...Using a product or service of your choice; illustrate the process of STP. Mass marketing – Examples, ware rare? Segmentation- (in few sentences) > Segmentation is needed to find own segment, niche, and opportunity > Segmentation is needed to locate the best target group. > Formulated best marketing decision Targeting- (in few sentences) 3 main approach (HF5415 B8) Concentrated Differentiated Undifferentiated (Mass Marketing) Positioning- (in few sentences) Is established brand name in consumer mind Helps build the brand image Creates cogent reason why target market should buy a product. Product Choice, specification and reason why? (Product is: SPORT CAR) Not for every one Need for STP ( not mass marketing product) High importance for brand building SEGMANTATION OF THE MARKET FOR SPORT CAR Geographical Segmentation • Helps located area with the wealthiest consumers that may afford sport car. • Helps located area with the smallest competitors influence. • Helps estimate transportation cost. Demographics Segmentation - helps build three – dimensional picture of consumer. • Sex- more appropriate for target consumer is man then a woman. • Age- mature man between 26-37 years old. May be also teenagers (boys) from wealthy families although it is prapobly small market. • Race- shouldn’t be a contradiction. However may be difficult to convince Asian consumers to e.g. European brand. • Income- High income...
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