QUESTION ONE $[40]$

Read the following project description: Marketing segmentation, targeting and positioning

Choose a retail organisation of your choice. You are required to explore and analyze the core marketing strategies that play a pivotal role your chosen retail industry: Market Segmentation, Targeting, and Positioning, often referred to as STP$.$ Your findings and insights from this research will guide the company's future marketing initiatives.

Your research project will delve deep into the strategies that retailers use to not only identify their customer segments but also target and position themselves in the market.

Market Segmentation:

You will start by examining how your chosen organisation segments the market into different groups based on various characteristics, such as demographics, psychographics, behaviour, and more. Understanding these market segments is crucial as it forms the foundation for creating targeted marketing campaigns and tailoring product offerings to suit specific customer needs.

Targeting:

Once you've identified these market segments, your research will explore the process of selecting the most promising and profitable customer groups, or 'target markets.$\text{'}$ You'll investigate the criteria your chosen retail organisation uses to make these selections, including factors like size, growth potential, and compatibility with the company's capabilities. You'll also delve into the marketing techniques used to engage these selected target groups.

Positioning:

Positioning is about crafting the image and perception of your retail brand in the minds of your customers. You'll explore how your chosen retailer differentiates themselves from their competitors, creating a unique and compelling value proposition. This involves not just what you sell but how you present it$,$ communicate it$,$ and align it with customer desires and preferences.

The goal of your research is to provide valuable insights that can help the chosen retail organisation, and other retailers, improve their STP strategies. Understanding how these

strategies align with marketing theory and how they are applied in practice will empower you to make informed decisions that drive success in the retail world.

Required:

Introduction $(6)$

$$ Briefly introduce the concept of Market Segmentation, Targeting, and Positioning $($STP$).$

$$ Explain the significance of STP in marketing strategy.

$$ Provide an overview of the retail industry as the context for the research.

Market Segmentation $(8)$

$$ Conduct a detailed analysis of market segmentation practices in your chosen retail industry.

$$ Identify different market segments and their characteristics.

$$ Evaluate the effectiveness of segmentation strategies in targeting specific customer groups.

$$ Provide examples of successful segmentation in retail.

Targeting $(8)$

$$ Investigate how your chosen retailer selects target segments from the identified groups.

$$ Explore the criteria used for target market selection.

$$ Analyze the methods and strategies employed to reach and engage the selected target segments.

$$ Highlight the role of technology and data analytics in targeting.

Positioning $(8)$

$$ Examine positioning strategies adopted by your chosen retailer in the selected segments.

$$ Discuss how your chosen retailer differentiates themselves from competitors.

$$ Assess the communication channels and branding used for positioning.

$$ Provide examples of successful positioning in the retail industry.

Discussion and Analysis $(5)$

$$ Analyze the interplay between segmentation, targeting, and positioning in the retail industry.

$$ Discuss the challenges and opportunities faced by retailers in executing effective STP strategies.

$$ Explore the impact of STP on sales, customer satisfaction, and brand loyalty.

Conclusion $(3)$

$$ Summarize key findings and insights from the research.

$$ Reflect on the implications for retailers and the broader marketing field.

$$ Suggest recommendations for improving STP strategies in the retail industry.

$$ Highlight potential areas for further research in this domain.

References $(2)$

Compile a comprehensive list of references used in the research project. Remember to use Harvard referencing.