Johnson & Johnson • Research indicates that moms go online to get information about their newborn babies. Research also found that babies who are Hispanic represent 25 percent of babies born in the United States. • What is the opportunity for Johnson & Johnson? • How might you as the marketing director take advantage of such an opportunity?
Review… • What is a market? • The 2 large categories of markets? • What is the TARGET market? • What’s the main focus of the marketing concept? • What is CRM? What are the 3 responsibilities?
THE IMPORTANCE Of MARKETING
Economic Benefits of Marketing (falls under the market planning core function) • TLW describe the benefits of marketing • TLW explain the concept of utility • TLW cite examples of types of utility
Based on what we have talked about, can you see HOW marketing is advantageous to US, the consumers?
Economic benefitsof marketing… • 1. new and improved products! • Why? How??
Economic benefitsof marketing… • 2.lower prices! • Why? How? What would supply and demand have to do with this? What about new competitors?
Economic benefitsof marketing… • 3. economic utility (5) • The functions of marketing add value to a product. This added value in economic terms is called utility.
I. The Importance of Marketing A. Economic Benefits 1. New and improved products 2. lower prices 3. economic utility a. form utility b. place utility c. time utility d. possession utility e. information utility
Market and Marketing identification • Consumer vs. Organizational (B2B)
Market Share: smart phones What could cause a company’s market share to change?
Market Segmentation • Marketers segment (or break down) a particular market into smaller pieces so that the product or service can appeal to each section of that market. • Think about potential cell phones customers…
C R E A T E • I will give you a good. • Define two target markets. • Create an ad for each.