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MULTI CULTURAL MARKETING
Multicultural Marketing - Products and Services
African Americans, Asians, Native Americans and Hispanics are members of America's multicultural society and together wield formidable economic clout. Multicultural marketing strategies, as an increasingly popular aspect of company sales, are widely used by major U.S. corporations to increase customer loyalty and brand identification. Combined, Hispanics, Asian-Americans and African-Americans account for about one-third of the U.S. population. It is projected that by 2040, these groups will represent half of the American marketplace. The general consensus is that retailers and consumer products companies that respond to this growth will grow their businesses in the process.
A recent study conducted by the Selig Center at the University of Georgia projects that Hispanics will surpass African Americans as the number one minority consumer spending group in 2007 at an estimated $863 billion dollars. Blacks are projected to spend approximately $847 billion during the same time period. The Selig Center study also predicts that minority buying power in five years will triple what it was in 1990, indicating continuing major economic strides among blacks and Hispanics.
Among Asian Americans, it is anticipated that buying power will nearly quintuple, climbing from $117 billion in 1990 to $397 billion in 2005, and to $579 billion in 2010. The numbers for Native Americans with regard to economic spending power show that Native American buying power will rise from $19.7 billion in 1990, to $51.1 billion in 2005, and to $69.2 billion in 2010, which represents an increase of 251 percent in two decades
Several basic ideas about a practical business approach to multicultural marketing are outlined in Principles and Recommended Practices for Effective Advertising in the American Multicultural Marketplace - a set of guidelines developed by the American Advertising Federation - that address issues involving multiculturalism. Also known as the Mosaic Principles & Recommended Practices, these basic guidelines for effective marketing to multicultural markets involve (a) commitment to seeking opportunities for growth in multicultural markets, (b) generating ideas and profits while practicing inclusiveness and fairness, and (c) requiring accountability and measurable results.
For companies and businesses interested in expanding their share of the multicultural market, there are several key activities that not only make sense, but that also can lead to higher profitability through increased sales.
- Conduct brand consumer audits
- Commission additional customized consumer research from multicultural and traditional research companies.
- Encourage business partners, vendors and suppliers to implement multicultural recruitment and human resource development initiatives.
- Establish segment-specific revenue goals with corresponding incentives for growing emerging growth market business; tie these goals to growing total business.
Americal Advertising Federation (1999). Principles and Recommended Practices for Effective Advertising in the American Multicultural Marketplace.
Liston W. Bailey is an educator and training specialist living in Virginia.
Article Source: http://EzineArticles.com/?expert=Liston_Bailey
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