Minority Research Paper
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.
• The total numbers in the US is 42 million (“United States Census Bureau”).
• African Americans make up 13.6% of the total US population (“United States Census Bureau”).
• The rate of growth for this minority group from 2000 to 2010 was 15.4% (“United States Census Bureau”).
• The average household size is 2.7 (“United States …show more content…
The Asian American population is growing faster than the total population due to immigration. It’s growing even faster than the Hispanic group and is the fastest growing ethnic group in the US (“Multi-Ethnic Demographics”). The overall business potential for this minority group is very high because Asian Americans are more likely to be rich than any other minority consumer. That is because they are better educated, even more so than the average American. They are in a lot of top-level jobs and have high specialties. Their buying power is very high and continues to grow. Currently, they spend more than $500 billion annually and their buying power is projected to reach up to $697 billion by the year 2014 (Lasonsky).
Much of the valuable market segment is still underestimated and overlooked. That’s why it is important to dig in to this market and develop a great marketing strategy. This group spends more on education, housing, and food than the average US household. As a