Due to globalization, "it is a small world after all." Also, vast scale migration of populations due to various reasons, including opportunities, has created large segments of ethnic population

Considering these facts, highlight the ethnic segmentation and its importance.

Due to several reasons, in many countries the population consists of ethnic groups. For example, in the United States there are three major ethnic segments–African/Black Americans; Asian Americans; and Hispanic Americans. In other countries there are different combinations of ethnic population. Each segment shows great diversity and can be further subdivided. Even those coming from one country may have differences in language, culture, religion, and other attitudinal aspects. Their purchasing behavior is different within groups and sub-groups. From a marketing standpoint these groups offer great opportunity. Companies in a variety of industry sectors, primarily food and beverages, household goods, and financing services can benefit by targeting these groups. For example, Japanese automakers have been successful in targeting ethnic populations in different parts of the world.