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Markting - Essay Example

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Explain why segmenting, targeting and positioning (STP) are considered a vital part of the marketing process and compare the targeting and positioning strategies for both the existing and new ranges.
Segmentation, Targeting and Positioning (STP) form a very essential three…
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Download file to see previous pages For example, while considering an automobile company, the customers have a number of different demands, like speed, performance, roominess, while others have demand pertaining to the looks, safety, economy and also the engine power. Thus, the needs are different for different customers and a company cannot accommodate all the demands into one product. There have been various studies that have been conducted and these show that companies which choose one group of customers over another tend to be more successful. Segmentation is not a simple decision and in a number of cases it requires the companies to take extremely tough choices. Taking the example of WM Soft Drinks company, there are a number of variables that are related which need to be considered before segmenting the customers, these include factors like, a) preference in tastes vs. the number of calories, b) preference in the tastes, i.e. cola or non cola, c) price Sensitivity and d) or even heavy versus light customers.
Targeting: The next step that needs to taken is targeting. This is where the companies target one or more segments. The choice of the target markets is based on a number of factors. This includes analyzing the existing segments that are catered to by other manufacturers. In this case it would be best to choose the segments that are catered to by smaller companies and local soft drink companies. This will provide WM Company with a fair idea of the target market based on which the company can move forward and start targeting customers and build strategic plans based on this.
Positioning: This involves the implementation of the previous section, i.e. Targeting. One of the best examples of this is of Apple Computers. The company has created a brand image for itself by high number of advertisements. It has positioned itself in the markets as computers for ‘non geeks’. Similarly if the WM soft drinks need to position their own products of ‘First – Fruits’ it ...Download file to see next pagesRead More
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