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One purpose of the Multicultural Economy report (by the Terry School of Business, University of Georgia) is to help businesses tailor marketing, products, and media strategies to specific racial and ethnic consumer segments as the U.S. market becomes more diverse.

Segmenting the market (marketing) is expensive.  There can be additional costs associated with: 

The value proposition expresses what the new product will do for the customer, i.e. its features, functions, and benefits.

Undifferentiated marketing targets the entire market with a common message. This is also known as mass marketing. 

Psychographic is the customer segmentation type that focuses on the known preferences and behaviors of an individual customer or a unique group of customers.

Purchasing power is the amount of money that a person or group has available to spend. As inflation decreases, consumer purchasing power decreases.

The ______________ market is the largest minority market in the U.S. and continues to expand briskly. The group’s spending power grew to $1.9 trillion in 2020, an increase of 87% from 2010.

In class, our examples of Product Failures included:

In our class discussion, the Big Mac (by McDonalds) was highlighted for customer segmentation in both marketing and in product development. 

You are the top Marketing executive for General Motors (a U.S. auto manufacturer).  Estimated at 23 million, the Asian American population is large and it is growing.  Describe the steps you would take to create a new marketing / advertising campaign to target this specific customer group (to sell more cars and trucks to this group). (Marketing)