Market Segmentation, Targeting, and Positioning (STP)
Market Segmentation
- Divide market into distinct groups.
- Based on demographics, behavior, or needs.
- Identify unique characteristics.
Targeting
- Select specific segments to focus on.
- Evaluate segment attractiveness.
- Choose segments that align with goals.
Positioning
- Create a unique brand image.
- Differentiate from competitors.
- Resonate with target audience.
Benefits
- Increased relevance.
- Improved marketing efficiency.
- Enhanced customer satisfaction.
STP Process
- Segment: Identify target groups.
- Target: Select priority segments.
- Position: Develop unique brand identity.
Real-World Applications
- Tailor marketing messages.
- Develop segment-specific products.
- Build strong brand connections.
By applying STP, businesses effectively reach customers.