Key elements of your marketing strategy: Your strategy should be customer focused (STP)

1. Market Segmentation:
   1. Who could benefit from your product – potential users, of for example, a virus protection mask?
   2. What are the main features (benefits) of your product?

2. Target Market
   1. To whom will you sell your product (market-niche)? This is a specific group of people in your market segment. For example, women age 18 – 35.
   1.   Demographic factors – age, ethnicity, income, education, culture, etc.
   2.   Psychographic factors – lifestyle, e.g., activities engaged in

iii. Behavioral factors: where they buy, how they buy, quality consciousness, etc.

iv. Geographic: where they live, etc.

           

2. Product type: standard (mass produced), luxury (customizable). CHOOSE ONLY ONE TYPE

3. Positioning

Who are your product’s competitors and what is your competitive advantage?

1. Direct competitor – sell almost exactly the same product
2. Indirect competitors – sell substitute products.