Last Updated 28 Aug 2020

Market Potential for Minority Target Markets Sample

Category Target Market
Essay type Research
Words 742 (2 pages)
Views 371
Table of contents

According to the United States Census Bureau, the three largest minority groups in the country as of 2008 constitute the Blacks, the Hipics, and Asians. Based on the statistics of the growth of population of these minority groups, the number of Blacks, Hipics, 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

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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. 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 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 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

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 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

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Market Potential for Minority Target Markets Sample. (2018, Sep 01). Retrieved from https://phdessay.com/market-potential-for-minority-target-markets-2/

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