Importance of Segmentation, Targeting and Positioning in Achieving Successful Marketing Mix
Added on -2019-09-22
This paper discusses the importance of segmentation, targeting and positioning in achieving successful marketing mix. It also describes the various companies who are using these marketing mix concepts and who are not using these concepts. The paper defines marketing mix and its four components: product, price, place and promotion. It also explains how marketing mix and STP are applied by organizations to enhance sales and profitability. The example of Samsung is given to illustrate the application of marketing mix and STP.
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MARKETING MIX1IntroductionIn this present paper we will discuss the importance of segmentation, targeting and positioning toachieve the successful marketing mix. We will also describe the various companies who are using these marketing mix concepts and who are not using these concepts.The segmentation helps to divide the large target market into subsets which helps to predict the target audience. The targeting market is divided on the basis of demographic, social–class and others then the company prepare the marketing strategies according to the target market. After targeting the market the product positioning is used to create the image of the product in the eyes of consumers. Thus all the three activities are interrelated.Marketing mixMarketing mix is defined as the business tools which help to control and decision making relates to product, price, place and promotion. Following are the four components of marketing mix. 1.ProductThe product mix comprises of various products produced by an organization. It includes tangible and intangible products. The product concept consist of actual, Core, and augmented products which helps to extract the benefits of the product to the consumers (Boon et al., 2015). The product life cycle helps to analyze the challenges faced by the product at every stage.2.Price It is used to take the price decision by considering the profit margin, competitor’s price, maximization of shareholders wealth, target market, quality of the product and others. 3.PlaceIt is used to select the effective distribution channel by considering various factors such as inventory management, cost optimization, risk, and others. The medium include onlineand offline mode to deliver the product.4.PromotionIt is used to consider the suitable promotional activities which help to create awareness by communicate the benefits of the product. It creates the brand image in the eyes of the consumers which helps to increase the perceived user value.Application of marketing mix and STP Marketing mix concept is applied by every organization which helps to enhance the sales and profitability of the company by appropriate product positioning, promotional activities, pricing,
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