Short term oriented cultures are characterized by

lems rather than make temporary quick fixes. Short-term-oriented cultures
are characterized by less patience, expectations of immediate results, and
a tendency to make quick fixes for problems.
4. Values are enduring beliefs and ideals concerning what a person should or ought to
do, goals that are worth pursuing, and appropriate ways to pursue goals. As such,
consumers’ values represent end states that are worth striving for.
To determine the acceptability or appeal of their products in various cultures,
marketers often use means-end chains. Means-end chains depict the postulated
linkages between a product’s attributes, consequences of that product’s use, and
consumer values as they exist in a particular culture. Means-end chains are based
on the premise that consumers buy product benefits rather than physical products
per se; the specific benefits that consumers seek from the products they buy and
use are culturally determined. For example, in cultures where people place high
value on a pristine environment, ecologically sensitive products and products that
come in recyclable and reusable containers are likely to be preferred and in high
demand, even if they cost a bit more than traditional products.
5. Black American consumers constitute a slightly smaller market than Hispanic
Americans. Both populations are younger and growing at a faster rate than their
white counterpart. Both the black and Hispanic American markets are very diverse
in their composition, and each group displays its own set of characteristics and
tendencies, including shopping patterns and product preferences, as well as on-
and offline media habits.
Black Americans accounted for 45.7 million, or 14.7 percent, of the US population
in 2016. They’re projected to reach 74.5 million by 2060. Their median income is
more than $35.5K per year, and their median age is 31 years old, compared with
43 years for the general population. Seventy percent of the age 25 and older seg-
ment hold a high school diploma, and 18 percent hold bachelor’s degrees. Black
Americans constitute 12 percent of the US labor force. With an estimated buying
power of $1.2 trillion, they tend to (1) spend generously to enhance their personal
image; (2) prefer name brands and are less apt to purchase generic or store brands;
(3) be early adopters; (4) exhibit high ownership of new electronics; and (5) spend
more on groceries and clothing than whites.
Hispanic Americans accounted for 55.4 million, or 17.4 percent of the US popula-
tion in 2014. They represent the largest ethnic minority in the United States and are
projected to reach 119 million individuals in 2060. Their median income is $40.9K,
and their median age is 29. Sixty-four percent of the age 25 and older segment
hold a high school diploma, and 14 percent hold a bachelor’s degree. With an esti-
mated buying power of more than $1.5 trillion, Hispanic Americans tend to (1) exhibit
greater expenditure on grocery items and specialty foods, due to an eat-at-home

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MKT320 HOMEWORK
ASSIGNMENTS
Supplement
tendency; (2) spend more on clothing, particularly for infants; (3) be heavy users of
all electronic gadgetry; (4) be brand loyal and buy established, prestigious brands;
and (5) prefer to shop at smaller stores.