Key elements of your marketing strategy: Your strategy should be customer focused (STP) Market Segmentation: Who could
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Key elements of your marketing strategy: Your strategy should be customer focused (STP)
- Market Segmentation:
- Who could benefit from your product – potential users, of for example, a virus protection mask?
- What are the main features (benefits) of your product?
- Target Market
- To whom will you sell your product (market-niche)? This is a specific group of people in your market segment. For example, women age 18 – 35.
- Demographic factors – age, ethnicity, income, education, culture, etc.
- Psychographic factors – lifestyle, e.g., activities engaged in
iii. Behavioral factors: where they buy, how they buy, quality consciousness, etc.
iv. Geographic: where they live, etc.
- Product type: standard (mass produced), luxury (customizable). CHOOSE ONLY ONE TYPE
- Positioning
Who are your product’s competitors and what is your competitive advantage?
- Direct competitor – sell almost exactly the same product
- Indirect competitors – sell substitute products.
Related Book For
Consumer Behavior Building Marketing Strategy
ISBN: 978-0077645557
12th edition
Authors: Delbert Hawkins, David Mothersbaugh
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