Marketing Management: STP Strategy, Marketing Mix, Relationship Marketing

Marketing
Management
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Table of Contents
INTRODUCTION...........................................................................................................................3
TASK...............................................................................................................................................3
Analyse their STP strategy, providing and insight into how segmentation, targeting and
positioning are currently applied by chosen organisation......................................................3
Examine company's marketing mix, focusing 7Ps for product or services, that chosen
organisation is currently applying..........................................................................................5
Assess company's relationship marketing strategy with an emphasis on their current tactics.8
Provide recommendations on how your chosen organisation can improve its marketing
strategy...................................................................................................................................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................12
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INTRODUCTION
The term marketing management refers to an operation which is being performed by
company's marketing department in order to analyse the scope of firm’s products and services
that can satisfy customer’s needs or becomes unsuccessful in market. The nature of marketing
management is to have more focus on customer’s needs and wants instead of being profit
oriented so to gain long term profit (Abeza and et. al., 2020). It comprises of planning and
implementing the product or service plan's components such as price, promotion, distribution of
final goods or services that can help business in satisfying customer’s needs and demands. The
present report comprises discussion upon concept of segmentation, targeting and positioning that
are currently being applied in TESCO. The report comprises of 7p's of marketing mix for a
product along with a discussion upon relationship marketing strategy with an emphasis on
company's current tactics. Further, a recommendation is being made for the company for having
improvement in its marketing strategy that can be applied in future for its success.
TASK
Analyse their STP strategy, providing and insight into how segmentation, targeting and
positioning are currently applied by chosen organisation.
The term STP strategy refers to company's segmentation for market, targeting as well as
positioning which is being applied by each company in order to have develop values for
customer’s through sale of their products and services (Aeberhard and et. al., 2020). The strategy
is helpful during creation of plans related to marketing communications as this assists business in
having priority markets for delivering personalised messages to their customer’s so to engage
them.
 Market Segmentation: This involves segmenting customers on the basis of certain basis
such as behavioural, demographics, psycho-graphic, geographic, etc. Behavioural form of
market segmentation includes customers who buy goods on the basis of behaviour such as
what is going to purchase, how frequently, and several others (Alharbi, 2020). Demographic
segmentation includes basis of gender, age, profession, income group, etc. whereas psycho-
graphic comprises of interests, opinions, lifestyle, etc. The market segmentation based upon
geographic basis includes state, nation, province and others.
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In case of TESCO, the company covers its customer’s from all over 13 foreign countries
other than UK for all category of customer’s from both rural as well as urban areas. TESCO
offers its products for both females and males customer’s as well as students who either buys
product on regular basis or occasionally.
 Targeting: This involves evaluating such segment of customer’s which will provide highest
revenue from large amount of sales in market (Calzada, 2020). This comprises of market
size, opportunity, reach and scope of generating profits. Here, a company selects that market
where it can cater more and more customer’s which will be targeted for selling of product
and services.
In relation to TESCO, the company sells its products where customer’s carries high value
for product and services. Business also targets chain of supermarkets where customer reach is
high in order to get all their products under one umbrella.
 Positioning: This comprises of placing company's product and services away from market
competition in the eyes of targeted customer’s. Every business applies different factors for
market positioning such as experiential, symbolic or functional (Choudhury, 2020).
Experiential positioning involves major emphasis on connecting customer’s emotionally
with the brand, product or services. The symbolic positioning refers to enhancement of
personal image, ego or belongingness of buyers for company's product or services. The third
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Illustration 1: STP Strategy