Marketing is the activity, set of organizations, and techniques for creating, communicating, delivering, and exchanging offerings which have value for customers, clients, companions, and society at large.
Marketing starts with the real human needs and wants. Needs are feeling of deprivation of some satisfaction. People need food, air, normal water, clothing and shelter to make it through. Wants are needs for satisfiers of need.
MARKETING SEGMENTATION, Goal AND Setting (STP)
STP often used before marketing programs is prepared. STP is related to general market trends and marketing research. STP uses information about market size, market shares, focus of customer bottom part for particular products, potential prospects, customer's purchase decision process that accumulated from market and marketing research to discover varieties of consumers with different needs, different characteristics, and etc (this is known as Segmentation). For instance in the car market there are people that need accelerate and performance, there are people that need basic safety and luxurious, there are consumers that need a cost-effective auto, there are people that need the combination of some needs which have been defined, there are consumers that want to have their own creativity car or modified car special for themselves, and etc. Within the vehicle market there are consumers with high, medium, and low purchasing electric power too. There are a few factors that often used to portion various consumers. Demographic segmentation is consumers segmentation based on: income, gender, marital position, education, etc while psychographic or behavioral segmentation is consumers segmentation predicated on lifestyles, opinions and attitudes, degree of loyalty, consumption occasions, usage use, and benefits looked for.
After finding out kinds of consumers the following point to do is deciding to target a kind or some sorts of consumers a section or few sections of consumers (this is recognized as Targeting). There are 3 considerations in choosing aim for segment:
1. How well existing segment treated by rivals,
2. What size the market size of the section is, how good it's potential, and how easy and what size it will expand in the future ?,
3. Do the company have enough durability to appeal a number of group of section?
The next step in STP is placing the merchandise or the company to appeal concentrate on segment. You will find 3 strategies for it: undifferentiated, concentrated, and differentiated strategy. In the undifferentiated strategy all consumers is cared for the same or a product for all customers, for example is a company supply same aluminum item to various household tools producers. Within the concentrated strategy a product is positioned to serve customers' specific needs, for example Volvo is positioned as safe practices and luxurious car to provide a high-class goal portion that has high thought on protection, or Southwest Airlines is positioned as an airways which makes people take a flight to provide price sensitive travellers that needs to fly in a low price. Within the differentiated strategy something is positioned diversely for each concentrate on segment, for example nowadays many airlines provide current economic climate and business course because of their customers.
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To learn and understand about the implications of principles of marketing in functional cases.
To get aware how organizations check the marketplace using various ideas.
To understand the use of the concept of Marketing segmentation, targeting and positioning
that is on the foundation: ·Era - Above 35
Income Level - 30, 000 and above·
Gender - Females
Social position - High middle class
Market Targeting: -Olay have used "Segmented marketing" while focusing on their customers. There target markets based on the demographics that are are:
Middle aged women of more than 35 years years of higher middle income. As their product takes out wrinkles that are formed on your skin of middle older women. Also geographically there focus on customers are, People residing in city initially these are targeting customers in India.
Positioning: -A positioning built on significant differences, backed by appropriate strategy and execution can help the company in building competitive advantage. Olay positioning the merchandise in the thoughts of people by the slogan and company logo that reflects youth, as it makes your skin wrinkle free like your skin of teenagers.
PONDS AGE MIRACLE (STP)
that is on the foundation: · Time - Above 35
Income Level - 20, 000 and above
Gender - Females·
Social status - lower midsection class
Market Targeting: - ponds likewise have used "Segmented marketing" while concentrating on their customers there focus on markets according to the demographics which can be:
Middle older women of more than 35 years age of lower middle class. As their product removes lines and wrinkles that are shaped on your skin of middle older women. Also geographically there aim for customers are, People residing in city initially they are really concentrating on customers in India.
Positioning: The marketing slogan of the company is "Add Vitality alive. "
The mission of this company is high quality product with good deal. So, they did it consequently by keeping it for lower middle class.
Market segmentation concentrating on are positioning are incredibly useful in marketing for a products success. STP is related with market research and marketing research. STP uses information about market size, market shares, concentration of customer base for particular products, potential clients, and customer's purchase decision process that accumulated from market and marketing research for making the product successful.
Here we have studied two companies i. e. OLAY and PONDS with same kind of product but each having different STP for these people.