Market Potential for Minority Target Markets Sample

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

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