Stdp Marketing Strategy

STDP

6.Marketing strategy

Marketing strategy combines all of its marketing goals into one comprehensive plan. A great marketing strategy should be drawn from market research and focus on the right product mix in order to achieve the maximum profit potential. The marketing strategy is the foundation of marketing plan.

Using Marketing strategy appropriately can be very beneficial to a company. On one hand, a good marketing strategy can help a company make products and services with the best chances of making a profit. This is because marketing strategy starts with market research, taking target customer into consideration, and what competitors are doing and what trends might be on the horizon. On the other hand, it helps determine optimal prices. Part of a marketing strategy is setting the right price for product or service based on what was collected from previous market research.

Marketing strategy including four parts, namely market segmentation, market targeting, market differentiation, market positioning.

6.1 Segmentation

Consumers can be grouped and served in various ways based on geographic, demographic, psychographic, and behavioral factors. Market segmentation is a marketing strategy that comprises a broad target market for consumers who have common needs and application of related products and services.

Market segmentation is important to an organization because it aid organizations in better understanding the needs of a particular customer base.  An organization would be able to create or enhance its competitive edge over its competitors upon identifying its segments and their preferences and hence secure continued growth and revenue. Besides, the segments identified can be further narrowed down to achieve a primary target market and resources are then designed to target this group.

Since Google Glass is a new advanced electronic product, Google focused on the demographic segmentation, which is the best choice for Google Inc. There are several reasons such as age, income and occupation that chosen for the demographic segmentation.

6.2 Targeting

Targeting is the process of choosing which one or a few of the segment groups exactly to be the key focus of advertising efforts. 

Choosing a target market is important because it enable organizations to direct its resources to those customers with high potential for sales growth, and strengthen brand loyalty. Besides, it can boost company’s competitive strength by focusing tightly on a target market, the company can build itself as an expert on the wants and needs of customers.