The new bottom line: to reach ethnic markets, you need to fine-tune your marketing strategy and appreciate the power of diversity.In the 21st century, business and institutional diversity initiatives dramatically determine bottom line survival and growth. Diversity affects every area of a company's business from product placement and promotion to the new hire. Today, the multi-ethnic consumer market approaches $1 trillion. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the U.S. Census, by 2040, ethnic minorities including African Americans African American Multiculture A person having origins in any of the black racial groups of Africa. See Race. , Hispanics and Asian Americans This page is a list of Asian Americans. Politics
Valuing diversity by targeting ethnic markets for product or service consumption is profitable for those companies that seek the advantage. As many are discovering during this recession, ethnic marketing is the domestic economic frontier for sales growth. Capturing market share with a dramatically changing demographic consumer base may require linking your business marketing effort to your employee diversity goals. In plain English Plain English (sometimes known, more broadly, as plain language) is a communication style that focuses on considering the audience's needs when writing. It recommends avoiding unnecessary words and avoiding jargon, technical terms, and long and ambiguous sentences. , customers like to shop where they see some folks who look like them. Brand loyalty is high among minority market segments. For the past 30 years if not earlier, minority markets generally purchased food, beverages, cars and major household items based on corporate community visibility. Cigarette and beer companies are a double-edged example of this practice. Long before it was trendy for companies to sponsor the favorite athletic or social event of their target market, cigarette and beer companies successfully launched aggressive community outreach campaigns to capture African-Americans and Hispanic markets. No event was too small or too big to underwrite To insure; to sell an issue of stocks and bonds or to guarantee the purchase of unsold stocks and bonds after a public issue. The word underwrite has two meanings. . From providing uniforms for softball softball, variant of baseball played with a larger ball on a smaller field. Invented (1888) in Chicago as an indoor game, it was at various times called indoor baseball, mush ball, playground ball, kitten ball, and, because it was also played by women, ladies' teams at recreational centers to underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. major social and civil-rights events, these product-driven companies, in many cases, made the difference between whether certain community programs continued or were eliminated when government funding dried up. Minority communities today demonstrate consistent brand loyalty to these companies who "pioneered" community partnership to such an extent that the venerable NAACP NAACP in full National Association for the Advancement of Colored People Oldest and largest U.S. civil rights organization. It was founded in 1909 to secure political, educational, social, and economic equality for African Americans; W.E.B. Du Bois and Ida B. kept a low profile during the early '90s when a major cigarette company was "under fire" in deference to that company's financial sponsorship of critical "social" programs for over 30 years. Reaching ethnic markets requires professional understanding of diverse cultural customs and how the intended business product or service is perceived by the customer as an individual and as a member of the ethnic community. Too often when businesses and corporations undertake ethnic market initiatives, the program is understaffed and under-budgeted. Successful multi-cultural market initiatives are characterized char·ac·ter·ize tr.v. character·ized, character·iz·ing, character·iz·es 1. To describe the qualities or peculiarities of: characterized the warden as ruthless. 2. by seasoned creative leadership that strategizes outside of the box, policy approval and support from senior management at the CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and chairman level, a realistic budget and timeline and a built-in evaluation process. Profitable ethnic market campaigns can become paradigms for new market approaches within major market niches. Worth noting Only 49 percent of U.S. Internet users Internet user n → internauta m/f Internet user Internet n → internaute m/f made an online purchase during 2001, but that's up from 32 percent in 1999. Source: Intermarket Group Marketing online Visit the Detroiter online for these additional marketing articles. Go to www.detroitchamber.com and click "Detroiter" on our home page. Why public relations public relations, activities and policies used to create public interest in a person, idea, product, institution, or business establishment. By its nature, public relations is devoted to serving particular interests by presenting them to the public in the most and marketing are vital in an economic downturn By Cindy Orlandi, senior account supervisor, Eiler Communications Retaining and growing business with your existing customers By Mike Verville, president, Ideas & Images By the numbers African-American buying power--$600 billion Hispanic buying power--$383 billion Asian-American buying power-$229 billion Sources: U.S. Census Bureau Noun 1. Census Bureau - the bureau of the Commerce Department responsible for taking the census; provides demographic information and analyses about the population of the United States Bureau of the Census , U.S. Department of Commerce, U.S. Small Business Administration Clip and save--Tools for researching ethnic markets The Detroit Regional Chamber's diversity partners are valuable resources for ethnic marketing American Arab Chamber of Commerce Nasser Beydoun, executive director (313) 945-1700 www.americanarab.com Asian Pacific American Chamber of Commerce Marisa C.Y. Ming, executive director (248) 299-2712 www.asianpacc.com Booker T. Washington Business Assn. William Ross William Ross may refer to:
(313) 875-4250 Hispanic Business Hispanic Business, Inc. is a media company based in Santa Barbara, California, in the United States of America. Founded by Jesús Chavarría in 1979, Hispanic Business, Inc. publishes information for and about Hispanic professionals and entrepreneurs. Alliance Frederick Feliciano, president (313) 884-8200 www.hbaweb.org Michigan Hispanic Chamber of Commerce Charles Diez, chairman (248) 208-9915 www.mhcc.org National Assn. of Women Business Owners-Greater Detroit Chapter Carole R. Gove, executive director (313) 961-4748 www.nawbogreaterdetroit.org These Websites offer a variety of information on ethnic markets and marketing. Multicultural www.tmaonline.net www.targetmarketnews.com www.ethnicmajority.com/demographis-home.htm www.jointcenter.org African-American home.earthlink.net/-anthony/africa.ht newblackvoices.com www.blackplanet.com www.blackjournalism.com/newpage22htm www.aawc.com/aap.html www.nabj.org Asian www.janet.org/-ebilhara/wataru_aacyber.html goldsea.com/AAD/aad.html www.asian-nation.org/history4html newton.uor.edu/Departments&Programs/Asian www.asianamerican.net www.webasiana.net Hispanic www.hmweekly.com hispanic-research.com/page11.html www.hispanic-market.com www.hacr.org www.nhli.org www.nahj.org For direct access to these Websites, including site descriptions, go to www.detroitchamber.com and click " Detroiter" on our home page. Laura R Moseley, J.D., is a vice president at Caponigro Public Relations Inc., a Gold-level member of the Detroit Regional Chamber. |
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