Nowadays, Segmentation, Targeting and Positioning (STP) is the most used strategic way in Marketing. It is the prime of the available methods that are applied to create marketing models in practice. This model is beneficial when making marketing communication plans because it aids marketers to prioritize ideas and thereby create and advertise unique and appropriate slogans to communicate with various segments this is a segment based strategy rather than a product based strategy. This strategy enables to communicate more appropriate messages to product appealing segments.
Segmentation is a marketing strategy that involves separating a wide target market into small ...view middle of the document...
Positioning is formulating a strategy using tactical development phases to carry out a goal to attain an organizational objective.
Generally the positioning process involves the following steps
Micro environmental Factors
There are six primary micro environmental factors that usually influence Boots’ business activities, each of the microenvironment factors consists within itself a self-contained micro environment that is alone but allows interaction between other micro environments. The six primary micro environmental factors are divided into two groups one which directly impacts Boots’ and the other that doesn’t.
The three factors that have a direct impact on Boots are
The three factors which doesn’t impact Boots directly are
• Business perception
Macro environmental Factors
Macro environmental factors are factors that cannot be controlled by Boots, external forces that impact how Boots functions. They are mostly out of the businesses reach and mostly require change the operating way of that particular organization, change in production and change in marketing. Marketing analysts usually categorize these as an acronym PESTEL.
The macro environmental factors that affect Boots are given as follows
As well as understanding the needs and wants of customers, Boots also needs to understand what are the factors that motivate a buyer to buy the product, in other words the incentives that Boots provides so that customers buy their products. Understanding the customers enable to distribute the product more effectively and also being able to command an effective price.
Understanding the psychology of how and what makes a customer buy a product and no matter the size of the business understanding this process ensures successful marketing of a product. There are two types of customers and they are as follows
Usually a business will go through the following steps for a purchase
• Identifying a necessity or a problem
• Develop a specification for that need
• Find services or suppliers to fulfill that necessity
• Evaluate the services or needs
• Ready to place an order for that product
• Evaluate the performance of the supplier and the product
• Purchase the item if it passes the above criteria
There are many models that depict the behavior of a consumer and the steps they go through in order for a purchase. The steps given below give a fair understanding of the models.
• Identifying a necessity
• Finding out information on how to fulfill that necessity
• Finding out the range of products that can fulfill the necessity
• Deciding on which of the range would suit the consumer best
• Using the product
Understanding the behavior of the buyer is crucial to marketing but it does not stop there to be a successful...