Minority Research Paper - 1715 Words

Description of the Market Market specifics need to be carefully analyzed and marketers should become familiar with the data for each. In order to market a brand or specific goods/services, marketers should be sensitive to each group and shouldn’t be afraid to tap into each market. Below is information on the three largest minority groups in the United States and what each one prefers. African Americans †¢ The total numbers in the US is 42 million (â€Å"United States Census Bureau†). †¢ African Americans make up 13.6% of the total US population (â€Å"United States Census Bureau†). †¢ The rate of growth for this minority group from 2000 to 2010 was 15.4% (â€Å"United States Census Bureau†). †¢ The average household size is 2.7 (â€Å"United States†¦show more content†¦Ã¢â‚¬ ¢ The median age for Hispanic Americans is 27 (â€Å"United States Census Bureau†).. †¢ The percentage of Hispanic Americans 25 and older that hold a bachelors degree or higher is 13% (â€Å"United States Census Bureau†). That is the lowest amongst the three groups. †¢ The median income per year was $37,759 (â€Å"United States Census Bureau†). †¢ Hispanic Americans are concentrated in the South and the West geographically. About 50% of the population lives in California, Texas, and Florida. California has the highest than any other state, which is 14 million (â€Å"infoplease†). †¢ Examples of brands that have a higher than average purchase rate among Hispanic Americans are Corona, Sunsilk, OPI, Ouidad, and Goya (Genuario). †¢ Specific products that have above average usage for this group are small appliances, footwear, furniture, and food. †¢ The best media to use in order to target this group is through Spanish television networks and printed media. BUSINESS POTENTIAL African American: The African-American community is a very important market because of their great spending trends and buying power. Their buying power is estimated to reach $1.1 trillion in a few years (â€Å"Multi-ethnic Demographics†). This ethnic group consists of 43 million individuals and marketers should be worried if they haven’t tapped into this ever-growing market (â€Å"United States Census Bureau†). African-Americans are one of the most brand loyalShow MoreRelatedMinority Research Paper2766 Words   |  12 PagesPRINCIPLES OF MARKETING - MKTG_310_C_12-53 February 7th, 2013 Minority Research Paper # 1 HISPANIC AMERICAN Question: Total numbers in the U.S. Answer: 52.0 million is the estimated Hispanic population of the United States as of July 1, 2011 Question: Percent of the total U. S. population Answer: 63% of Hispanic-origin people in the United States who were of Mexican background in 2010. 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