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Digg It - How To Gain Monopoly-Like Profits Through Ethnic Marketing
Introduction
In today's U.S. marketplace, marketing to various ethnic audiences is vital to consumer-oriented product and service companies. Latinos and African Americans already have a critical mass of buying power of over $1 trillion combined and this total is increasing rapidly. The growth of the Hispanic and
In today's U.S. marketplace, marketing to various ethnic audiences is vital to consumer-oriented product and service companies. Latinos and African Americans already have a critical mass of buying power of over $1 trillion combined and this total is increasing rapidly. The growth of the Hispanic and
According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product
African American affluent and middle class is occurring faster than the majority of Caucasian Americans. These ethnic audiences are becoming so large and lucrative that even sub-groups of them command substantial buying power. Becoming the dominate player within a sub-group such as affluent and middle class 2nd ge
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
neration Latinos would allow a company to make substantial revenue and develop a strong loyal customer base. To "own" an ethnic market space would enable a company to obtain monopoly-like profits!
The 4 Benefits of Owning Ethnic Spaces
Tapping into and creating ethnic space monopolies is at the heart of this arti
The 4 Benefits of Owning Ethnic Spaces
Tapping into and creating ethnic space monopolies is at the heart of this arti
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
cle and should be the goal of every ethnic marketing plan. Owning an ethnic market space yields the following 4 critical benefits:
1. High Monopoly-Like Profits
2. Loyal Customer Base
3. High Lifetime Value of Customers
4. Low Competitive Dynamics (Competition Blind Spots)
It is for this reason
1. High Monopoly-Like Profits
2. Loyal Customer Base
3. High Lifetime Value of Customers
4. Low Competitive Dynamics (Competition Blind Spots)
It is for this reason
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
that ethnic marketing and owning market space in the Hispanic and African American audiences is not a "side" item, but a vital strategy which affects the whole enterprise and will only increase in importance as this century progresses. This kind of marketing can turn a marginally profitable company into a revenue
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
generating "powerhouse" and an unprofitable company into a firm that operates solidly in the "black" - no pun intended.
Importance of Perceived Needs
The first step to finding "ownable" ethnic market spaces is to discover which groups of ethnic consumers are underserved or are not actively targeted by an industry'
Importance of Perceived Needs
The first step to finding "ownable" ethnic market spaces is to discover which groups of ethnic consumers are underserved or are not actively targeted by an industry'
ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc
s product or service offerings. An executive, manager, or business owner must find an ethnic market space with a differing set of values, and different perceived needs than mainstream consumers. For example, Hispanics believe that family life and the home are very important, so products and services by a company g
easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi
ared toward key aspects of domestic home life have a chance to dominate niches within that space.
The most powerful driver of finding an untapped market space of ethnic customers is perceived need - whether that is for basic functionality or additional comfort or luxury. One may say that this is also true for the g
The most powerful driver of finding an untapped market space of ethnic customers is perceived need - whether that is for basic functionality or additional comfort or luxury. One may say that this is also true for the g
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
eneral market but a good marketer will understand that this perception of need differs from mainstream consumers. Latinos and African Americans view the world and products & services from a completely different paradigm than Caucasian Americans. Their values, lifestyle, cultural and taste are all different from th
and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ
e mainstream and this phenomenon translates into unique selection, buying, and usage habits for a given set of goods and services. For example, the urban African American 'middle class' higher desire for stylish and designer brand items and the raised threshold for luxury should be a driving factor in developing pr
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
oducts and services for this market space.
Capitalize on Heterogeneous View by Competitors
An additional key factor for locating potential monopoly spaces is to examine ethnic spaces overlooked by the competition. In the multicultural marketing of even the most progressive companies, often whole ethnic groups are
Capitalize on Heterogeneous View by Competitors
An additional key factor for locating potential monopoly spaces is to examine ethnic spaces overlooked by the competition. In the multicultural marketing of even the most progressive companies, often whole ethnic groups are
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
viewed heterogeneously. Especially for Latinos, this could not be a bigger mistake. Latinos have a multitude of sub-groups that are the result of the following major factors:
1. Country of Origin
2. Acculturation
3. Generation
4. Spanish Language Usage
5. Level of Affluence
A company ca
1. Country of Origin
2. Acculturation
3. Generation
4. Spanish Language Usage
5. Level of Affluence
A company ca
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
nnot expect to use mainstream marketing to effectively reach Latinos and African Americans. For Blacks, the "they speak English too" syndrome pervades throughout industry and is used as an excuse for not trying to understand the various segments within the African American consumer audience. For astute executives
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
and marketers, "broad brush" marketing by the competition to ethnic audiences represents huge opportunities to own a substantial set of key niche spaces within the Latino and African American audiences. To many marketers, these ethnic niches are invisible. This creates the perfect opportunity in many industries fo
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
companies to choose and capture valuable niche spaces within Hispanic and African American consumer audiences.
Important Relationship Strategy
Strategically, it is important for an executive or marketer to develop deep relationships with a particular ethnic audience. This relationship is particularly important f
Important Relationship Strategy
Strategically, it is important for an executive or marketer to develop deep relationships with a particular ethnic audience. This relationship is particularly important f
t?
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
or companies offering a service or providing a product that differentiates itself in the marketplace. This means not just having marketing featuring Latinos and African American characters and themes but targeting specific groups within this audience. This type of marketing will really speak to the target group an
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
d develop deep ties with them that will be hard to break by competitors. It is important to concentrate on a key set of sub-groups to maximize penetration and effectiveness, and to create a strong base. A company's product or service should not try to be all things to all members of the larger general ethnic group
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
- this is a recipe for a weak market.
Conclusion
Owning ethnic market space is very profitable and in the near future for the U.S. market, it will become essential to ensure business growth. Companies are now looking to ethnic minority groups as a source to fuel their growth as the mainstream market continues to
Conclusion
Owning ethnic market space is very profitable and in the near future for the U.S. market, it will become essential to ensure business growth. Companies are now looking to ethnic minority groups as a source to fuel their growth as the mainstream market continues to
.
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
be over-saturated. To own a space, it is vital to let the perceived need of a targeted group drive the product or service offering, and to understand the nuances in reaching sub-groups within the greater minority audience. This creates markets within the U.S. which are equally or more attractive than China or Ind
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
ia, due to their easier accessibility and huge buying power. In most consumer industries, these ethnic sub-space pockets are huge gold ores just waiting to be mined!
(c) 2005, Michael Bolden. All rights reserved. Reprints welcome so long as the article and by-line are published intact and all links are made live
(c) 2005, Michael Bolden. All rights reserved. Reprints welcome so long as the article and by-line are published intact and all links are made live
tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
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