Today is the third lesson of Business, in which STP and Vision & Mission, Aims & SMART Objectives are mainly discussed. And SWOT/PEST,Competition Analysis / Brand Position Reports and Primary Research. We also learned about planning and strategy. It is very important to develop a market plan. Many enterprises need to pay attention to a specific market, create something of interest for brand products or services, and attract consumers with them.
STP consists of three important parts: Segment, Target, and Position. STP can help us provide useful values and benefits to specific populations. The first step is Segment your Market. The second step is Target your best customers. And finally, about Position your Offering. Divide the market into different customer segments, which are discussed in terms of demographic, geographic, psychological, and behavioral factors. The target market usually involves evaluating the psychology of different markets and customers. while Brand positioning map is a knowledge point taught by teachers in class. It is usually necessary to compare several similar brands with their own brands. It can be visual or it can be categorized by price or quality. Product location refers to the way consumers define a product in terms of important attributes. Missions are a qualitative statement of business goals. Aims are Long-term plans derived from business goals. Objectives are the goal that must be achieved in order to achieve the goal, the achievement of a set goal.
I think my weakness in this class is that my understanding of objectives is still not accurate, which leads to my forgetting what the teacher said in class after I go home. I don’t know how to do it when I finish my homework. I think I should deal with the problem immediately when I meet it, instead of delaying time, which will make it slowly forget. When you can’t, you can ask your teacher or classmates. I think my advantage is that when I do STP, I can do a lot of research on it before completing the task. When MAKING STP, I also used a lot of information, which is a very important point.