Introduction
To prepare Minority Report on purchasing power and market potential for the 3 largest minority target markets it needs to consider three minority groups such as black, Asians and Hispanic Group, and necessary to discuss total number in the US, percent of the total US population, rate of growth, average household size, average age, Education, average income levels, Geographic location, purchasing habits and best media to use to target each group.
Black
The blacks are approached from the slavery process from Africa and Middle East. Total number of people in the USA of racial group has increased to more than 100 million. It is 1/3 of the total population. The income level for males and females is $27,110 and $22328. The growth rate is 3.4%. About 1/3 lived in metropolitan area. The consuming foods item are favorites to them. The best media to reach them is advertisement and television. Average age of male is 75 years and female is 69 years. At least 26% of all Asians completed their graduation and at least 11% have not been completed the 9th grade. The purchasing power is not quite good as the off job service is more. 68% of disposable income is expensed for staple goods.
Asians
The Asia- Pacific region’s population is mostly concentrated to USA. Before 1897 the Asians were brought as slaves. Asians are the second growing fastest-growing in terms of minority group. The growing rate is 3.2% and total population is 14.9 million. The income level for males and females are 36,152and 25285 in US dollars. About 45% of total Asians live in non-metropolitan area. Own occupied household size is only 30%.
The most useable item is technology products. 45% of total income is expensed on staple goods. Best media is TV to reach to them. Average age of male is 70 years and female is 64 years. At least 25% of all Asians completed their graduation and at least 20% have not been completed the 8th grade.
Hispanic Group
Hispanic group is composed of from Spain, Latin America and Mexico. The Hispanic group’s population is increased to 44.3 million. The percentage is 14.8% among total population. Hispanic householders consisted of 5 or more people. Family household with two people is about 21.7%. More than 2 in five people have not completed graduation.
More than one quarter have not completed 9th grade of schooling. 44.7 % in the west and 7.9 % in the west. 46.4% of total Hispanic lives in metropolitan area. 8.5% lives in non-metropolitan area. 19.4% of Hispanics like to work in service industry. 63% of total population expenses their income on technological goods and rest of the amount is expensed on staple and entertainment items. At least 45% of all Asians completed their graduation and at least 5% have not been completed the 8th grade. The income level for males and females are 23,613 and 22941 in US dollars. Average age of males is 79 years and female is 72 years.
The minority population in US is undergoing a dramatic expansion, provided that a potential source of retail growth for financial institutions. Bank and other business depending on their business model and targeted customer base, they are using various approaches to reach minority consumers. In order to grow minority markets their products, services, and marketing strategies play a vital role. For example the purchasing power of black is not quite good only 68% of disposable income is expensed for staple goods. However service providers always consider their needs.
Bibliography
Kotler, P. and Armstrong,. G. (2007), Principles of Marketing, 12th edition, Prentice Hall of India, Page-194-233, ISBN 0131659030.
Schoendorf K, Hogue C, Kleinman J, Rowley D. Mortality among infants of black as compared to white college-educated parents. N Engl J Med. 1992;326:1522–6.
Griffin, R. W. (2006), Management, 8th Edition, Houghton Mifflin Company, Boston New York, ISBN: 0-618-35459x.