The Effects of Ethnic Marketing on the Economy

The Effects of Ethnic Marketing on the Economy

Introduction

The contemporary markets of the US are becoming more diverse ethnically having more idiosyncratic customs and values amongst the several ethnic communities. This heave of ethnic populace is forming extensive range of opportunities in marketing with escalated power of purchasing amongst the ethnic markets. Therefore, the marketers in the US are trying to their best for enticing these profitable ethnic markets by setting out effectual strategies of marketing. Individuals usually live constrained by their culture and in the US, cultural diversity considerably impacts, the way ethnic customers process and perceive the advertised messages. Such a thorough comprehension of the differences in sub-cultures would assist the marketers in understanding the way these differences impact the communication patterns and marketing activities, and this would assist in identifying the significant behavioural and attitudinal features which make up the unique sub-cultural markets. The planning for ethnic marketing, in this sense, is comparable to the planning for international advertising where it is necessary for the marketers to decide the extent to which international campaigns must be attuned for meeting the differences in cultures within the local markets.

Ethnic marketing

Ethnic direction, in actual, is the course of marketing activities in the US on the subject of a particular nationality or minority group which is allied to a greater community. The efforts of ethnic marketing are expounded in the target group's language, and the media employed for the purpose of promotion or advertisement is generally the one that is commonly employed by the members of that group, like the Asian or Spanish television stations, or Russian or Hebrew language newspapers. Almost five hundred thousand colonists, from several ethnic milieus, in the 1980s, accounted for twenty percent of the entire growth of population in the US every year. This had led to the formation of new outlets for the dealers of different products like furniture, food, clothing, etc, which may be particularly designed for the purpose of appealing to some of these groups.

Impact of ethnic marketing on Economy

Hallmark, realizing the role of culture, ethnicity and language in appealing the consumer dollars, now produces cards in Japanese and Spanish, whereas the Bank of America has put into practice, automatic teller machines having instructions in Spanish along with the brochures in Spanish language for supporting its efforts of marketing to the Hispanic consumers. The telephone banking system of Questar Bank is programmed in Korean, English and Spanish. Peoples Bank of Connecticut vends credit cards on low interest on the television speaking in Spanish, and the First Consumer National Bank has a Spanish bank of mirror image having its individual MasterCard “Adelanto” (Guilherme & John, 2005).

Talking about the television stations, AT&T runs print and broadcast advertisements which reach to thirty distinct cultures in twenty distinct languages, whereas Sprint and MCI also show advertisements in a number of Asian languages. As stated by Jacqueline Morey, the AT&T Director of Multicultural Marketing, “Marketing these days is part ...