Marketing Plan and Stp - 1192 Words

Marketing Plan Marketers have essentially four variables to use when crafting a marketing strategy and writing a marketing plan. They are price, promotion, product and distribution (also called placement). They are sometimes referred to as the four p s. A marketing mix is a combining of these four variables in a way that will meet or exceed organizational objectives. A separate marketing mix is usually crafted for each product offering. When constructing the mix, marketers must always be thinking of who their target market are. Mix coherency refers to how well the components of the mix blend together. A strategy of selling expensive luxury products in discount stores has poor coherency between distribution and product offering.†¦show more content†¦A target market is the market segment which a particular product is marketed to. It is often defined by age, gender and/or socio-economic grouping. Targeting strategy is the selection of the customers you wish to service. The decisions involved in targeting strategy include: †¢ how many segments to target †¢ which segments to target †¢ how many products to offer †¢ which products to offer in which segments There are three steps to targeting: †¢ market segmentation †¢ target choice †¢ product positioning Targeting strategy decisions are influenced by: †¢ market maturity †¢ diversity of buyers needs and preferences †¢ the company s size †¢ strength of the competition †¢ the volume of sales required for profitability Targeting can be selective (eg.: focus strategy, market specialization strategy or niche strategy), or extensive (eg.: full coverage, mass marketing, or product specialization). positioning is the technique in which marketers try to create an image or identity for a product, brand, or company. It is the place a product occupies in a given market as perceived by the target market. Positioning is something that is done in the minds of the target market. A product s position is how potential buyers see the product. Positioning is expressed relative to the position of competitors. Re-positioning involves changing the identity of a product, relative to the identity of competing products, in theShow MoreRelatedWhy The Cleveland Indians Could Benefit From Using The Stp Model1634 Words   |  7 Pagesto develop a successful marketing strategy and to create value for its customers, there are three essential steps that must be followed. This process includes segmenting, targeting, and positioning (STP). The basis of this process is to divide the population into segments with a distinct commonality, identify the segment(s) to target in efforts of reaching marketing goals, and then position the product or service to appeal to the targeted market. In order to make the STP model as effective as possibleRead MoreKey Elements Of Business Plan1368 Words   |  6 Pagesfirstly do the brief summary of the key elements of the business plan, and then analyse and evaluate the strengths and weaknesses of the plan, and then analyse the pros and cons of my own contribution to th e work of the group, finally, the report will summarise the main benefits that I have received from participation in the module and group business planning process. Key elements of business plan 1. 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