Executive Summary of the Hispanic Market

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Executive Summary of the Hispanic Market “Latinos are changing the way the country looks, feels, and thinks, eats, dances, and votes. From teeming immigrant meccas to small-town America, they are filling churches, building businesses, and celebrating this Latin heritage.... In America, a country that constantly redefines itself, the rise of Latinos also raises questions about race, identity, and culture – and whether the United States will ever truly be one nation.” (Larmer, pg. 50) This passage aptly describes the dawning of a new ‘enlightenment’ era in the United States. Marketers are beginning to focus on an emerging market known as the Hispanic/Latino community. The sheer strength of the Hispanic market can no longer be avoided as marketers are realizing that traditional methods of reaching a generalized market segment do not apply to the complex Hispanic culture. In the last half of the 20th century, the size of the Hispanic market in America grew exponentially. Traditional attempts to capitalize on the Hispanic market failed in large part to stereotypes and cultural myths. A new focus was necessary to attract, reach and retain the market. In order tackle this potentially lucrative market, marketers need to understand the cultural attributes that define the Hispanic market. Their primary focus is to understand the statistical values that characterize the group. Census figures over the last thirty years clearly illustrate a pattern of growth, not only in population, but in wealth and education as well. Clearly, this is becoming a stronger, savvier and better-educated market. As marketers become better acquainted with the Hispanic market, they have found several attributes that are typical of the Hispanic culture and influence in America. They first need to understand that the term “Hispanic” is a broad generalization of several cultures and races, each with distinct characteristics and values. Once an understanding that many subcultures encompass the Hispanic community, marketers can disseminate the target market and address those characteristics shared amongst the Hispanic community. Level of acculturation, brand loyalty, language, religion and a strong sense of family are those shared traits that need further study in order to properly understand what Hispanics believe, care for and personify. Once a deeper comprehension of the Hispa... ... middle of paper ... ...d Asians. New York, NY: American Marketing Association. 1987. Guernica, Antonio. Reaching the Hispanic Market Effectively; The Media, the Market, the Methods. New York, NY: McGraw-Hill Book Co. 1982. Larmer, Brook. Latino America. Newsweek, July 12, pg. 50-58. 1999. Noriega, Chon and Ana M. Lopez, Eds. The Ethnic Eye: Latino Media Arts. Minneapolis, MN: University of Minnesota Press. 1996. “Riverside” Webster’s Tenth New Collegiate Dictionary. 1998 Rodriguez, America. Making Latino News; Race, Language, Class. Thousand Oaks, CA: Sage Publications. 1999 Roslow, Peter, and Janel Therrien Decker. A Guide to Building Market Dominance: Case Histories in Hispanic Marketing. Roslow Research Group Inc., 1998. United States Census Bureau. “Census 2000”. Washington: Census.gov. 2002. http://www.census.gov. (30 Sep. 2002) United States Census Bureau. “Historical Income Tables-Households”. Census.gov. 2002. http://www.census.gov/hhes/income/histinc/h05.html. (30 Sep. 2002) Valdes, M. Isabel. “Marketing to American Latinos; A Guide to the In-Culture Approach”. Ithaca, NY: Paramount Market Publishing, Inc. 2000. Whitefield, Mimi. “Mining the Market” The Miami Herald 17 Oct. 2001, C1+

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