Marketing Plan and Stp

Promotion is about how the customers are informed about a particular product or service and plays a vital role. So promotion basically carries the 3 Ps of the marketing mix by presenting that all important information to the right target market.

The target market is generally the most lucrative choice from among different market segments – each segment being identifiable, measurable, sizable, reachable. For best results, include a fair amount of demographic information (income range, education level, family situation, etc.).

By using Marketing strategy, organizations concentrate their resources on the greatest opportunities to increase sales and maintain a competitive advantage in its market (Wickipedia, pg1).Market segmentation is the process companies use to divide their market into groups of buyers and establish marketing tailored to individual groups. Market targeting is the process of actually choosing the market which poses the greatest profitability. Positioning involves product placement and helps marketers highlight their product over a competitor. The

With ________ as a target market strategy, the firm concentrates on serving many needs of a particular customer group.

1) What are the four variables of the marketing mix? Who controls the marketing mix variables? Explain briefly.

Developments of a more appealing offer for each segment so that the customers are more likely to be delighted or at least satisfied. Positioning is the process of placing the product in a clear distinctive and desirable place in the mind of the competitors in order to gain an upper edge.

Marketing mix is the set of controllable tactical marketing tools which that the firm blends to produce the response it wants in the target market.

One of the most important in coming up in the marketing plan is identifying your potential customers or your target market. With this, the researchers can implement and come up with the strategies suited with the identified target market. Target market or customers are those who are likely to buy your product.

Service focused Positioning refers to how the business relate the important benefits of the industry to the customers (Smallbusiness.chron.com, 2017). There should be an effective positioning strategy designed to analyse both opportunities and threat to the firm in the competitive market place (Lovelock, Vandermerwe and Lewis, 1999). Market focus relates to which a firm serves few or more markets whereas service focus determines the extent to which an industry offers few or more services.

The marketing mix is a combination of 4 P’s (product, price, place and promotion) that should be used in conjunction with each other to ensure a competitive edge over other companies. ‘The marketing mix is designed to produce mutually satisfying exchanges with a target market’.

The Right Target Market One of the most important marketing functions for a firm is finding

1. TARGET MARKET: As discussed, target market is a group of potential customers in which a company directs its marketing efforts. A company should always anticipate consumers’ needs and work towards fulfilling these needs. It is one thing to identify your “target market” and another to satisfy them. Walmart’s credo is, “save money, live better” this summaries their target market, the lower-middle class and the poorer. (Low income consumers). Walmart is the only retail

The four P’s of a marketing mix are as follows, product, price, place, and promotion. Each of these offers a marketing parameter for the management and company team to control. With each marketing tool there are decisions that should be met as far as the business is concerned. Therefore, there is a list for each one that should be analyzed to meet the business standards.

The marketing strategy should be tailored around the firm's target market; if this were not the case marketing would be then less successful. Each aspect of the marketing mix would need to be formulated with the target market (consumer) in mind. For example the design of the product would need to be such that it would satisfy the consumer's needs. If it did not consumers would see no need to have it and buy a competitor's product. The price of

Marketing mix is one of the basic and the very important part of marketing plan. It includes all the elements that are important for an organization from manufacturing to sale of the product. It can be considered as the set of marketing tools that blends together to generate a marketing response in the market. Every organization uses this tool to make its marketing plan. Primarily it consists of 4P’s, but now it is extended to 7P’s of marketing. (Jain, 2013)