a unidimensional concept with two factors under debate: “opportunity focus,” viewing the future as full of opportunities, and “limitation focus,” viewing it as constrained (cf. Cate & John, 2007; Ikeuchi & Osada, 2014). Therefore, this study will also validate the factor structure of the FTP scale.
4. Future self-continuity (FSC)Like FTP, future self-continuity (FSC) has attracted attention as a determinant of present behavior, reflecting the strength of one’s psychological connection between one’s future and present selves (Bartels & Urminsky, 2015).
Prior research indicates that individuals with higher FSC exhibit lower time discount rates, demonstrating greater patience and a propensity to favor larger future rewards over smaller immediate rewards (Ersner-Hershfield et al., 2009). This underscores how deeply one’s perceived connection to one’s future self influences one’s willingness to delay current benefits. Like FTP, FSC is also subject to manipulation (cf. Bartels & Urminsky, 2011).
Studies have explored FSC among seniors as well. For example, Löckenhoff et al. (2011) reported that seniors exhibit lower time discount rates than younger adults do, with the relationship between biological age and time discount rates mediated by FSC. These findings suggest that continuity plays a crucial role in moderating the impact of biological aging on time preferences. Rutt and Löckenhoff (2016a) further reported a positive correlation between biological age and self-continuity, which was particularly pronounced over longer time horizons. In seniors, self-continuity is greater than it is in young adults, with the contrast being more pronounced over a 10-year span than over a one-month period. They attributed this to the relative stability of social roles and personalities in later life stages, which are less prone to change than those in earlier years. Thus, life events affecting social roles significantly shape people’s psychological structure and FSC, surpassing the influence of chronological age alone (Bartels & Rips, 2010).
Although studies on FSC among seniors exist, previous research has often treated seniors as a homogeneous group by comparing them with younger age groups. While specific life events such as employment, marriage, and childbirth occur less frequently in later years, seniors experience events such as the birth of grandchildren, spousal bereavement, or personal illness, which significantly influence FSC. These events’ presence, absence, and timing suggest that FSC could effectively reflect the diversity within the senior population. Therefore, similar to FTP, this study poses the following research questions:
RQ2: Can FSC serve as a segmentation index reflecting the diversity of senior consumers?
5. Relationship between FTP and FSCFTP represents an individual’s subjective evaluation of their remaining lifetime, while FSC indicates the extent to which they feel connected between their present and future selves. Although both concepts are related to future-oriented thinking, there are differing perspectives on their relationships. For example, Ishii (2015) reported a positive correlation between the “hope” factor of the temporal prospective experience scale (Shirai, 1994), akin to FTP’s “opportunity focus,” and the “continuity between present and future” factor of the temporal continuity scale, similar to FSC. Conversely, Rutt and Löckenhoff (2016b) identified FTP and FSC as distinct concepts in their empirical study on time perception, suggesting that there is no significant correlation between them. Furthermore, Löckenhoff and Rutt assumed a negative causal relationship between FTP and FSC (Löckenhoff & Rutt, 2017; Rutt & Löckenhoff, 2016a).
In this study, we hypothesize that FTP and FSC are independent of each other. Both can be influenced by life events; for example, college seniors nearing graduation may exhibit lower FSC (cf. Bartels & Urminsky, 2011). However, weak future self-connection does not necessarily imply a perception of limited remaining life. Ishii (2015), who reported the correlation between the concepts, also acknowledges “the existence of people who deny the present and hold hopes for the future that are far removed from the present” (p. 41). Thus, the ability to envision future outcomes differs fundamentally from the temporal extent of that future.
Assuming the independence of FTP and FSC, purchasing behavior may vary among senior consumers. Some may perceive ample remaining time in life without being personally engaged, whereas others might perceive their time as limited in a way that is deeply personal. Therefore, we pose the following research question:
RQ3: Do FTP and FSC interact to influence senior consumers’ purchasing behavior?
In this study, we analyze the purchase data of non-consumable goods to explore the relationship between the diversity of senior consumers and their purchasing behavior. Non-consumable goods in this context include clothing, shoes, bags, other accessories, and home appliances. Unlike consumable goods, which are used frequently and are easily disposed of, non-consumable goods are typically used over several years to decades and require careful consideration from purchase through use to disposal. Consequently, purchase decisions for non-consumable goods are seen as strongly influenced by individuals’ perceptions of the future.
The participants were women aged 65 years or older. Given women’s longer life expectancy compared to men, various life events are likely to occur at different times. Moreover, women tend to have larger and broader social networks in old age, which significantly influences their aging experiences (Shishido, 2006). As a result, the diversity among senior women is expected to be more pronounced. In our survey4) with senior women, we observed diverse purchasing behaviors: some were mindful of “Shu-katsu” and refrained from buying more furniture, whereas others did not delay their purchases or disposal of items.
A meaningful segmentation index identifies groups of consumers with homogeneous needs and reveals patterns of purchasing behavior. Therefore, by examining the relationships between FTP and FSC scores and actual purchasing behavior, we can verify their suitability as segmentation indicators. We used purchasing data to clarify the impact of FTP and FSC on the purchasing behavior of senior women.
A web-based survey was conducted for 4 days starting from July 31, 2018, targeting 199 women aged 65 years or older who had at least 10 years of purchase experience and had spent more than ¥500,000 in the past with Halmek Holdings Co., Ltd.5) (M=70.58, SD=3.74). This criterion ensured sufficient data for analysis. Since customers with low purchase frequency and amount might also shop elsewhere, capturing their actual consumption status is challenging, making analysis of heavy users more desirable. These customers represented approximately 20% of the company’s total mail-order customer base.
For FTP measurement, we used the Japanese version of the FTP scale by Ikeuchi and Osada (2014) with some modifications6). FSC was assessed using Euler circles based on Bartels and Urminsky (2011) (Figure 1). The participants rated their psychological connection to their future selves in five years in terms of health, financial situation, and lifestyle. After reverse scoring, the average of these ratings was used for analysis, where higher FSC values indicate a stronger connection with one’s future self. We subsequently collected purchase data from August 2018 to October 2018 (three months) from survey respondents. Of these, 96 customers (M=70.31, SD=3.70) who purchased at least one non-consumable item7) during this period were included in the analysis. We calculated the number and types of non-consumable items purchased, total number of items purchased, total purchase price, and average purchase price (total purchase price divided by total number of items purchased) for each customer and linked these data to the web survey results using customer IDs.
Euler circle used for FSC measurement
First, the factor structure of the FTP scale was examined using data from respondents to the web survey (n=199). Confirmatory factor analysis compared the one- and two-factor models, with the two-factor model demonstrating superior fit (Table 1). Although the RMSEA values were relatively high for the two-factor model, such values can be influenced by smaller sample sizes and degrees of freedom, necessitating a holistic assessment of model fit (Chen et al., 2008; Ikeuchi & Osada, 2014). Therefore, the two-factor model was adopted for subsequent analyses.
Comparison of one-factor and two-factor models of FTP in confirmatory factor analysis
Next, Cronbach’s alpha, average variance extracted (AVE), and composite reliability (CR) were calculated for the latent factors of FTP—specifically opportunity focus and limitation focus (Tables 2 and 3). The factor loadings exceeded .60 for all items. The opportunity focus of FTP met the criteria for AVE (≥.50) and CR (≥.60), indicating satisfactory convergent validity and reliability alongside the alpha coefficient. Conversely, the limitation focus exhibited an AVE slightly below the threshold and a lower alpha. The discriminant validity of the opportunity focus and limitation focus was assessed by comparing the square root of the AVE with the square of the correlation coefficient (−.57). The √AVE was .80 for opportunity focus and .69 for limitation focus, both of which exceed the square of the correlation coefficient. The FSC achieved an alpha of .82, indicating sufficient reliability.
Items and Cronbach’s alpha and factor loadings
Reliability and validity of FTP scale
These findings confirm the convergent validity, reliability, and discriminant validity of the opportunity focus scale within FTP. However, the limitation focus scale showed somewhat problematic convergent validity and reliability, as indicated by its lower alpha. Ikeuchi and Osada (2014) validated the two-factor model of the FTP scale through confirmatory factor analysis and Cronbach’s alpha but did not compare it with the one-factor model or evaluate its discriminant or convergent validity. The FTP scale’s stability is questionable due to ongoing debates about its factor structure and the unconfirmed discriminant and convergent validity of the Japanese version. Moreover, the scale’s development process remains unverified, as the original manuscript has not been published. Consequently, this study excludes the limitation focus of FTP and focuses on the opportunity focus, FSC, and their interactions, which have demonstrated reliability, convergent validity, and discriminant validity in previous analyses.
Subsequently, correlations among independent variables, including age as a segmentation criterion, were examined (Table 4).
Correlations among independent variables
A weak positive correlation was observed between opportunity focus and FSC, whereas the other variables exhibited minimal correlation.
Multiple regression analysis was then performed, with opportunity focus, FSC, and their interaction as independent variables and the log-transformed number of types of non-consumable goods purchased, total number of items purchased, total purchase price, and average purchase price as dependent variables, controlling for age.
Table 5 presents the results. All independent variables met the criteria for multicollinearity (All VIFs<1.17), and all models achieved statistical significance at the 5% or 10% level.
Multiple regression results for the non-consumable goods purchase data
Opportunity focus had a negative effect on the number of types of goods purchased, the total number of items purchased, and the total purchase value (ps<.01). In contrast, FSC had a positive effect on the number of types of goods purchased and the total number of items purchased. This suggests that as senior women perceive more time left in their lives, they are inclined to refrain from purchasing non-consumable goods. Conversely, a stronger connection to their future selves correlates with increased purchases in terms of the variety and quantity of such goods. Moreover, the interaction between opportunity focus and FSC significantly affects both total and average purchase prices. We conducted a simple slope analysis based on the 16th and 84th percentiles to examine the effect of opportunity focus on senior women with high and low FSC (Figure 2).
Interaction effects of FTP and FSC on total purchase price (log) and average purchase price (log)
The results showed that among senior women with high FSC (84th), opportunity focus had a negative effect on total purchase price and average purchase price (b=−.06, s.e.=.02, p<.01, 95% CI: −.09, −.02; b=−.03, s.e.=.01, p<.05, 95% CI: −.05, −.01, respectively). This finding indicates that those who feel deeply connected to their future selves tend to spend less on non-consumable goods when they perceive a longer life expectancy. In contrast, when they feel that they do not have much time left in their lives, they tend to spend more money on non-consumable goods.
Interpreting the findings from RQ1 and RQ2, opportunity focus and FSC significantly influence the purchasing behavior of non-consumable goods among seniors, and serve as segmentation indices that reflect the diversity among senior consumers. For RQ3, the results indicated an interaction effect between the total and average purchase prices, revealing distinct patterns in monetary spending behaviors.
Analysis of the purchasing data revealed that senior women with a longer-term future outlook tended to be less active in purchasing non-consumable goods. Conversely, these purchasing activities were positively influenced by FSC, alongside the intricate interaction between opportunity focus and FSC.
Acquiring non-consumable goods entails long-term planning: investing funds upfront, owning items for years to decades, and eventually responsibly disposing of them. Senior consumers, aware of their remaining lifespan regardless of its length, must grapple with complex considerations like financial prudence and future asset disposal. FSC gauges one’s readiness to shoulder such responsibilities—the future repercussions of present choices.
From the actual purchase data analysis, it appears that “senior women who feel closely connected to their future selves but perceive their time remaining as limited” are the most proactive in non-consumable purchases. Conversely, “senior women who feel a strong bond with their future selves and anticipate a lengthy lifespan” tended to restrain financial expenditures. According to a 2016 Cabinet Office survey8), the primary savings goal among women aged 65 and older is emergency preparedness. In the era of extended (100-year) life expectancy, this suggests that such seniors are preparing for the future by limiting current consumption. However, “senior women deeply connected to their future selves but foreseeing a short remaining time” may not curtail spending as significantly, viewing the risk of prolonged life as minimal.
Economic indicators that could impact purchasing were not included in this study. Thus, the negative impact of opportunity focus might reverse into a positive influence if factors such as savings amount are controlled. This implies that “senior women feeling a strong connection with their future selves and envisioning a long lifespan” might increase their purchasing activity if financial security alleviates concerns about future expenses. Further research is warranted to explore this aspect.
While interaction effects of FTP and FSC were noted in monetary expenditures, only main effects were observed for the types and quantity of goods purchased. This distinction suggests that senior women may hold differing perceptions regarding monetary versus goods-related expenditures.
This study contributes to three key areas. First, it introduces FTP and FSC as effective segmentation tools for senior consumers, integrating a life-course perspective. Traditional marketing and consumer behavior research often treat seniors as a homogeneous group while emphasizing their differences from younger consumers. In contrast, this study elucidates how FTP and FSC impact purchasing behavior, highlighting their utility as indicators for capturing the diversity among senior consumers. The life course approach demands substantial resources and expertise, making practical implementation challenging. Conversely, FTP and FSC, which reflect the influence of life events shaping the life course, can be measured at a relatively low cost, enhancing their practical applicability as segmentation indices. Second, the study confirms the robustness of the Japanese version of the FTP scale by comparing a one-factor model with a two-factor model. While the two-factor model demonstrated a better fit, some issues with the scale remain to be addressed. Third, the study distinguishes between the strength of connection to one’s future self and perceptions of remaining life expectancy as independent concepts, examining their separate impacts on purchasing behavior. The findings reveal an interaction effect between FTP and FSC, specifically on monetary expenditures for non-consumable goods.
While this study has yielded valuable insights, its exploratory nature imposes certain limitations. The sample was restricted to women aged 65 or older, potentially yielding different results for men. Research indicates significant disparities between senior men and women in terms of the size and scope of their social networks (Shishido, 2006), pivotal factors in their consumption patterns9). These gender distinctions might influence how FTP and FSC impact purchasing behaviors. Moreover, participants likely do not confine their shopping exclusively to a single company’s online platform; they probably utilize other online sites or physical stores. Additionally, the study analyzed a limited range of product categories. Future research should encompass a broader dataset, incorporating various retail formats beyond mail order. Furthermore, due to the lack of economic indicators, the study could not ascertain how FTP and FSC influence actual purchasing behaviors under controlled financial conditions. Third, concerning the Japanese version of the FTP scale, the RMSEA of the two-factor model slightly exceeded the criteria, indicating that there is potential for improvement. Additionally, the limitation focus did not achieve sufficient validity, possibly influenced by the sample composition. While Ikeuchi and Osada (2014), developers of the Japanese FTP scale, surveyed both men and women, this study included only women. These participants actively seek information, enroll in company customer programs, and engage in mail-order shopping, including online purchases. Compared with typical senior consumers, their heightened activity and expansive future outlook may have affected the validity of the limitation focus scale.
Despite these limitations, as an exploratory study, this research offers valuable insights for future investigations. The survey focused on non-consumable goods and measured FSC over a five-year period. However, this timeframe might not be ideal for assessing purchases expected to be used and owned for decades, such as homes. Thus, exploring how the durable lifespan of products relates to FTP and FSC’s influence on purchasing behavior remains an intriguing area for further exploration. Moreover, FTP and FSC can inform corporate communication strategies. Previous research has indicated that these factors are influenced not only by aging and life events but also by narrative scenarios. This suggests that strategic messaging in advertisements can shape consumers’ FTP and FSC, enhancing the effectiveness of communication efforts.
We would like to thank all Halmek monitors (Haltomo) for their cooperation in the survey. This work was supported by JSPS KAKENHI Grant Number JP19K13836.
The datasets analyzed in this work are not publicly available due to contracts with the data source.
This paper is based on an article that was originally written, accepted, and published (Vol. 42, No. 4) in Japanese. To commemorate the Honorable Mention 2023, the authors were invited to submit the English version of the article.
1) Statistics Bureau of Japan. (2022)
2) Ministry of Economy, Trade and Industry. (2022)
4) The study was conducted on 12 women aged 61–81 years on March 1, 2018.
5) Holding company of Halmek Holdings, Inc.
6) Specifically, speculative expressions were changed to declarative expressions.
7) Two researchers and one employee of Halmek, Inc., checked the names of products purchased and selected those considered to have a durable life of five years or more.
Yuriko Isoda
Yuriko Isoda completed a master’s degree in business administration at Hosei University and doctoral research supervision at the Graduate School of Commerce, Waseda University. She has served as an assistant at the School of Commerce, Waseda University, and as an assistant professor at Kochi University. She is currently an associate professor at the Graduate School of Business Administration, Osaka Metropolitan University, specializing in consumer behavior.
Rei Kudo
Rei Kudo graduated from the Department of Psychology, Faculty of Humanities and Science, Tokyo Women’s University. She earned a Ph.D. in humanities from the Graduate School of Humanities, Ochanomizu University. She has worked at Halmek Holdings Co., Ltd., and is currently a member of Dentsu Macromill Insight, Inc.
Naoto Onzo
Naoto Onzo graduated from the School of Commerce, Waseda University, and earned a Ph.D. in commerce from the Graduate School of Commerce, Waseda University. He is currently a professor at the School of Commerce, Waseda University, specializing in marketing strategy.
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