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Reflection Paper

In: Business and Management

Submitted By Tym575
Words 1663
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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, geographic, psychographic and behavioural segmentation. It clearly defines the boundaries of the different market opportunities that one may want to develop in. Targeting involves evaluating the different market segments and then choosing the best target market(s) which are feasible and in line with the company’s goals. Positioning creates a value proposition which represent a set of differences or competitive advantages that differentiates the product, delivering more customer value. STP aids one in creating a product that is based on a customer-driven marketing strategy.
In this aspect, I believe that my team has done relatively well. By understanding STP, my team was able to use multiple segmentation bases (Demographic, Psychographic and Behavioural) to define our target market. This enables us to better understand our key customer segments in order to target them more efficiently. Through this project, I firmly believe that we must almost always, in any situation, use multiple segmentation bases to better define our target segments.
When segmenting the market, it is highly possible that we may unconsciously generate stereotypes. A perfect example of this was discussed in one of the...

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