Segmentation, Targeting and Positioning – Achieving a Successful Marketing Mix.

Topics: Marketing, Sales, Pricing Pages: 5 (1469 words) Published: August 25, 2013
Segmentation, targeting and positioning – achieving a successful Marketing Mix. Creating and planning our own business we have to remember that the business is composed of variety of things which support one another. Our goal should be preparing a good marketing strategy which is a part of general strategy of our business. The marketing strategy contains segmentation, targeting and positioning what is a plan how our company will work in chosen market to gain our goals. Segmentation, targeting and positioning should become our tool which can help us in differentiating, attracting, maintaining and growing the customer group. At the beginning the company should identify and declare which customer group their product or service should reach and name the product. The next step is targeting the market segment what means choosing a market segment suitable for the product. The final activity is positioning. It is creating an image for the product in the minds of customers. After finalizing positioning for the company it is time for converting it into acts by creating a suitable Marketing Mix. The basic elements of a Marketing Mix are product, place, price and promotion (also known as four Ps). Each of these components consist particular decisions which should be made to complete the company offer to targeted market. The connection between positioning and four Ps can be easily seen on a graph number 1 and the main elements of Marketing Mix are showed in table number 1. Product

Price Promotion Place
List price Advertising Distributors
Discounts Personal selling Retailers
Allowances Sales promotion Locations
Credit Public relations Inventory
Specials Direct mail Transport
GuaranteesCompany literature

The graph number 1 shows the connection between SWOT and Marketing Mix. The table number 1 displays how the Marketing Mix sub-components should be coordinated. All four Ps are important in the Marketing Mix and should be properly tailored together. The goal of successful Marketing Mix is to harmonise the four Ps what causes meeting the customer’s needs in optimal way. The product.

The most important thing is that the product or service should satisfy the customer needs. The product is not only physical thing that can be touched. When a customer is buying an anti-dandruff shampoo he is not buying a mixture of chemical ingredients. He is buying an opportunity to get rid of his problem and look better than before. In product marketing branding is also needed. If the product has a good brand name the customers will easily recognize the product and sales can faster go up. Working out a good brand can improve the company’s image in the market. Mostly people buy with their eyes. It means that a product, which is packed well and easy to identify, automatically improves the sales. The place.

The right product should reach the right market. If the product is not available where or when it is needed customer cannot buy it and the company cannot improve the sales. It is important for the company to create a good channel of distribution. Selling a service the distribution channel will be very short and selling a product the channel might be longer. The decision depends on the competitive advantage of the company. Having a long distribution channel involves cooperation with sales agents. In my opinion one of the best distribution channels nowadays is the Internet. Distributing via Internet solves the problem of renting a place for a shop, buying equipment and employing staff. The price.

Setting the price a company must carefully monitor its competitors pricing and reaction of customers to possible changes in prices. The also includes discounts and other deals, for example ‘buy one, get one free’. Any company also should be aware of legal restrictions...
Continue Reading

Please join StudyMode to read the full document

You May Also Find These Documents Helpful

  • Essay about Market segmentation, targeting & positioning
  • Marketing Segmentation, Targeting and Positioning Essay
  • Marketing Targeting Segmentation Positioning Essay
  • Essay on target marketing segmentation and positioning
  • Segmentation, Targeting and Positioning Essay
  • Essay on marketing segmentation
  • stp segmentation targeting positioning Essay

Become a StudyMode Member

Sign Up - It's Free