...Before start think about marketing (4P), you must understand what is STP. Terms of STP include : market strategy; target markets; positioning; market segmentation and target markets; market segmentation and demographics Segmentation Segmentation : Identifying al segments for the product/service. Many of the resources listed in module 3 will be helpful to you when you develop segments. To be useful, segments should be: Measurable Accessible (can you reach them) Profitable Distinct from one another The objective of segmentation is to find attractive markets. Strategies include Break market into components Regroup into market segments Select which segment to target Positioning. Positioning is an essential component -- and skill - in good marketing. Perceptual maps are used to determine the position of a product, firm, person, service or idea. Positioning maps, or perceptual maps can be simple, yet very effective marketing tools. One definition of Positioning Theory is: the science of perceptual strategy. It is based on a theory that strategy can only be planned in the mind of the consumer, not the marketplace*. It is important to understand the levels of competition because positioning applies at all levels of competition. For example: Product Level (e.g., Pepsi vs. Coke) Category Level (e.g., Cola vs. Root beer) Corporate Level (e.g., Pepsi Inc. vs. Coca Cola Company) Industry Level (e.g., Beverage Industry vs. Snack food Industry) Targeting...
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...Marketing Strategy : Marketing is a very unique set of doings which shows a great and valuable impact on the entire organization. The marketers and experts of these fields have developed three prospective of this after a deep sea research. This environment influences the organization directly. Caster guitar is a big name in the field of transporting the guitars worldwide .A company cannot sell its all products to a single customer or at a same market. The customers are many and they all are diverse according to their demand and buying requirements. This is why, each company needs to identify its market segmentation, market segmentation procedure, pattern of segmentation, basis of segmenting consumers and business market. Many companies use to be target oriented and they develop a target-marketing. They first identify their segments, and then set targets for each segment. After this, they manufacture their products according to their targeted market . Target marketing requires marketers to take three major steps: Identify and profile distinct groups of buyers who might require separate products or market mixes which is known as “market segmentation.”Select one or more market segments to enter which is known as “market targeting.”Establish and communicate the product’s key distinctive benefits in the market which is known as “market positioning.”In my research, I have taken Toyota at my company to apply all the Maktering Principles and to know about the market segmentation, market...
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...Chapter 02 The Role of IMC in the Marketing Process Multiple Choice Questions 1. According to the marketing and promotions process model, the marketing process begins with the: A. development of the marketing mix. B. development of a marketing strategy and analysis. C. development of the promotional mix. D. determination of the target market. E. establishment of marketing objectives. 2. A(n) _____ is a document that evolves from an organization's overall corporate strategy and serves as a guide for specific marketing programs and policies. A. strategic marketing plan B. integrated marketing communications plan C. situation analysis D. opportunity analysis E. competitive plan 3. _____ is a detailed assessment of the current marketing conditions facing the company, its product lines, or its individual brands. A. Strategic marketing plan B. Integrated marketing communications plan C. Situation analysis D. Opportunity analysis E. Competitive plan 4. _____ are defined as external areas where there are favorable demand trends, customer needs and wants are not being satisfied, and where a company thinks it can compete effectively. A. Market opportunities B. Market segments C. Competitive advantages D. Market strengths E. Market plans 5. To reach tweens (8-12 year olds), Jell-O brand gelatin marketers introduced X-treme Jell-O in wild berry, green apple, and watermelon flavors. The ads describe the gelatin flavors as...
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...MARKETING PRINCIPLES Table of Contents “The Concept and process of marketing” 3 1.1 VARIOUS ELEMENTS OF MARKETING PROCESS: 3 1.2 EVALUATE THE BENEFITS AND COSTS OF A MARKETING ORIENTATION FOR A SELECTED ORGANIZATION: 4 TASK 2: 5 REPORT on “The Concept of Segmentation, targeting and positioning” 6 2.1 Macro and Micro environment Factors Which Influence Marketing Decisions 6 2.2 Segmentation Criteria to be used for Products in different Markets 8 2.3 TARGETING STRATEGY FOR A SELECTED PRODUCT/SERVICE 9 2.4 HOW BUYER BEHAVIOUR AFFECTS MARKETING ACTIVITIES IN DIFFERENT BUYING SITUATIONS 10 2.5 NEW POSITIONING FOR A SELECTED PRODUCT/SERVICE: 10 Task 3: 11 UNDERSTAND THE INDIVIDUAL ELEMENTS OF THE EXTENDED MARKETING MIX 11 3.1 HOW PRODUCTS ARE DEVELOPED TO SUSTAIN COMPETITIVE ADVANTAGE 11 3.2 EXPLAIN HOW DISTRIBUTION IS ARRANGED TO PROVIDE CUSTOMER CONVENIENCE 12 3.3 EXPLAIN HOW PRICES ARE SET TO REFLECT AN ORGANIZATION’S OBJECTIVES AND MARKET CONDITION 13 3.4 ILLUSTRATE HOW PROMOTIONAL ACTIVITY IS INTEGRATED TO ACHIEVE MARKETING OBJECTIVES 13 3.5 ANALYSE THE ADDITIONAL ELEMENTS OF THE EXTENDED MARKETING MIX 14 Task 4: 15 USE THE MARKETING MIX IN DIFFERENT CONTEXT 15 4.1 Plan Marketing mixes for two different segments in consumer markets 15 4.2 Illustrate differences in marketing products and services to businesses rather than consumers 15 4.3 Show how and why international marketing differs from domestic marketing 16 CONCLUSION: 16 TASK 1: ...
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...to which effective marketing must incorporate Segmentation, Targeting and Positioning. Segmentation, targeting and positioning is a three stage process. Segmentation describes what kinds of customers exist, targeting describe target market which is best to serve and positioning which describe segmentation by categorizing the products or services for that segment. Segmentation is “the process of defining and subdividing a large homogenous market into clearly identifiable segments having similar needs, wants, or demand characteristics. Its objective is to design a marketing mix that precisely matches the expectations of customers in the targeted segment.” Segmentation try to find out what kinds of different consumers with different needs exist. Segmentation depend on? Gender Age Social class Personal Disposable Income Family life cycle Employment status Marital status / living arrangements and many more. Segmenting consumer markets - Geographic -Demographic -Psychographic -Behavioural There are different kinds of variable which are used for segmentation: -Demographic – to this belong: gender, income, education, location, and family size, ethnic. -Behaviour – some customers are “brand loyal”- customers stay with the brand they are stick to. Some consumers are “heavy” users while other are “light” users. Targeting evaluate the attractiveness of each segment. Defending a target market requires market segmentation, “the process of pulling...
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...Market Segmentation Market segmentation is the fundamental component of a market-based strategy. Market segmentation refers to a process researchers or managers utilize to identify groups, participants or consumers with similar needs or characteristics. Identifying market segments is critical to the successful development of management strategies based on marketing mix components (i.e., product, distribution, price, and promotion)(Kyle, 2002). By categorizing markets into sub sectors, targeting marketing effort in such a way as to meet the technical and other requirements of each of these, organizations maybe able to secure greater competitive position than if they attempted to satisfy the general requirements of the market as a whole. There are four criteria that are crucial to an effective marketing segmentation. A market segment should be identifiable, substantial, accessible and stable. Identifiable, at which there should be observable indicators that enable the segment to be defined and quantified. Substantial, meaning that the segment should be of enough size to make the effort involved in segmentation worthwhile. Accessible, that is, it should be probable to target specifically the segment using existing communication and distribution channels. Stable, so that after classification of the segment there should be sufficient time to capitalize on the investment implicated in segmentation. (Baker, 1995) Markets can be segmented using a variety of philosophical approaches...
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...1. Marketing concept: The basic function of marketing is to attract and retain customers at a profit. The traditional marketing concept is companies achieve their profit and other objectives by satisfying customers. However, traditional marketing concept is necessary but not sufficient condition for company goals. Therefore, in order to achieve successful, the modern marketing concept is to achievement and set of corporate goals through meeting and exceeding customer needs and expectations better than the competition. However, marketing concept including three condition, customer orientation, integrated effort and goal achievement. First, Corporate activities are focused on providing customer satisfaction rather than others. For example, provide good customers service and producer convenience. Second, all staff need to accept the responsibility for creating customer satisfaction. Company should right to operation production, finance and developing department. Finally, the company achieves goals through customer satisfaction. However, there are has the limitation of marketing concept. Four issue, the marketing concept as an ideology, marketing and society, marketing as a constraint on innovation, and marketing as a source of dullness. Marketing orientation: Marketing orientation focus on customer needs. Company need to change present potential market opportunities to drive the company. Marketing orientation companies seek to demand of current marketing...
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...3.1 Marketing Strategy 3.2 STP Analysis [pic] Figure: STP process Source: consumerpsychologist.com In marketing strategy Segmenting, Targeting and Positioning (STP) play a vital role which helps Coca-Cola to introduce its product to customer and make them buy through this process they capture value from customer (Kotler- et- al, 2013). To understand the Coca-Cola’s product and its value perception, here is the STP analysis 3.2.1 Segmentation Strategy The competitive market and the changed demands of consumer have made Coca-Cola to satisfy their needs by improving and changing its product. For these reason Coca – cola has been successful to attract the customers and enhance its sales without interrupting other company. Such attempts taken by this company is to introduce new product based on changed demand such are to introduce Diet Coke, Caffeine free Coke. There are multi segmentation strategy which is used by Coca Cola. The marketing mix is used for the every segmentation of Coca cola which has various products as estimated 400 and product mix of 3,500. Geographic segmentation There are different users of Coca Cola such as various ethnic groups, lifestyles, age groups, sexes etc. Examples: Oasis- Juice with various flavour for the people aged between 20-30 and this is served in Ireland and Britian. Coca Cola diet, Coca Cola zero etc. for health concerned people. Climate- the product of Coca Cola is used more in summer than in winter and the...
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...Review of STP & Marketing Mix On Under the guidance of DR. reeti agarwal Submitted by: Krishnendu Karmakar (JL13FS23) | Arindam Banerjee(JL13FS15) | Paritosh Kumar Singh (JL13FS35) | Rajneesh Kumar Sharma (JL13FS44) | ACKNOWLEDGEMENT Report is an excellent tool for learning and exploration. No classroom routine can substitute which is possible while working in real situations. Application of theoretical knowledge to practical situations is the bonanzas of this report. Without a proper combination of inspection and perspiration, it‘s not easy to achieve anything. There is always a sense of gratitude, which we express to others for the help and the needy services they render during the different phases of our lives. We too would like to do it as we really wish to express our gratitude toward all those who have been helpful to us directly or indirectly during the development of this project. We would like to thank Dr. Reeti Agarwal who was always there to help and guide us when we needed help. Their perceptive criticism kept us working to make this project more full proof. We are thankful to her for her encouraging and valuable support. Working under her was an extremely knowledgeable and enriching experience for us. We are very thankful to her for all the value addition and enhancement done to us. No words can adequately express our overriding debt of gratitude to our parents whose support helps us in all the...
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...Introduction The process of marketing involves three key functions viz. market segmentation, targeting, and market positioning. Marketing segmentation concept is closely connected with the marketing mix. Market segmentation involves identifying the basis on which market needs to be segmented. Targeting involves selecting the target for segmentation. Positioning involves developing position to target the segments. Market segmentation is about aggregating prospective buyers into groups that have common needs. The groups that result from market segmentation are called market segments. Meaning / what is marketing segmentation? : Markets consist of buyers, and most often than not, these buyers have heterogeneous preferences. Thus, it is impossible for an organization to serve all these buyers with varied needs. Therefore, the notion of market segmentation is introduced. Market segmentation involves the process of identifying segmentation variables, or bases, and developing profiles of resulting segments. By going after segments instead of the whole market, companies have a better chance to deliver value to consumers and to receive rewards for close attention to consumer needs. Compaq, IBM and IPC are multinational companies that have branches worldwide. This is evident from their websites that cater to people from different countries. Compaq serves over 40 countries including Japan, Korea, Sweden, the United Kingdom, and the United States, just to...
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...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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...MARKETING ASSIGNMENT BY ABHISHEK VARMA QUESTION 1 Definition of marketing – Wikipedia defines marketing as “a societal process that is needed to discern consumer wants; forcing on a product and service to those wants and to mould the consumer towards the product and service”. Marketing tends to be seen a creative industry ,which include advertising distribution and selling .it is also concerned with anticipating the customer future needs and wants often through market research American marketing association defines marketing “an organization function and a set of processes for creating, communicating and delivering value to customer relationship in ways that benefit the organization and its stake holder” As time went on people think of marketing in different manner new technology and techniques have been designed and each market change the definition of marketing suit on own preferences Personally marketing defined as all aspect starting with the idea of creating of a product through the completion of the sell. All the action that tends to take place before proceeding and the entire step in between are considered the marketing process. Marketing is host of activities from concept of new idea, innovations, promotions and advertising .the entire marketing department has to work together on each pieces in order for the organization to be successful .research needs...
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...skins are allergic and sensitive to razor’s action. Normally people with sensitive skin avoid shaving as it cause there skin burns, cuts and rashes. This gel make there shave easy with its protective formula. This gel contain aloe, some mild fragrance, high grade lubricants, glycerine and silica. All those component help to provide a comfortable shave. Part A: Segmentation Separating a huge target market into small sets of consumers, business or countries who have common needs and priorities, after that designing and implementing strategies to target them is called market segmentation. Marketing segmentation strategies may be used to located the target customers, and provide supportive data for positioning to achieve a marketing plan objective. Business may develop product differentiation strategies, or an undifferentiated approach, involving specific products or products lines depending on the specific demand and attributes of the target. (Rao, 2015) ‘’Market segmentation can be based on the benefits that consumers are seeking when they purchase a product.” (Reid, Robert D.; Bojanic, David C. 2009) Market segmentation is import tool for a business, every customer’s taste is different from each other, and a business organisation cannot meet everyone’s need. It is batter for business to choose their targeted customers and produce only to fulfil their needs. This also helps business to reduce their costs because if they know their targeted customer they only produce and promote...
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...|Unit: |4 |Marketing Principles | | |Credit Value: | |15 credits | | |QCF Level 4 | |Unit Code: F/601/0556 | | |Assignment ref: 4/Term2/2012 | |Learning Outcomes: | | | |1 Understand the concept and process of marketing | | | |2 Be able to use the concepts of segmentation, targeting and positioning | | | |3 Understand the individual elements of the extended marketing mix | | | |4 Be able to use the marketing mix in different contexts. | | | | |Learner’s Name: | | | ...
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...-1- Why Segmentation? Introduction and Definition When it comes to marketing strategies, most people spontaneously think about the 4P (Product, Price, Place, Promotion) – maybe extended by three more Ps for marketing services (People, Processes, Physical Evidence). Market segmentation and the identification of target markets, however, are an important element of each marketing strategy. They are the basis for determining any particular marketing mix. Literature suggests the following steps: Market Segmentation 1. Identification of customers‘ needs and market segments 2. Develop profiles of resulting market segments Positioning 5. Identification of differential advantages in each segment 6. Development and selection of positioning concepts Identification of Target Markets 3. Evaluation of attracti vity of each segment 4. Selection of target segments Marketing Planning 7. Development of a marketing mix for each segment according to the chosen position Adapted from Kotler and Doyle The importance of market segmentation results from the fact that the buyers of a product or a service are no homogenous group. Actually, every buyer has individual needs, preferences, resources and behaviors. Since it is virtually impossible to cater for every customer’s individual characteristics, marketers group customers to market segments by variables they have in common. These common characteristics allow developing a standardized marketing mix for all customers in this segment. Definition:...
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