By Marlene L. Rossman
Discussing the industry of African-Americans, Asian-Americans, Hispanics and others, this article offers company humans the instruments to faucet into this profitable marketplace, from knowing variations between numerous teams to tailoring advertisements and items to focus on those markets.
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Even more important, all that may be needed to capture a new market is to make a segment aware that the product exists. To capture a market segment that doesn't read English well or that may not be aware of the range of financial services available in this country, Dreyfus Corporation, at its San Francisco investment center, offers a money market fund prospectus in Chinese. And the Colonial and Pioneer fund groups offer some sales literature in Spanish. Blacks, Asians, and Hispanics are not the only segments that are out there spending money.
He positions the soda as providing the taste of the tropics (home, to his customers) and uses its low price to differentiate it from the competition. Miller is going after a different niche or subsegment of the ethnic market with an apple-flavored drink, which is a favorite of Colombians and is popular among other Latin American immigrants. Clearly, companies of all sizes can profit from innovating, adapting, positioning, retrofitting, and promoting goods and services for ethnic and minority consumers.
Flori Roberts, an entrepreneur, was a pioneer in cosmetics for African-Americans; big companies have also jumped on the money wagon. In 1991 Prescriptives, Estee Lauder's slickly packaged cosmetic brand aimed at urban working women, launched All Skinsmakeup formulated for all skin colorsin Page 7 a direct appeal to ethnic women and attracted almost four thousand new customers a month. Although the often self-sufficient Chinatowns and Koreatowns still serve their communities, marketers are targeting these and other groups with goods and services designed and promoted with Asians' unique requirements and preferences in mind.
Multicultural Marketing: Selling to a Diverse America by Marlene L. Rossman