Last updated on September 23rd, 2023 at 08:42 pm
Marketing Concepts of STP (Segmentation, Targeting and Positioning) and the Marketing Mix (4Ps) Details are provided below:
This assessment component requires students to demonstrate knowledge and understanding of the two main marketing concepts which are STP (Segmentation, Targeting and Positioning) and the marketing mix (4Ps).
The task coursework:
• Development and marketing of a new product/brand extension for an existing organisation (e.g. a new product/brand for Apple, Coca-Cola, Virgin Media, etc.).
Note: you have to complete this assessment component by using professional sources such as industry reports, books, journal articles and other reliable sources.
The coursework must include the following:
A. B. C.
Background information (general information about the organisation, its mission, vision, values, etc.) (200 words). (approx. 100 words if it is an individual submission)
Strong justification for recommending a new product/brand extension to the company. (Analysis of the competitors and their offers and industry/market in which company operates.) (approx.400 words).( (approx.200 words if it is an individual submission)
Evaluation of the tactical decisions which need to be made across the marketing mix: (approx. 1200). (approx.800-1000 words if it is an individual submission)
• Discuss proposition forms: key values, benefits and characteristics of the product. How can this new product be classified? What are the customer needs and wants which this product will satisfy?
• Apply STP.
By using relevant theoretical concepts, explain how the market is divided and subdivided into different segments. Explain how to determine which of the segments will be targeted. Justify your choice and comment on the targeting approach. Clearly explain which consumer segment/s this product/brand is targeting.
• Carefully consider branding decisions. Propose the brand name and key brand associations. Identify words which help you to define perceptions of the brand. Based on this information, draw a perceptual map for your brand and its main competitors. Evaluate core brand elements: promise, positioning and performance. How will this brand stand out from its competitors?
• Keeping in mind the concept of the product life-cycle, explain your pricing strategy. Use relevant theoretical concepts to justify your answer.
• Clarify all the marketing communications tools, media and messages that the company will use to communicate with its audience. Use relevant theoretical concepts to justify your answer.
• Discuss the most effective distribution channels for your product. Keep in mind that ‘the goal is to make sure products arrive in usable condition at designated place when needed’ (Lamb et al, 2015, p.27). Discuss relevant retailing strategies in order to justify your answer.
D. Summary (approx. 200 words)
• Explain briefly the main ideas around the new product. Comment on who the main customers of the product are. How is the proposed product/brand different from those of its competitors? What are the key communication and distribution channels?
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