STP And Marketing Mix Strategy Of Fiton Watches †Free Samples

Question: Discuss about the STP And Marketing Mix Strategy Of Fiton Watches. Answer: Introduction Marketing is essential in the modern day business and so are the objectives that aim to be achieved through it (Palmer, 2012). It is essential for the firms to make segments of the market so that they can easy target their potential consumers (Fletcher Crawford, 2013). It is also necessary that companies effectively utilises their marketing mix so as to have edge over the other competitors. There must be an action plan in this regard so as to achieve the planned marketing strategies. This report highlights the ways in which company uses STP andmarketing mix strategy so as to conduct their activities. It also showcases the objectives that company wants to achieve as well as the action plan for achieving it. Marketing Objectives It is necessary that FitOn watches make a marketing objective before constructing the marketing plan. This helps to showcase the path in which the company will conduct its marketing activities so as to increase their sale (Barile, Pels, Polese Saviano, 2012). Since this company has aimed to enter into the market of Australia hence a comprehensive marketing plan needs to be made by senior management so as to ensure that awareness about their product can get enhanced. Three marketing strategy of the cited firm which they can achieve in the first six months of product launch is as follows: Product awareness: One of the primary objectives of the whole marketing procedure is to create awareness regarding the new product of the firm among the potential consumers. It is also considered to be the degree of knowledge that consumers have regarding the products (Spacey, 2017). There are certain things that must be clear to the consumers namely information related to the functions, quality, compatibility, price, benefits and usability. It largely depends on the Brand image of the firm. Customer retention and satisfaction: Since FitOn watch wants to enter into the market of Australia and hence customer retention is very important in first six months so that they can get converted into the base consumers of the firm. But it is highly important that a company markets its products in way that the consumers get satisfied about the product. Highly satisfied consumers can easily be retained by the company (Akroush, 2012). For this it is necessary that company delivers what it promises that too within the given time frame. In order to achieve higher consumer satisfaction it is essential that companies resolves the queries related to the product. Brand management: It is necessary that after the launch of the product company makes an analysis and planning for concluding the ways in which brand is perceived within the market. One of the essential tasks in Brand management is to make good relationship with the target audience. It helps in collecting the feed backs which is necessary for making effective changes in both market as well as the product itself. Tangible elements in Brand management are the products itself like its looks, packaging and price (Najev ?a?ija, 2013). Brand management is one of the essential aspects in the marketing as it also contributes in the image of the firm. All these three marketing objectives need to be properly monitored so as to achieve success through the marketing activities. These objectives can be easily achieved in first six months of product launch. STP strategy of the firm It is essential that a company has its strategy for reaching out to its consumers. Segmentation, targeting and positioning is an essential strategy that helps in shaping marketing activities according to the potential consumers. It is a larger framework that simplifies and concludes the process of marketing. Market segmentation: It is a process through which group of buyers within a market are divided and profiled according to the range of variables that determines the characteristics and tendencies. In segmentation there is identification, selection and application of bases that are used in that segment and development of profiles. There are certain variables according to which these segments are made namely geographic, demographic, physiographic and behavioural (Gbadamosi, 2013). With the use of segmentation, company can organise its marketing procedures so as to have competitive edge over the others. It is always profitable to serve smaller markets. There are two segmenting approach through which segmentation can be done namely discovery and analytic approach. Since FitOn watches do not have higher consumer base in the Australian market hence it is better for the company to take use of the discovery approach. It is based around the observation about the buying behaviour of the market and revolves around primary research. There are few steps in market segmentation: Defining target market, scope and trends of segmentation. Market and perceptual mapping helps in determining specific market which should be analysed. Constructing the model of the market (Brunswick, 2014). Identifying the segment Finally segmenting is done. Segmentation of the target market for the cited company is as follows: Types of segment Segmentation criteria Targeted segment Geographical Region Australia Density Urban and rural Demographic Age 25-60 Gender Male and female Life cycle stage Bachelors and married Income Low and middle Occupation Employees, students and professionals Behavioural Degree of loyalty Switchers Benefit sought Cost benefit Personality Easy going and careless Psychographic Social class Lower, middle and upper class Targeting: After the process of segmentation, targeting helps in planning the advertisement that will be used for attracting the potential consumers (Mindtools, 2016). This can be effectively utilised by FitOn Watches to have more web focused marketing. Messages can be sent to the potential consumers with the use of various tools like Social media, mobile and emails. There are three different market coverage choices to consider namely differentiated, undifferentiated and niche marketing. Since the FitOn watches are for specific consumers hence niche marketing can be used. Positioning: It is the final stage in which focus of the company is in the way the customers ultimately views firms services and products especially in comparison to that of the competitors product (Chaffey Ellis-Chadwick, 2016). It is highly essential for making competitive edge over the market which is the final objective of the overall marketing procedure. There are three types of positioning namely symbolic, functional and experiential. Here in this case it will be beneficial that FitOn takes use of Functional positioning. Since overall objective of the positioning is to provide better value than that of competitors product. Marketing Mix Pricing: It is one of the most essential strategies that is used by the companies and plays essential role in attracting larger number of consumers towards their product (Chaffey, Smith Smith, 2013). Since the segmented section of the product is from every section of the society and hence it is essential that prices selected for this is on the lower side as compared to that of competitors product. Company also makes use of psychological pricing and hence prices are not in whole numbers. Since this product is first of its kinds hence there is less competition in the market in terms of its similarity with other product. This can help company to have price range of its own choice. Promotion: It is essential that company takes use of effective promotional campaign so as to increase product awareness of Worlds first Blood oxygen saturation Smart watch. Company can utilise both traditional as well as digital marketing strategies for this campaign. But it is essential that company utilise digital mediums for conducting marketing activities (Baines, Fill Page, 2013). This is because of the reason that the larger part of the segmented market spends lot of their time on such technological platforms. This also has a cost advantage i.e. it helps company in reaching to the larger numbers of consumers at lower cost. The social media marketing can be highly beneficial in this regards. This company also shares coupons with the watches so as to attract customers towards the products. Action program for first six months It is crucial that cited firm constructs effective action program so as to achieve its marketing objective stated above in this report. This program is for the first six months of product launch. Actions Starting date End Date Responsible Person Related Department Setting new objectives and mission statement 1/3/2018 - Top level managers and Board members Top management Discussion about the marketing objectives and new mission 1/4/2018 - Management and Board of Directors Senior level management Development of new ideas and opinions for making decisions 4/5/2018 - Innovative individuals of the FitOn. All associated departments Choosing best alternative and implementation of best ideas 15/6/2018 - Officials of marketing Marketing department Implementation of new strategies and marketing plan 5/8/2018 1/9/2018 Advertising managers and executives related to marketing. Promotion and Marketing department Conclusion From the above based report it can be concluded that marketing segmentation, targeting and positioning can help company to have specific marketing plan. This helps company in having specific marketing strategies that assists in having higher product sale. Brand management, product awareness, customer retention and satisfaction are some of the objectives that are developed by the cited firms for next six months. It is essential that action plan is developed so as to achieve all the stated objectives on time. Cited firm has to use promotion and pricing strategy so as to attract larger section of the Australian market towards their new product. References Akroush, M. N. (2012). An empirical model of marketing strategy and shareholder value: A value-based marketing perspective.Competitiveness Review: An International Business Journal,22(1), 48-89. Baines, P., Fill, C., Page, K. (2013).Essentials of marketing. Oxford University Press. Barile, S., Pels, J., Polese, F., Saviano, M. (2012). An introduction to the viable systems approach and its contribution to marketing. Brunswick, G. J. (2014). A chronology of the definition of marketing.Journal of Business Economics Research (Online),12(2), 105. Chaffey, D., Ellis-Chadwick, F. (2016).Digital marketing. Prentice Hall. Chaffey, D., Smith, P. R., Smith, P. R. (2013).eMarketing eXcellence: Planning and optimizing your digital marketing. Routledge. Fletcher, R., Crawford, H. (2013).International marketing: an Asia-Pacific perspective. Pearson Higher Education AU. Gbadamosi, A. (2013).Principles of marketing: A value-based approach. Palgrave Macmillan. Mindtools, 2016. [Online]. Available at: https://www.mindtools.com/pages/article/stp-model.htm .[Accessed on: 3rd February 2018]. Najev ?a?ija, L. (2013). Fundraising in the context of nonprofit strategic marketing: Toward a conceptual model.Management: journal of contemporary management issues,18(1), 59-78. Palmer, A. (2012).Introduction to marketing: theory and practice. Oxford University Press. Spacey, J. 2017. 7 Types of product awareness. [Online]. Available at: https://simplicable.com/new/product-awareness.[Accessed on: 3rd February 2018].