Marketing and Product
“Your boss has just returned from a Senior Executive Workshop for Marketing Directors. He explains to you that the focus of the workshop was on the importance of the positioning statement to effective strategy development. Full of new-found enthusiasm, he asks you to prepare a short paper on positioning for the next board meeting. He wants you to demonstrate the importance of positioning strategy to business success. Write that paper”
Introduction
STP (Segmentation, Targeting and Positioning) marketing is also called strategic marketing, involves finding correct segment in which to market your product, identify the proper target market and positioning the product to create maximum profits. The most important of STP marketing is determining exactly what benefits your product offers and who will benefit most from using it.
STP is important for marketer to create a competitive advantage and marketing plan designed specifically for the customers who will be most likely to buy the product.
The STP process allows marketer to identify the correct segment to market the product and use the marketing mix to maximize profits.
Marketing Strategy: Segmentation, Targeting and Positioning
Segmentation, targeting and positioning are essential parts in the marketing strategy that can help company to market their product better using the appropriate marketing mix. The following diagram illustrates the steps and connection between these three important plan that used by marketers to market their product efficiently.
[pic]
Diagram 1: The main steps in market segmentation, targeting and positioning
Source: Doyle and Stern (2006)
Segmentation
Market consists of customers and customers vary from each other. The variation are depends on factors such as resources, wants, buying attitude, locations and buying practice. Segmentation means dividing a market by certain criteria such as geographical,
Introduction
STP (Segmentation, Targeting and Positioning) marketing is also called strategic marketing, involves finding correct segment in which to market your product, identify the proper target market and positioning the product to create maximum profits. The most important of STP marketing is determining exactly what benefits your product offers and who will benefit most from using it.
STP is important for marketer to create a competitive advantage and marketing plan designed specifically for the customers who will be most likely to buy the product.
The STP process allows marketer to identify the correct segment to market the product and use the marketing mix to maximize profits.
Marketing Strategy: Segmentation, Targeting and Positioning
Segmentation, targeting and positioning are essential parts in the marketing strategy that can help company to market their product better using the appropriate marketing mix. The following diagram illustrates the steps and connection between these three important plan that used by marketers to market their product efficiently.
[pic]
Diagram 1: The main steps in market segmentation, targeting and positioning
Source: Doyle and Stern (2006)
Segmentation
Market consists of customers and customers vary from each other. The variation are depends on factors such as resources, wants, buying attitude, locations and buying practice. Segmentation means dividing a market by certain criteria such as geographical,
Bibliography: http://en.wikipedia.org http://www.ehow.com/info_8693419_stp-marketing.html Kotler, P., and Armstrong, G. (2004) “Principles of marketing”, 10th edition, N.J., Pearson Education. http://www.managementstudyguide.com/brand-positioning.htm Callin Gilliam(2010) Marketing Segmentation, Targeting and Posistioning ,p339 http://www.ivoryresearch.com/nicole-johnson.php