Part 2 Requirements (STP Market Analysis)
If you have not submitted the required Part 1 Situation Analysis, you will not be permitted to proceed with this project.
Creating an STP is the second main component in creating a good Marketing Plan. The STP follows logically from the 5Cs. Given the reality of the external environment, a company must look at the possible customers and find a way to identify those group most likely to purchase. If we don’t understand which customers are most likely to buyer our product, then…
1. we won’t be able to create the best product to meet their needs,
2. with the best pricing to meet their needs,
3. and have that product distributed through the right channels to meet their needs (Place).
4. We also won’t know how and where to send out our promotional messages.
4. Identify your Ideal Customer using Persona Descriptors
• Select 1 or more PRIZM persona’s that match your target segment(s) from Simply Analytics or create a Persona using the template provided which describes your “Ideal Customer” (see below under resources and links)
5. State your initial Positioning Statement
o Create a positioning matrix that best demonstrates your positioning (Use Chapter 5 as your guide)
o State your positioning statement (See section 5-2)
o Explain how your positioning meets the needs of your chosen target market(s) and positions you well in your industry and against your competitors.