Market Potential for Minority Target Markets
According to the United States Census Bureau, the three largest minority groups in the country as of 2008 constitute the Blacks, Hipics, and Asians. Based on the statistics of the growth of the population of these minority groups, the number of Blacks, Hipics, and Asians is expected to significantly 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 | The 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. 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. ) |
| Hipics 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 by 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 (“Hipic 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 (“Hipic 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 Hipics grows steadily increases by 300% due to the rapid increase in the growth of the Hipic population. In 2003, the purchasing power of Hipics totaled to $653 billion. (“Hipic 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 | The average age of 30. 5 years old. (Facts for Features, 2007) |
| Education Level For High School And College | 86% of the total population has a high school diploma; and 49% of the total population has a college degree. (Facts for Features, 2007) |
| Average Or Median Income Levels | The 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) |
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References:
- Burrelles Luce. (2007). Top Five Tips for Reaching the Growing Hipic 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. Hipic Market. Retrieved 29 Apr 2009. Website: http://www. ajwwarehousing. com/uploads/mz/0B/mz0BZg7ZBUki4kSkbjvWiQ/Hipic-Market-Report---Full. pdf Hernandez, N. (2004).
- Search Engine Marketing for the U. S. Hipic Market. Retrieved 29 Apr 2009, from iHipic Marketing Group. Website: http://www. ihipic. com/iHipic%20Marketing%20Group%20-%20Search%20Engine%20Marketing%20to%20the%20U. S. %20Hipic%20Market. pdf “Hipic Demographics-Part 1. ” (N. D. )
- Retrieved 29 Apr 2009, from Ahorre. com. Website: http://www. ahorre. com/hipicinfo. htm. Kohler, A. D. & Lazarin, M. (2007).
- Hipic 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 Kvicala, J. (2005).
- Buying Power of U. S. Minorities Continues Upward Climb, Says University of Georgia’s Selig Center for Economic Growth. Retrieved 29 Apr 2009, from The University of Georgia. Website: http://www. terry. uga. edu/news/releases/2005/minority_buying_2005. html Laney, M. J. (2008).
- Let’s Go Shopping: Purchasing Habits of African American Consumers. Retrieved 29 Apr 2009, from the American Advertising Federation. Website: http://www. chattadfed. com/library/Downloads/Purchasing%20Habits%20of%20African%20American%20Consumers-%20AAF. ppt. pps. Magazine Publishers of America. (2008).
- African-American/Black Market Profile. Retrieved 29 Apr 2009 from Magazine Publishers of America. Website: http://www. magazine. org/ASSETS/2457647D5D0A45F7B1735B8ABCFA3C26/market_profile_black. pdf Reeves, T. J. & Bennett, C. E. (2004).
- We the People: Asians in the United States. Retrieved 29 Apr 2009, from the U. S. Census Bureau. Website: http://www. census. gov/prod/2004pubs/censr-17. pdf
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Market Potential for Minority Target Markets. (2018, Jun 14). Retrieved from https://phdessay.com/market-potential-for-minority-target-markets/
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