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Dr. Licsandru: Hello everyone.
My name is Tana Licsandru and I'm
an Associate Professor
in Marketing
at Queen Mary
University of London.
Today, I'm here with
Charles Chi Cui,
Professor of Marketing at
Westminster Business
School, London.
Together with the
research on diversity
and inclusion in
multicultural marketplaces,
with a particular focus on
ethnic consumer groups.
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Today, we are here to explore
the evolution of ethnic
marketing research,
a journey that began
in the early 1930s
and gained remarkable
momentum in the last decades.
Over the years, this field
has seen exponential growth,
driving us to where
we stand today.
However, within this growth lies
an intriguing question
that we must address.
Is ethnic marketing effective
in terms of financial gains
and most importantly for
the well-being of the
targeted ethnic consumers?
Dr. Cui: True, Tana.
As ethnic marketing research
expanded significantly,
it's astonishing that
we are still asking
questions and seeking answers
to this pivotal question.
Despite the stride, a
comprehensive analysis of
ethnic marketing's true
impact remains elusive.
We're not just talking
about numbers,
we are talking about the
broader impact on society.
Dr. Licsandru: Indeed,
Charles. The road to
effective ethnic marketing is
not just about its growth,
but about its holistic
impact on society.
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Now, let's delve into a thought
provoking exploration of
the intersection between
demographic trends
and ethnic diversity,
and how they shape the
world of marketing.
Dr. Cui: Indeed, let's begin
with the demographic landscape.
Currently and looking
ahead to 2044,
we're witnessing a profound
shift in the US population.
Non-Hispanic Whites are
transitioning from a
majority to a minority,
underlying a significant
change in societal makeup.
In London, for example,
more than 37% of the
population is foreign-born,
but what's fascinating is
that this diversity isn't
a monolith within groups like
non-Hispanic Whites and Latinx.
There's a rich tapestry of
subgroups based on language,
ethnicity, religion,
and cultural practices.
It's within these intricacies
that the potential
and complexity of ethnic
marketing resides.
Dr. Licsandru: Exactly
Charles. This changing landscape
underscores the need for a
deeper comprehension
of these nuances.
To truly succeed in
ethnic marketing,
it's essential to understand
the diversity within
ethnic groups and
tailor strategies
that resonate authentically.
Dr. Cui: Absolutely,
but why do companies
need to engage in ethnic
marketing efforts?
Dr. Licsandru: That's a great
question. There are multiple reasons.
First, let's explore
the economic potential of
multicultural markets,
which extend beyond borders.
In the UK for instance,
the Black and Minority
Ethnic market was
estimated at £300
billion in 2010,
with ethnic minority-owned
small businesses
contributing £25 billion
annually to the country's
gross value added.
In the US, multicultural
populations
had an estimated buying power
of over US$3.4 trillion in 2014,
and it is safe to assume that
this value has significantly
increased since then,
but it's not just about
numbers, it's about values.
Consumers now expect brands
to engage with societal issues,
especially those related
to ethnicity and race.
This engagement
significantly influences
purchasing behavior and loyalty
as it resonates with each
group's unique perspective.
So, recognizing the
economic influence of
these diverse
populations and aligning
marketing strategies with
their values and concerns is
key for brands seeking success
in multicultural markets.
Dr. Cui: Absolutely, Tana.
As we navigate the realm of
ethnic marketing, challenges
inevitably arise.
Instances of culturally
insensitive campaigns
remind us of the
vital importance
of understanding how
ethnic consumers
perceive and react to
marketing efforts.
Effective strategies
go beyond surveys,
they require a deep understanding
of cultural diversity,
a sensitivity that
resonates, and a positive
response that acknowledges
inclusivity seeking
consumers in the
multicultural marketplace.
Dr. Licsandru:
Indeed, the world of
ethnic marketing is
complex and multifaceted,
but within these challenges
lie opportunities
for brands to authentically
connect with diverse audiences.
