Jas Paul Chawla
Date of submission
Segmentation, Targeting and Positioning (STP) is a marketing tool with the help of which marketers differentiate, attract, retain and customer grow base for their respective products. Today, STP is a popular strategic approach in modern marketing. In practice, marketing models is commonly applied. When creating marketing communication plans, STP model is useful. From high level STP is the goal of a marketing strategy which identify a target market and develop a marketing mix that will appeal to those potential customers. Regarding decision, the ideal mix marketing can be organized in terms of price, promotion and product. However, the goal is not to just come up with a particular strategy, but rather to focus on providing value to your key market segments. It analyse the sizes of market segment and develop customer profiles based on Demographic, Psychographic, and Environmental criterion.
Segmentation is the procedure that an organization goes through to segregate the market into several groups according to the various characteristics which might need different products. Market segmentation is also defined as “the process of taking the total heterogeneous market for a product and dividing it into various sub-markets or segments, each of which tends to be homogeneous in all significance. The markets could be segmented in various ways. For example, instead of mentioning a single market for ‘shoes’, it may be segmented into several sub-markets, e.g. shoes for executives, medical college students etc. Geographical segmentation on the similar lines is also possible for certain products”
The main purpose of market segmentation is to measure the changing behaviour patterns of consumers. It should also be remembered that variation in consumer behaviour are
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