Diversity and Business in the United States Essay examples

Diversity and Business in the United States The demographics of the United States are changing at a rapid pace and consequently we are observing a â€Å"transformation in the culture and buying habits of this nation.† (Robinson, Pfeffer, Buccigrossi, 2003) As a result, historically small niche markets are gaining an increasing prevalence within the U.S. marketplace and have substantially higher buying power. If companies are to continue to thrive in this modern economic environment they must be able to recognize and understand the implications of these demographic shifts. This includes the ability of a company to improve marketplace understanding as well as to implement business practices that will retain a diverse and talented†¦show more content†¦The combined buying power of people of color in the U.S. grew from a base of nearly $600,000 billion in 1990 to approximately $1.4 trillion in 2001.† (Robinson, Pfeffer, Buccigrossi, 2003) Other developing and emerging markets that are on the rise in the Un ited States include the gay , lesbian, bisexual, and transgender (GLBT) community, people with disabilities and women. Multiple studies of these groups have confirmed the increase in collective buying power from these groups. Companies on the forefront of tapping into these markets are already adapting their business strategies to target these customers and their efforts are proving to pay off in spades. For instance, marketing programs aimed at people with disabilities can target one out of every ten consumers not to mention the fact that people with disabilities come from various ethnic backgrounds and age groups etc. (Robinson, Pfeffer, Buccigrossi, 2003) As these groups continue to gain strength in numbers we will see a proportional increase in their potential buying power and marketing strategies must account and adapt for the potential of these markets. As one would expect, we are also seeing a diversification of the American workforce. While most would agree that diversity within the workforce can build a positive workplace environment, it isShow MoreRelatedThe Diversity And Cultural Diversity Management1634 Words   |  7 PagesWhich advantages do Cultural Diversity and Cultural Diversity Management have ? 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