logo image

Market Potential for Minority Target Markets Essay

According to the United States Census Bureau, the three largest minority groups in the country as of 2008 constitute the Blacks, the Hispanics, and Asians. Based on the statistics of the growth of population of these minority groups, the number of Blacks, Hispanics, and Asians is expected to significant rise for the next thirty years, consequently affecting the racial composition of the total population in the U. S. (Day, 2008) The demographical, social, economic, and cultural dynamics of these three minority groups shall build the foundation of this research on market potential. *Total Population in the United States: 307,212,123

BLACKS TOTAL NUMBER IN THE U. S. 39,476,756 (The World Factbook, 2009) PERCENT OF THE TOTAL U. S. POPULATION: 12. 85% (The World Factbook, 2009) RATE OF GROWTH The rate of growth is 200% every ten years. (Day, 2009) AVERAGE HOUSEHOLD SIZE Average of four people per household. (U. S. Census Bureau, 2004. 2006) AVERAGE AGE Average age of 20-24 years old. (U. S. Census Bureau, 2004, 2006b) EDUCATION LEVEL FOR HIGH SCHOOL AND COLLEGE 7,624 (35. 8%) high school graduates out of 21,290; 5,784 (27. 18%) undergraduates out of 21,290; and 2,622 (12. 32%) college graduates out of 21,290 (U. S.

Need essay sample ? We will write a custom essay sample specifically for you for only $ 13.90/page

Census Bureau, 2004, 2006c)

AVERAGE OR MEDIAN INCOME LEVELS $10,000 TO $14,999 annually (U. S. Census Bureau, 2004, 2006d) GEOGRAPHIC LOCATION Southern states (Mississippi, Louisiana, Georgia, Maryland, South Carolina, Alabama). (U. S. Census Bureau, 2007) PURCHASING HABITS Housing (sound systems, washing machines, dishwashers, Internet services, and sports and recreation), food, transportation, clothing, and health care. (Laney, 2008); Procter & Gamble, Johnson Publishing Co. , General Motors, Corp. (Magazine Publishers of America, 2008) PURCHASING POWER 965 Billion in 2009 (Laney, 2008) BEST MEDIA TO USE TO TARGET THE GROUP

Radio and Cable television (Laney, 2008); Online advertising and college paper ads, especially for undergraduates (Weil, N. D. ) HISPANICS TOTAL NUMBER IN THE U. S. 46,389,030 (The World Factbook, 2009) PERCENT OF THE TOTAL U. S. POPULATION 15. 1% (The World Factbook, 2009) RATE OF GROWTH The rate of growth shall increase 200% every ten years. (Day, 2009) AVERAGE HOUSEHOLD SIZE Average of 3. 5 members per household. (Hernandez, 2004) AVERAGE AGE Average of 26. 7 years (“Hispanic Demographics-Part 1,” N. D. ) EDUCATION LEVEL FOR HIGH SCHOOL AND COLLEGE 10. 9 million from primary to secondary education; and 1.

9 million are in college (Kohler & Lazarin, 2007) AVERAGE OR MEDIAN INCOME LEVELS Over $40,000 annually (“Hispanic Demographics-Part 1,” N. D. ) GEOGRAPHIC LOCATION California, Texas, and Florida (The U. S. Census Bureau News, 2008) PURCHASING HABITS Technology (Internet Connection, personal computers, music downloads, etc. ) and Food. (Felsch, 2006) PURCHASING POWER The purchasing power of Hispanics grows steadily increases by 300% due to the rapid increase in the growth of Hispanic population. In 2003, the purchasing power of Hispanics totaled to $653 billion. (“Hispanic Demographics-Part 1,” N. D. )

BEST MEDIA TO USE TO TARGET THE GROUP Radio and Direct Mail (Burelles Luce, 2007) ASIANS TOTAL NUMBER IN THE U. S. 13,609,497 (The World Factbook, 2009) PERCENT OF THE TOTAL U. S. POPULATION 4. 43% (The World Factbook, 2009) RATE OF GROWTH The rate of growth shall increase by 100% every ten years. (Day, 2009) AVERAGE HOUSEHOLD SIZE Average household size of three members. (Reeves & Bennett, 2004) AVERAGE AGE Average age of 30. 5 years old. Facts for Features, 2007) EDUCATION LEVEL FOR HIGH SCHOOL AND COLLEGE 86% of total population has high school diploma; and 49% of total population has a college degree. (Facts for Features, 2007)

AVERAGE OR MEDIAN INCOME LEVELS Average income of $61,094 annually. (Facts for Features, 2007) GEOGRAPHIC LOCATION California, New York, Texas, & New Jersey. (Facts for Features, 2007) PURCHASING HABITS Housing, transportation, food, health care, and entertainment. (U. S. Department of Labor & U. S. Bureau of Labor Statistics, 2005) PURCHASING POWER $579 billion in 2010. (Kvicala, 2005) BEST MEDIA TO USE TO TARGET THE GROUP Online advertising and television. (Santoro, 1996) References Burrelles Luce. (2007). Top Five Tips for Reaching the Growing Hispanic Market. Retrieved 29 Apr 2009, from Burrelles Luce.

Website: http://www. burrellesluce. com/newsletter/default_oct07. php Day, J. C. (2008). National Population Projections. Retrieved 29 Apr 2009, from the U. S. Census Bureau. Website: http://www. census. gov/population/www/pop-profile/natproj. html Facts for Features. (2007). Retrieved 29 Apr 2009, from the U. S. Census Bureau. Website: http://www. census. gov/Press-Release/www/releases/archives/facts_for_features_special_editions/009714. html Felsch, S. (2006). The U. S. Hispanic Market. Retrieved 29 Apr 2009. Website: http://www. ajwwarehousing. com/uploads/mz/0B/mz0BZg7ZBUki4kSkbjvWiQ/Hispanic-Market-Report—Full.

pdf Hernandez, N. (2004). Search Engine Marketing for the U. S. Hispanic Market. Retrieved 29 Apr 2009, from iHispanic Marketing Group. Website: http://www. ihispanic. com/iHispanic%20Marketing%20Group%20-%20Search%20Engine%20Marketing%20to%20the%20U. S. %20Hispanic%20Market. pdf “Hispanic Demographics-Part 1. ” (N. D. ) Retrieved 29 Apr 2009, from Ahorre. com. Website: http://www. ahorre. com/hispanicinfo. htm. Kohler, A. D. & Lazarin, M. (2007). Hispanic Education in the United States. Retrieved 29 Apr 2009, from National Council of La Raza. Website: http://www. nclr. org/files/43582_file_SB8_HispEd_fnl. pdf

Can’t wait to take that assignment burden offyour shoulders?

Let us know what it is and we will show you how it can be done!
×
Sorry, but copying text is forbidden on this website. If you need this or any other sample, please register
We use cookies to give you the best experience possible. By continuing we’ll assume you’re on board with our cookie policy