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MKTM028 Strategic Marketing

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This traditional marketing focusing exclusively on the product was based on the marketing mix developed by McCarthy (1968), which is also known as the 4P’s (develop a product, determine the price, do the promotion and set up the place of distribution). However, the economic, social and environmental effect of the oil crisis of 1973 (Alpanda and Peralta-Alva, 2010) along with both the changing environment due to globalisation and the substantial technological.

advancement (such as the invention of Internet) lead to the discipline of marketing to evolve considerably as the traditional model based solely on the product (mass marketing) was no longer enough (Hooley et al., 2012). Companies realized that the marketplace is composed of a heterogeneous mass of different customers with different characteristics, needs and objectives and that offering the same product (with the same characteristics, price and “value”) was simply not beneficial in this hypercompetitive market (Weinstein, 2004).

Marketing evolved from the more tactical model of product management to a more strategic and modern model based on the customer and the brand rather than the product (Nijssen, 2017). This shift in focus lead to the introduction and development of the concepts of segmentation, targeting and positioning, which are distinctive parts of the modern marketing strategy process but are all linked to customer needs (Hooley et al., 2012). Segmentation involves dividing the whole heterogeneous market into distinct groups (called segments) of homogeneous customers
using specific characteristics (called bases) (Kotler, Keller and Armstrong, 2012). Targeting refers to the evaluation of these segments in order to choose the most attractive ones.
 
Finally, positioning involves understanding the perception of customers toward the company and its competitors in order to develop an effective positioning strategy (Kotler, Keller and Armstrong,2012).This paper will first present a critical review and evaluation of the concepts of segmentation, targeting and positioning (STP). Then, the second part will present an illustration of these concepts based on several industries and organisations. Finally, the last part of this report will present several generic recommendations that can be used by any company to apply the concepts around STP.
 
However company (especially the medium and large size companies) can, and should, apply segmentation, targeting and positioning as a strategic marketing technique to gain a competitive advantage over its competitors, maximise productivity and efficiency, find However, there are some key recommendations that must be taken into consideration when applying STP:
• Companies should select the appropriate base or bases for market segmentation based on their long-term objectives, resources and capabilities.
• Companies should attempt to segment the market based on customer behaviour because it is based on the actual behaviour of consumers in the marketplace.
 
• Companies must target only segments that are internally homogeneous, identifiable,measurable, substantial, accessible and stable.
• Companies should be creative in their segmentation approach to be able to gain competitive advantage over their competitors.
• Companies should evaluate the attractiveness of each segment identified and classify them by priority
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