Question

1. Do you consider the Hispanic market in the U.S. different from or similar to other markets in the U.S? WHY? Explain your answer utilizing economic, social, political, cultural and/or historical arguments.
2. How adaptive have to be, if any, TV broadcasting, radio broadcasting, print media, and social media for Hispanic markets in the U.S.? WHY? Provide credible arguments in support of your answer.

Answer 1

Hispanics made up about 18% of the USA population in 2016; the population growth of USA can largely be attributed to the growing Hispanic population. As such,the Hispanic market is considered important for marketeers. Even as Hispanics have been part of the USA for decades and have significantly contributed to the economy, there are still differences in cultures and values that need to be addressed carefully.

Hispanics differ in their tastes and preferences from their American counterparts, promoting marketers to formulate different marketing strategies to sell their products. Hispanics, for instance, are known to be tech savy and engage in online purchases more frequently. Hispanics are heavy mobile users and engage in social networking. The median age of America born Hispanics is 18 and as young adults are likely to influence the buying decisions of their parents, marketers need to explore ways to tap into this segment by capitalising on the strengths of this medium.

The language barrier is slowly declining as more and more Hispanics are becoming English proficient. However, there is a segment that still speaks only one language (Spanish). Thus, it is important for marketers to convey their advertisements in both the languages to ease communication.

Hispanics are known to bring music in almost every aspect of their lives. As such, by including the element of music in their marketing strategies, marketers can effectively influence their buying behavior and create a profitable market segment.

Hispanics, particularly women, are known to be trend setters when it comes to fashion and have increasingly become breadwinners and purchase decision makers in their homes. As such, identifying this large segment can enable marketers to expand their business in the long run.

Soccer is another aspect of the Hispanic culture and the popularity of the sport in the USA can largely be attributed to this group's love for it. Incorporating this element in ad campaigns can help marketers create brand loyalty among this diverse segment and establish a relationship with this segment that is known to be brand loyal.

Hispanics have managed to adapt to the American culture while staying true to their roots. As such, catering to this market segment is a challenging task for marketers. Studying the changing trends in their buying behaviour along with understanding the unique cultural traits embedded in their preferences will help marketers formulate strategies to win this market segment successfully.

(Reference: Forbes, Nielsen, CNN, latintimes articles on the Hispanic community in USA)