AB1501 - Marketing
Individual Reflection Paper
Individual Reflection Paper
It has been a fulfilling 11 weeks as I embark on this reflection paper in the midst of a hectic exam preparation schedule. It is time to review what I have gained and learnt as an individual after attending numerous marketing tutorials and hearing many wonderful presentations. Allow me to recapitulate.
Segmentation, Targeting and Positioning
Segmentation, Targeting and Positioning (STP) is undeniably one of the most important concepts of marketing. Through the tutorials, I have learnt that STP sets the base of the entire marketing effort. Segmentation divides the market through demographic, ...view middle of the document...
However, within this class of people itself, there are many different classes of elderly, such as those who are leading an active lifestyle and those who are very active at work. This is where behavioural and psychographic segmentation serve to aid us in better defining specific segments of the market, so that we do not generate stereotypes and eliminate the possibility of targeting too broadly or missing out on possible target opportunities. In the case of our project, we have targeted youths and working professionals who are heavy users of smartphones and public transports (Behavioural), as well as those who lead a hectic lifestyle and are technology-savvy (Psychographic).
After reviewing all the presentations and reports, many teams had problems with the target market and segmentation. An example would be Team 5 (FOCUS Study Lamp). While they did a fine job in demographically segmenting the market into young active learners and secondary/tertiary school students, it can be further improved by psychographic segmentation. Since most of the students in university are raised up in a relatively high education environment, it is highly possible that the schema of a student will contain images like studying and achieving excellence in academics. However some may focus more on other areas, such as sports. To add on, not all students study at home as well, so it is advisable to include behavioural segmentation. These are possible improvements that Team 5 should consider to improve their marketing plan.
Furthermore, it is also imperative to define the age group of the target segments. Different ages represent different life-cycle stages and this may affect the entire marketing plan on a whole. A classic example would be the transition from university to work life. Although the age of university students and those working after graduation are relatively close, both groups of people lead very different lifestyles as they now have different priorities and requirements in life. This represents two different market segments if one were to attempt to market a school bag for example. One can define the age group while segmenting the market demographically.
The buyer decision process is an important concept. Once a marketer possesses full understanding of the process, it is highly likely that the marketed product will be a success. Through the five-stage adoption processes, consumers will decide whether or not to adopt the product through awareness, interest, evaluation, trial and adoption.
One main issue that is prominent is the consumer perception of a product. At the evaluation phase, consumers may not try the product simply because it does not make any sense to try the product. A good example to illustrate this point is Team 1’s Sticky Spread. Although it is a feasible idea, I believe that Team 1 needs improvement on the buyer decision process, especially in the evaluation phase. During the proposal presentation, the issue of...