Module 7 Assignment

Running Head: STP FOR MARKETING PLAN 1

STP FOR MARKETING PLAN 2

STP for Marketing Plan

Name: Keyer Dominguez

Instructor: Gringarten, Hagai

Date11/19/20

Segmentation, targeting, and positioning is a three-stage process that enables a precise and successful marketing plan to be developed. The key concept behind the approach is to segment your customers, reflect on their tastes and behaviors in each segment, and create positioning changes to suit their marketing campaign's needs and expectations. The method splits large markets into small ones encouraging the development of unique approaches for reaching potential customers.

I want to market the automotive industry using segmentation, targeting, and positioning in my market plan. The first step is segmentation, where I would group customers according to similar needs. I will categorize customers into price-sensitive customers and price-insensitive customers using a psychographics segment that entails customer opinions. Price sensitive customers are the ones with middle-level income, while price-insensitive customers are customers with high income.

The second step is targeting, where I would select the market segment to operate the automotive company will focus. The automotive industry would focus on the middle-level income segment, which is significant geographically and hence profitable. The automotive sector will choose a price sensitive segment because of competition in the industry and customer capability in terms of funds. The third step is positioning, where the automotive industry will create a value proposition for its cars. Communication with customers will be through design, advertising, and distributing the vehicles as reliable and fuel-efficient.