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Market Analysis Assignment : STP

   

Added on  2021-05-30

15 Pages3971 Words324 Views
Market Analysis

Table of ContentsExecutive Summary...............................................................................................................................2Introduction...........................................................................................................................................3Literature Review..................................................................................................................................3STP Analysis.........................................................................................................................................7Recommendations.................................................................................................................................9Conclusion...........................................................................................................................................11References...........................................................................................................................................12

Executive SummaryIn this assignment, the analysis and evaluation of segmentation, targeting and positioningstrategic approach of modern marketing is done. This strategy is about segmentation of themarket, targeting the best market and aligning the product or brand in the same target market.STP forms an integral part of the marketing strategies. With STP, the organisation is able toidentify their customers and take a decision for targeting these customers and finally appealthese customers being targeted. This essay will also elaborate and illustrate the mainobjective of this strategy, which is to develop and implement the best possible marketing mix.The organisation needs to segment and segregate them according to the customer needs.Positioning helps in tackling the competitors and their products. The positioning strategy willhelp in identifying the target customers and deliver the products that will keep them hookedto their products. The company would be able to focus on its target customer rather thantrying to cover up the whole market. This essay also analyses three companies who were ableto successfully implement segregation, targeting and positioning to procure the bestmarketing mix. Further, recommendations have been provided to support the strategies andhow to effectively and efficiently work with the same so as to achieve the organisationalgoals.

IntroductionThe modern marketing has various components and segmentation, targeting and positioningprocess (STP) is the most eminent out of all the various strategies. The STP strategies help infinalising the best possible marketing mix for an organisation. It helps in identifying brandsand product offerings to compete in the marketplace. The whole process is about segmentingthe target market in groups with the same product needs rather than going for the entiremarket and then targeting the most pertinent group or groups of customers fitting the criteria.Lastly, development of positioning strategy is done and marketing mix is procured andimplemented. Literature ReviewThe focus is on three areas namely segmentation, targeting and positioning. The ultimate goalis creating value for the customers and development and maintenance of a customerrelationship that will help in capturing the market share. This process helps in aligning theproducts with the right customers. Segmentation helps in dividing the large market intogroups based on different criteria and characteristics. The groups are formed on the basis oftheir response to the products and how they will respond to a marketing action taken by thecompany. The segmentation can be done on the basis of a lot of factors such as age, gender,family status, income, psychograph and geographical location of the customer’s residence orwork. The reason why segmentation is important is that there might be one product andmultiple markets or multiple products for multiple markets. Segmentation supports thedecision making for target market selection. According to Tanner and Raymond, 2015,Evaluation helps in satisfying some of the necessary requirements of the organisation like ifthe segmented group is big enough and profitable enough or can the marketing strategy servethe needs of this segment.

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