Final answer:
Baby Boomers is the term given to the group of people born between 1946 and 1964. They have influenced the market and redefined what it means to grow old.
Step-by-step explanation:
The term given to the group of people born between 1946 and 1964 is Baby Boomers. The Baby Boom generation was the first group of children and teenagers with their own spending power and marketing power. They have redefined what it means to be young, middle-aged, and old, and have influenced the development of products designed to counter aging effects. Baby Boomers are considered to be in their 'later life' or 'the third age'.