Marketing objectives
We decided to follow a STP model. We will thus begin the third part of our marketing plan by segmenting potential consumers in order to clearly define the different market segments. Then, the choice of the target market will be based not only on our segmentation but also on the characteristics of BetterWorldBooks. Finally, the positioning strategy will explain how we will to attract the targeted segments. Among others, the positioning strategy will include our value proposition and promotional strategy.
STP Analysis
Segmentating - Targeting - Positioning
The STP approach (segmentating, targeting and positioning) indicates the connections between the different market groups and how a company chooses to compete in that market (for example by focusing on a niche or a different class within the market). This process begins with a segmentation breakdown, which basically consists in grouping customers using some relevant criteria (age, social category, education etc.). Then, the targeting comes in second place to choose to which group(s) the Company will be selling to and be focusing (mainly) on.
Finally, the implementation of positioning is important in this approach since it is used to assess the ‘target market’s perception of the product’s key benefits and features, relative to the offerings of competitive products’.
To sum-up, the STP is implemented in order to select and guide the most appropriate and accurate marketing mix for the targeted market and thus choose the best strategy for the product/service’s.
