MARKETING MIX AND STP: A SYNERGISTIC APPROACH
Added on 2019-09-26
6 Pages1255 Words818 Views
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Running head: MARKETING MIX AND STPMarketing MixStudent NameCourse Name:University:
MARKETING MIX AND STP1IntroductionIn this present paper we will discuss the interrelated activities of segmentation, targeting and positioning which helps to achieve a successful marketing mix. We will also discuss the companies who are using these concepts and the companies who are not using these concepts.Marketing mix is defined as the business tool which is used to market the products and services to the customers. The components of marketing mix include product, price place and promotion. The segmentation is used to divide the large target market into subsets which helps to identify the target audience and the positioning is used to position the image of product in the eyes of consumers so they are interrelated to each other.Marketing mixThe marketing mix is a marketing strategy to control the marketing tools. The components of marketing mix are explained below:1.ProductThe objective of the product is to satisfy the need of consumers. It includes the variety of products and services provided by the organization. It includes both tangible and intangible products. The products are diversified on the basis of product concept which includes actual, core and augmented products which helps to analyze the products to increase its efficiency by extracting the benefits of a product. The core includes essential benefits of the product. The actual include level of quality, branding, packaging and others. The augments products include intangible benefits such as after sales service,
MARKETING MIX AND STP2guarantee, warranty, on time delivery and others. The product life cycle helps to analyze the different challenge faced by the company at every stage. 2.PriceThe objective of price policy is to cover large number of audience and increase in shareholders wealth. The price mix is used to decide the price of the product by considering the important factors such as profit margin, competitors pricing, pricing affordby the target audience, demand and supply of the product, perceived user value, number ofsuppliers and others. The pricing strategy includes price skimming, market penetration pricing and normal pricing (Helm et al., 2014). 3.PlaceThe objective of place mix is to provide the product and services to the large number of consumers with effective distribution channel. The channel strategy includes channel selection, distribution intensity and channel integration. The various channels are used to provide the product to the end users such as distributors, digital plazas, multi-brand retailors and dealers. The offline and online medium is to deliver the products. The selection of distribution channel considers various factors such as cost optimization, inventory management, risk, which helps to provide efficient and effective flow of distribution channel.4.PromotionThe objective of promotion mix is to communicate the products and its benefits to the end users. The communication of product helps to create awareness and interest to but the product which helps to increase the sales volume. The communication helps to create a brand image in the eyes of consumers which impacts on the perceived user value. The
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