Meaning, Definition and Objectives— Explained! It is very important to understand at the outset that the, modern concept of marketing revolves around the customer. Satisfaction of customer is the main aim of marketing.
Share on Facebook STP marketing is a three-step approach to building a targeted marketing plan. The "S" stands for segmenting, the "T" for targeting and the "P" for positioning. Going through this process allows a business owner and marketing consultants or employees to formulate a marketing strategy that ties company, brand and product benefits to specific customer market segments.
Segmenting The segmenting step is essentially a brainstorming activity. You list out all the potential market segments you could target in a marketing campaign.
Niche companies sometimes have only one target market, while other businesses may have five or 10 possible segments, or more. Cell phone providers, for instance, often separate customers by benefits.
Some buyers want high-tech gadgetry while others want dependable communication for travel and emergencies. Targeting When you have multiple, distinct market segments, you typically need to customize marketing campaigns that appeal to each. As you go through the STP process, you select which segment to target with your upcoming campaign.
Using the cell phone example, you might decide to launch a new campaign to promote advanced mobile features, media, apps and texting tools to younger, tech-savvy audiences.
For this campaign, you would develop messages and use media tailored to that market. Positioning Positioning is how you align your brand or products in the target market. The goal is to offer something that is bigger, better or more valuable than your competitors to a particular market segment.
For example, Apple attempts to position itself as an innovative, cutting-edge technology provider to discerning tech buyers who want top-quality solutions. Your positioning serves as your big-picture guide in building your marketing campaign. Implementation Once you have strategized using the STP process, the next step is to implement your marketing tasks to achieve intended goals.
If you want to increase brand awareness within an emerging market, you would design commercials or ads that introduce your brand and develop an image.
You pick media commonly used by that target group. If you are a new outdoor sports gear retailer, for instance, you would create print, radio, TV, magazine, Internet or other ads that promote your quality or value to campers, hunters or outdoor enthusiasts.
Marketing Plan Tutorial About the Author Neil Kokemuller has been an active business, finance and education writer and content media website developer since He has been a college marketing professor since Kokemuller has additional professional experience in marketing, retail and small business.No one element of the marketing mix is more important than another – each element ideally supports the others.
Firms modify each element in the marketing mix to establish an overall brand image. In a small or undiversified business, where senior management have a strong knowledge and detailed understanding of the overall business, it may not be necessary to formalise the .
Transactional marketing is a business strategy that focuses on single, "point of sale" transactions. The emphasis is on maximizing the efficiency and volume of individual sales rather than developing a relationship with the buyer. A marketing plan should always have a situation analysis, marketing strategy, sales forecast, and expense budget.
Situation Analysis: Normally this will include a market analysis, a SWOT analysis (strengths, weaknesses, opportunities, and threats), and a competitive analysis.
A marketing plan may be developed as a standalone document or as part of a business plan. Either way, it is a blueprint for communicating the value of your products and/or services to your customers. Sep 30, · To grow your business, you need a marketing plan.
The right marketing plan identifies everything from 1) who your target customers are to 2) how .