Developing a Marketing Strategy

In today's lecture we learned about segmentation, targeting and positioning and what factors are involved in this process.
The main factors regarding segmentation are:

*Gender
*Age
*Social class
*Personality
*Colour and type of hair

STP Marketing:

STP marketing stands for segmentation, targeting and positioning. Smith (1957) states that segmentation is based on the observation of evolution demands, therefore it represents a precise and rational view of the product in order for the business to market it to meet the customers needs and wants.
The defintion Kotler (2000) states for segmentation is that "the subdividing of a market is homogenous subsets of customers, therefore any subsets that maybe selected as a target market can be achieved by using the marketing mix.

STP Theory by Doyle:

Segmentation allows businesses to match their customers needs and wants by increasing their brand quality. This enables the business to increase their business profits by increasing the prices of some of their products. Some of the factors that businesses need to consider are:

*Actionable
*Profitable
*Accessible
*Indentifiable
*Effective

An example is given below on the STP theory process works:



Example of segmentation:

Examples of segmentation are products such as soaps, shampoos and toothpastes.
In today's mordern society there is a variety of pproducts such as shampoos that companies offer. For example, there are shampoos that can meet every individuals needs such as for greasy hair, damaged hair, coloured hair, and fine hair. The images below represent various shampoos for different types of hair:


This shampoo is used for colour treated hair.


This shampoo is used for dandruff hair.