Palmer 2009 states that the definitions of marketing have changed, and in 2008 the American marketing association updated it’s definition stated that, ‘marketing is the activity, set of institutions, and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners, and society at large’ (Palmer 2009 p5). In the UK , the chartered institute of marketing define marketing as, The strategic business function that creates value by stimulating, facilitating and fulfilling customer demand, it does this by building brands, nurturing innovation, developing relationships, creating good customer service and communicating benefits.
To remain competitive our company will separate segments and target appropriate segments accordingly, these will change as our company, external and internal factors change.
STP is a three stage process * Segmenting- dividing up the market * Targeting- selecting a segment * Positioning- developing a market stagey which a positions our jewellery line is in relation to rivals in order to appeal target segments.
Market segmenting, for this our company will:
* Technicial * marketing opportunities * dominate view niche market * evaluating each market * segmentation attractivenes * Qualitative and quantitive research
Psychographic Factors * Attitudes, * interests and opinions. * PRIZM- Cluster System. Clusters are defined by lifestyle variables ,Sample clusters,Towns and Gowns, Shotguns and Pickups , * Lifestyle Market, * Analyst, * Personality, personal attributes. * Media * Products consumed * Economic, cultural, social values
Market Demographic factors * Female* * Ages between… * Income * Religion, * Ethnicity, * ACORN