P - Positioning The first step in the process of product promotion is Segmentation The division of a broad market into small segments comprising of individuals who think on the same lines and show inclination towards similar products and brands is called Market Segmentation.
Market segmentation, targeting and positioning are the three components of what is commonly known as the S-T-P strategy.
Each step contributes to the development of a targeted promotional plan. The process begins with brainstorming potential customer types and ends with the formulation of a strategy for promoting value to those customers.
Brainstorming Marketing Segments The segmentation step of S-T-P involves general brainstorming of all of the distinct types of customers that your business could target. During this phase, you can choose from various methods, such as demographic, geographic, lifestyle, psychographic or usage rate factors.
A local business with a universal product might target a local geographic market, for instance. A trendy wireless company might focus on younger, tech-savvy customers. The goal is to identify as many substantial, but distinct, market segments as possible.
Targeting Preferred Segments A business typically can't be all things to all people.
Small businesses have limited resources to invest in developing and promoting solutions to customer groups. During targeting, you identify the market segment you feel is the most profitable or offers the best long-term value for your business.
That segment becomes your company's focal point. Over time, once you have firmly established yourself in one market, you might expand into another profitable market.
Positioning Strategy You apply the positioning step when you develop a strategy that outlines how you intend to offer a solution that is bigger, better or more beneficial to target customers than what competitors offer.
This strategy, and your positioning statement, serve as the framework for ongoing product development and promotional messaging. If you emphasize the organic attributes of your brand, which appeal to a health-conscious segment, you would stress these benefits in your promotional communication.
Implementation You apply S-T-P strategically when you consider each component when building a marketing plan. You apply it more directly when you implement the various strategies in your marketing activities. Part of the point of segmentation is to find the right media to connect with the audience.
If you want to air a TV commercial, for instance, you need to know which channels and programs those customers watch. The more effectively and consistently you enact your S-T-P plan, the greater your ability to build brand loyalty among your customer base.
Segmenting, Targeting, Positioning About the Author Neil Kokemuller has been an active business, finance and education writer and content media website developer since He has been a college marketing professor since Kokemuller has additional professional experience in marketing, retail and small business.Segmentation, Targeting and Positioning What is STP?
STP or segmentation targeting positioning is a marketing tool with the help of which marketeers differentiate, attract, retain and grow customer base for their respective products.
Market segmentation is the actual process of identifying segments of the market and the process of dividing a broad customer base into sub-groups of consumers consisting of existing and.
Today, Segmentation, Targeting and Positioning (STP) is a familiar strategic approach in Modern Marketing. It is one of the most commonly applied marketing models in practice. In our poll asking about the most popular marketing . Segmentation, Targeting, Positioning and Differentiation – necessary for an integrated Marketing Strategy.
Segmentation – Step 1 of the Marketing Strategy Any company should know that it cannot serve all consumers in the total market – at least not profitably and in the same way.
Market segmentation, targeting and positioning are the three components of what is commonly known as the S-T-P strategy. Each step contributes to the development of a targeted promotional plan.
The STP Process Segmentation is the process of classifying customers into groups which share some common characteristic Targeting involves the process of evaluating each.