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African, Hispanic, and Asian Americans as Consumers |
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Virtually every major company in the U.S. wants to sell their products and services to
Ethnic minorities, including African, Hispanic (Latino), and Asian Americans.
Why? They recognize the
need for ethnic marketing because people of color are a huge source of potential
business. According to the Selig Center for Economic Growth, African, Hispanic
(Latino), and Asian Americans spent $1.6 trillion
in 2003. This is almost
triple what it was in 1990.
It is important for African, Hispanic (Latino), and Asian Americans to realize that
they have tremendous buying power and often have choices about who they buy their products
and services from. It would seem logical that African, Hispanic (Latino), and Asian
Americans should spend their money with companies who do the most for African, Hispanic
(Latino), and Asian Americans by:
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Having a racially diverse workforce
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Promoting African, Hispanic (Latino), and Asian Americans to the highest ranks of
management within the company
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Having African, Hispanic (Latino), and Asian Americans serve on its Board of Directors
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Doing business with businesses owned by African, Hispanic (Latino), and Asian Americans
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Contributing to community-based organizations that serve the Ethnic minorities
communities
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