Marketing Fundamentals: STP Strategy, Marketing Mix and Objectives

MARKETING
FUNDAMENTALS
Contents

1
INTRODUCTION.................................................................................................................................1
Marketing Objectives........................................................................................................................1
STP strategy of the firm.....................................................................................................................2
Marketing Mix...................................................................................................................................4
Action program for first six months...................................................................................................4
Conclusion.............................................................................................................................................5
References.............................................................................................................................................6

2
INTRODUCTION
Marketing is essential in the modern day business and so are the objectives that aim to
be achieved through it (Palmer, 2012). It is essential for the firms to make segments of the
market so that they can easy target their potential consumers (Fletcher & Crawford, 2013). It
is also necessary that companies effectively utilises their marketing mix so as to have edge
over the other competitors. There must be an action plan in this regard so as to achieve the
planned marketing strategies. This report highlights the ways in which company uses STP
and marketing mix strategy so as to conduct their activities. It also showcases the objectives
that company wants to achieve as well as the action plan for achieving it.
Marketing Objectives
It is necessary that FitOn watches make a marketing objective before constructing the
marketing plan. This helps to showcase the path in which the company will conduct its
marketing activities so as to increase their sale (Barile, Pels, Polese & Saviano, 2012). Since
this company has aimed to enter into the market of Australia hence a comprehensive
marketing plan needs to be made by senior management so as to ensure that awareness about
their product can get enhanced. Three marketing strategy of the cited firm which they can
achieve in the first six months of product launch is as follows:
 Product awareness: One of the primary objectives of the whole marketing procedure
is to create awareness regarding the new product of the firm among the potential
consumers. It is also considered to be the degree of knowledge that consumers have
regarding the products (Spacey, 2017). There are certain things that must be clear to
the consumers namely information related to the functions, quality, compatibility,
price, benefits and usability. It largely depends on the Brand image of the firm.
 Customer retention and satisfaction: Since FitOn watch wants to enter into the market
of Australia and hence customer retention is very important in first six months so that
they can get converted into the base consumers of the firm. But it is highly important
that a company markets its products in way that the consumers get satisfied about the
product. Highly satisfied consumers can easily be retained by the company (Akroush,
2012). For this it is necessary that company delivers what it promises that too within