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MKTM028 Strategic Marketing

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MKTM028 Strategic Marketing

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Course Code: MKTM028
University: University Of Northampton

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Country: United Kingdom

Questions:

Task
By reference to academic literature, explore, evaluate, and critique, the concept of Segmentation, Targeting & Positioning (STP). Use appropriate industry examples (plural) to exemplify how organisations (plural) have applied STP, to demonstrate your learning and application of this topic.
Indicate how any company could apply the concepts around STP, making generic recommendations.
You are required to produce an essay that demonstrates your understanding of this key aspect of strategic marketing. The essay should have:

A sound theoretical and conceptual perspective, containing evidence of critical debate with reference to appropriate academic literature.
Sound examination of STP and its application in industry showing an effective practical foundation,
Generic management recommendations.

Answers:

Introduction   
In the modern world, where there is ample competition among the people of the various genres and even the companies producing a number of articles and goods, the scope of being the best is always there. Every company when produces a good, makes sure to target a sect of customers who become their potential customers in near or future. According to Wedel and Kamakura (2012), the segmentation, targeting and positioning of the people and the industries according to the market structure is one of the basis of the strategic marketing which makes sure that all the industries as well as the companies which are concerned in this place have their own set of customer range that help them to achieve their level of business strategies (Wedel and Kamakura 2012). The essay focusses on the concepts of Segmentation, Targeting and Positioning along with the various industries that apply the theory for their marketing techniques. The essay also focusses on the companies that help to apply the concept of segmentation, targeting and positioning to make sure that each of the companies get their share of customers. At the end of the essay, generic recommendations are provided for the application of the concepts in the modern marketing strategy.
Exploring the concept of Segmentation, Targeting and Positioning
The marketing technique of the companies applies a number of things in them to make sure that the promotion of the products is done right and that it reaches the best of their potential customers without a hassle. According to the views of Wilkinson (2013), the concept of segmentation, targeting and positioning majorly focusses on that which means that the work of the concepts is to make sure that the marketing plan is sorted for the companies and that it reaches to the best of the customers who will buy their products. The whole concept of market segmentation is a board structure that actually assesses the group of buyers within the sphere of the market who are categorised under the headings of their taste and preference as well as the other variable tendencies that arte there determining the market characteristics. In order to make the market segmentation of the whole process possible, the concepts of segmentation, targeting and positioning plays a vital role (Weinstein and Cahill 2014).
Segmentation
The concept of segmentation is defined as the process in which the customers within a market are identified and then selected according to their taste and preference. According to Weinstein and Cahill (2014), the various applications and tools that are being used by the sellers for the customers or the buyers are then applied to understand the type of products that the customer will want to want. The concept of segmentation is generally defined as the way of grouping people according to the variables of marketing. The basis of segmentation is divided into geographic segmentation, demographic segmentation, and psychographic segmentation. The concept of segmentation involves the following strategies in its characteristics namely measurability, accessibility, sustainability and action ability. The part of the segmentation in concerned sector is analysed either through the medium of analytic approach and discovery approach.
The concept of segmentation involves the following strategies in its characteristics namely measurability, accessibility, sustainability and action ability. According to Liu, Kiang and Brusco (2012), the part of the segmentation in concerned sector is analysed either through the medium of analytic approach and discovery approach. The analytic approach of the segmentation policy is the more detailed and critical part while in the descriptive part there is pure description of the element. The geographic segmentation targets the location in which the business is operating, the demographic segmentation is based upon age, sex and income level whereas the psychographic segmentation is for the standard of living and taste and preference (Liu, Kiang and Brusco 2012).
Targeting
Targeting is defined as the way in which the people or the customers are targeted for the product and service which will yield most of the profit in the longer time span. The process of targeting is defined as the way in which the specific group of people are targeted for a particular product or service (Park and Jang 2014). The best for the business are generally targeted and then given the product or service in the concerned time span. Targeting is done for the people who can be the potential buyers for a particular product or service. The targeting of the product states the area and the people whom the product or the service is targeting along with the type of the people who are targeted for the same. According to Park and Jang (2014), the best for the business are generally targeted and then given the product or service in the concerned time span.
Positioning
According to Gunter and Furnham (2014), Positioning is defined as the extreme end process of the three concepts true to the marketing need in every sense of the term. The business oriented positioning is generally stated as the time in which the business should get competitive advantage from the customers and assess its position and make the mark in the minds of the consumers who are eager to buy or try the products or services. The positioning part of the marketing strategy is to make sure that each of the product or service reaches to the best of the people for better sales and business ultimately to more profit. The positioning market is for the products on whom the concepts are positioned (Tanner and Raymond 2015). The business oriented positioning is generally stated as the time in which the business should get competitive advantage from the customers and assess its position and make the mark in the minds of the consumers who are eager to buy or try the products or services.
Industries applying the concept of Segmentation, Targeting and Positioning
In the marketing of the various goods and services in the said case, the industry plays a significant role in the wholesome matter which means that with each of the industries, there is a specific segmentation, targeting and positioning portion that is there in the country. According to Tanner and Raymond (2015), the whole industrial set up is dependent on the segmentation, targeting and positioning which means that with each of the sector, the concept differs big time which ultimately has led to this problem. The industries chosen in this case are – Beauty Industry, Food Industry and Technological Industry.
The beauty industry is related to the production, use and sell of the problems that tend to solve the beauty-related queries of the person. The beauty industry is overflowing with number of things getting under one roof and even targeting the right of customers for the concerned time span. There are a number of companies in the beauty sector which have different kinds and segmentations of the customer for the prolonged period of time (Fong, Fang and Luo 2015). The segmentation of the market is divided upon the three types which are stated before and they are based upon mainly the female sex along with the youth oriented public who required this in life.
In the beauty industry, a number of brands and other things that need to be done is to make sure that each brand have their level of target audience who will be enable to buy their products and sell them in the effective manner. The customers are segmented, targeted and then promoted the products which make those customers their potential buyers.
The food industry is again one of the most target based industries as most of the people in this sector have a choice of their own. According to Fong, Fang and Luo (2015), due to the various types of the food items, it becomes way difficult for the industry analysis to categorise people and their food choices. This is evident that food industry has two extremes namely the ones who like and who hate. Among them, it is also evident that food industry is further subdivided into the genres of the same.
In addition, due to the presence of the various types of cuisines and food that are there in the same tact, the concept of the segmentation, targeting and positioning holds an important part in the case (Hooley, Piercy and Nicoulaud 2012). The targeting of the food genre depends on the class and category of food that is being cooked and served to the people who demand various other kinds of food in the market. In the food industry, the customers are targeted and positioned after being segregated on the basis of choice and the type of food preferred which make the concept one of the most important in the manner.
The third of the industry stated is the technical industry which has proper segmentation and targeting along with positioning plan in this genre (Hooley, Piercy and Nicoulaud 2012). The industry has been one of the most favourite sector for the segmentation, targeting and positioning sector in the place.
There are a number of places in the technological sector that applies the concept of segmentation, target and positioning to make sure that the various technical goals are being catered to in the same plane. According to Proctor (2014), the different companies of the sector have various types of audience and market segmentation to make sure that each of the companies of the market have their own share of potential audience in the case.
Companies applying the concept of Segmentation, Targeting and Positioning
The concept of segmentation, targeting and positioning is to be analysed based on the different types of factors like choice, price and availability. In addition, the issues related to the taste and preference, the society boundaries as well as the level of education also play a vital role in the case. The essay has demonstrated a number of companies in the genres that implies the concepts of segmentation, targeting and positioning to make sure that every audience club is being catered in the same place (Hong and Doz 2013). The company chosen for beauty industry is L’Oreal which has both high end as well as affordable in the range, for the food industry, KFC is chosen which is one of the most popular fast food brands of the USA and for the technological sector, Apple is being chosen which is definitely the most anticipated brand in terms of technology.
The various companies that is implying the concept of Segmentation, targeting and positioning are analysed as follows which makes the companies have benefits through the concept in some way of the other. In terms of the beauty industry as well as L’Oreal, the concept holds a zillion value. L’Oreal is one of the major multinational companies in terms of the manufacture of cosmetics as well as personal care products. The company has under its umbrella both a number of high end brands like Lancôme and Keihl’s as well as affordable brands like Maybelline and Garnier (Loreal.com 2018). The brand has made it a point to make sure their potential customer base and that how can they expand their customer base with the required amount of marketing and strategic placement.
The three types of segmentation of L’Oreal is stated as follows –

Geographic Segmentation – The segmentation of the customers will be global.
Demographic Segmentation – The youth will be targeted mainly the females who have the income to invest in makeup.
Psychographic Segmentation – The interest will be based upon the people who have medium to high standard of living for the various products of L’Oreal belonging to various price structure (Hong and Doz 2013).
Targeting – Based on the segmentation of the company, L’Oreal targets the youth group of people who are interested in buying products according to the needs and preferences. In addition, the people who are interested in buying are targeted by the company for the better way of creating profit margin.
Positioning – According to Loreal.com (2018), the positioning of L’Oreal is being done in the manner that reaches the sect of people who want to have the product namely the youth who are interested in beauty and cosmetic items. Loreal is positioned in a good position amongst its competitors which is evident in the graph below –

Figure – Positioning status of L’Oreal
(Source – Statista.com 2018)
In terms of the food industry, the policy of segmentation holds prime value. Mostly people segregate their choice and the industry holds special value for the people who have varied choice in the food sector. The company chosen here is KFC which is one of the most popular fast food chains of the market (Kfc.com 2018). The segmentation, targeting and positioning status of KFC are as follows –

Geographic Segmentation – The geographic segmentation of KFC is global as it segments people all over the world.
Demographic Segmentation – According to kfc.com (2018), the youth generation along the age group of below 40 from both the genders is segmented with a stable income which can help to flourish the business.
Psychographic Segmentation – Both medium and high class people are segmented who like to consume non-veg food especially chicken.
Targeting – The targeting is done for the people who belong to the above three genres and also to the fact that the people have a fair share for the food they consume (Lilien, Rangaswamy and De Bruyn 2013).
Positioning – The position of the brand KFC is fairly stable in the market with their loyal customer base and stable brand value. The positioning map of KFC is as follows –

Figure – Positioning map of KFC
(Source – Statista.com 2018)
The third company that is considered here is Apple which is one of the highest end technological brand available in the market (Apple.com 2018). The company has one of the biggest market for technological things meant for the people who love technology. The segmentation, targeting and position of Apple are as follows –

Geographic Segmentation – The people segmented are from all over the world especially the developed nations (Lilien, Rangaswamy and De Bruyn 2013).
Demographic Segmentation – The male gender is mainly targeted from all age groups who have the income to purchase a high end brand for their use.
Psychographic Segmentation – The people from the higher class is being targeted for the amount that is needed for Apple is not meant for the higher classes with a taste for technological stuff.
Targeting – According to Boone and Kurtz (2013), based on the segmentation of the market, the targeted customers are the ones that love technological goods and have the income to purchase the same from the market.
Positioning – The positioning of Apple is on the top as it gives tough competition to the brands which are near to it both in quality and technique. The positioning map of Apple is as follows –

Figure – Positioning map of Apple
(Source – Facts 2018)
Recommendation to apply Segmentation, Targeting and Positioning
There are a number of recommendations for the application of Segmentation, Targeting and Positioning in the market which can be applied to the companies as well as to the industries for the better business of the sense and also to make sure that the companies know their potential customers and can divide their products and other facts according to that. The recommendations are as follows –

The first recommendation should be to analyse the potential customers of the companies by the means of proper market analysis. The market analysis of the brand can be done by both online and offline surveys and also by the fact that if the customers are really interested.
The second recommendation is to involve the ideas of the customers in the whole matter and also to make sure that each of the customer leaves their feedback in the store to help the serve better.
The customer segmentation should be looked at with proper interest which means that the type of customer who are visiting the market should be analysed with great depth and effect.

Conclusion
In conclusion, it can be said that the concepts of segmentation, targeting and positioning in the market is of utmost importance as it makes sure that the companies have properly segregated their customer level in terms of the three factors of segmentation and their target customer is there for the sense of the time. The positioning of the customers is also to be addressed in the same manner so that the people who are potential buyers of the customers have the required amount of class and interest to buy the products. The essay demonstrates the STP of three markets namely beauty, food and technology with special emphasis to the companies of L’Oreal, KFC and Apple for the required analysis.
References
Apple. (2018). Apple. [online] Available at: https://www.apple.com/ [Accessed 14 Sep. 2018].
Boone, L.E. and Kurtz, D.L., 2013. Contemporary marketing. Cengage learning.
Brown, S. and Ponsonby-McCabe, S., 2013. They’re gr-r-reat! Introduction to the special issue. Journal of Marketing Management, 29(1-2), pp.1-4.
Castro, R.B., 2016. Apple Inc.–A Marketing Success Story.
Facts, A. (2018). Topic: Apple. [online] www.statista.com. Available at: https://www.statista.com/topics/847/apple/ [Accessed 14 Sep. 2018].
Facts, L. 2018. Topic: L’Oréal. [online] www.statista.com. Available at: https://www.statista.com/topics/1544/loreal/ [Accessed 14 Sep. 2018].
Fong, N.M., Fang, Z. and Luo, X., 2015. Geo-conquesting: Competitive locational targeting of mobile promotions. Journal of Marketing Research, 52(5), pp.726-735.
Gunter, B. and Furnham, A., 2014. Consumer Profiles (RLE Consumer Behaviour): An Introduction to Psychographics. Routledge.
Hong, H.J. and Doz, Y., 2013. L’Oreal masters multiculturalism. Harvard Business Review, 91(6), pp.114-118.
Hooley, G., Piercy, N.F. and Nicoulaud, B., 2012. Marketing strategy and competitive positioning. Prentice Hall/Financial Times.
KFC. (2018). KFC Home. [online] Available at: https://www.kfc.com/ [Accessed 14 Sep. 2018].
Khan, T., 2013. STP strategy for New Product Launch-a Work in Progress. International Journal of Business and Management Invention, 2(3), pp.56-65.
Kumar, V., Rahman, Z., Kazmi, A.A. and Goyal, P., 2012. Evolution of sustainability as marketing strategy: Beginning of new era. Procedia-Social and Behavioral Sciences, 37, pp.482-489.
Lilien, G.L., Rangaswamy, A. and De Bruyn, A., 2013. Principles of marketing engineering. DecisionPro.
Liu, Y., Kiang, M. and Brusco, M., 2012. A unified framework for market segmentation and its applications. Expert Systems with Applications, 39(11), pp.10292-10302.
Loreal.com. (2018). L’Oréal – L’Oréal Group. [online] Available at: https://www.loreal.com/ [Accessed 14 Sep. 2018].
Park, J.Y. and Jang, S., 2014. Psychographics: Static or dynamic?. International Journal of Tourism Research, 16(4), pp.351-354.
Proctor, T., 2014. Strategic marketing: an introduction. Routledge.
Statista. 2018. KFC: restaurants worldwide 2017 | Statistic. [online] Available at: https://www.statista.com/statistics/256793/kfc-restaurants-worldwide-by-geographic-region/ [Accessed 14 Sep. 2018].
Tanner, J. and Raymond, M., 2015. Principles of marketing. University of Minnesota Libraries Publishing.
Tanner, J. and Raymond, M., 2015. Principles of marketing. University of Minnesota Libraries Publishing.
Vargo, S.L. and Lusch, R.F. eds., 2012. Special Issue–Toward a Better Understanding of the Role of Value in Markets and Marketing. Emerald Group Publishing Limited.
Wedel, M. and Kamakura, W.A., 2012. Market segmentation: Conceptual and methodological foundations (Vol. 8). Springer Science & Business Media.
Weinstein, A. and Cahill, D.J., 2014. Lifestyle market segmentation. Routledge.
Wilkinson, F. ed., 2013. The dynamics of labour market segmentation. Elsevier.

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