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
© PENN FOSTER, INC. 2018 PAGE 84 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.
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