STP analysis of Micromax.
The strategic marketing planning process flows from a mission and vision statement to the selection of target markets, and the formulation of specific marketing mix and positioning objective for each product or service the organization will offer. Kotler present the organization as a value creation and delivery sequence. In its first phase, choosing the value, the strategist "proceeds to segment the market, select the appropriate market target, and develop the offer's value positioning. The formula - segmentation, targeting, positioning (STP) is the essence of strategic marketing. SEGMENTATION
Market segmentation is an adaptive strategy. It consists of the partition of the market with the purpose of selecting one or more market segments which the organization can target through the development of specific marketing mixes that adapt to particular market needs. Micromax segmented on itself geographically and demographically. Geographic: Micromax immediate geographic target is Non Urban and rural segment of India. With handsets with battery backup of thirty days and with the mobiles having high features and low cost. Demographic: Under Demographic segmentation Micromax segmented itself on the basis Gender by launching handsets like Q55(Bling) which had features like mirror screen and again Micromax segmented on the basis of Age by focusing on age group of 18-25,who are the approx 80% users of the Micromax mobiles. TARGETING
A target market or target audience is a group of customers that the business has decided to aim its marketing efforts and ultimately its merchandise. A well-defined target market is the first element to a marketing strategy. The target market and the marketing mix variables of product, place (distribution), promotion and price are the two elements of a marketing mix strategy that determine the success of a product in the marketplace. Micromax targeted the non urban market and the age group of 18-25. POSITIONING...
Please join StudyMode to read the full document