STP as a Strategic Marketing Framework:
STP stands for Segmentation, Targeting, and Positioning, and it is a fundamental strategic marketing framework used by businesses to effectively reach and connect with their target audience. Here are short notes on each element of STP:
- Segmentation: This is the first step in STP. It involves dividing the broader market into smaller, distinct groups or segments based on shared characteristics, needs, or behaviors. Segmentation allows businesses to understand their customers better and tailor their marketing efforts to specific groups. Types of segmentation include demographic (age, gender, income), psychographic (lifestyle, values), geographic (location), and behavioral (usage patterns, brand loyalty).
- Targeting: Once segments are identified, the next step is targeting. Targeting involves selecting one or more segments as the primary focus for marketing efforts. Not all segments may be equally attractive or profitable, so businesses must prioritize where to allocate their resources. This decision considers factors like segment size, growth potential, competition, and alignment with the company's capabilities and objectives.
- Positioning: Positioning is about creating a distinct image or perception of a product or brand in the minds of the target audience. It involves developing a unique value proposition and communicating it effectively. Effective positioning helps customers understand why a product or brand is superior or more relevant to their needs compared to competitors. It's about creating a clear and memorable identity in the market.
Subscribe on YouTube - NotesWorld
For PDF copy of Solved Assignment
Any University Assignment Solution
.webp)
