5. STP Strategies

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The STP Process Segmentation is the process of classifying customers into groups which share some common characteristic Targeting involves the process of evaluating each segments attractiveness and selecting one or more segments to enter Positioning is arranging for a product to occupy a g g g p py clear, distinctive and desirable place relative to competing products in the mind of the consumer Steps in Segmentation, Targeting, and Positioning 6. Develop Marketing Mix for Each Target Segment 5.
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  1 The STP Process Segmentation istheprocessofclassifyingcustomers Targeting involvestheprocessofevaluatingeachsegmentsattractivenessandselectingoneormoresegmentstoenter Positionin isarraninforaroducttooccuaclear,distinctiveanddesirableplacerelativetocompetingproductsinthemindoftheconsumer Steps in Segmentation, Targeting, and  Positioning 6.DeveloMarketin   2. Develop Profiles3. Develop Selection Criteria4. Select TargetSegment(s)5. Develop Positioningfor Each Target Segment Mix for Each Target Segment MarketPositioningMarketTargeting 1. Identify Basesfor Segmenting the Marketof Resulting Segments Market Segmentation  2  Market Segmentation w  An undifferentiated market Different needs in a market     many differentpurchasecombinations Segments in a market Stae 2: Customers and TransactionsStage 1: Your Market and How it Operates Step 1 -Market Mapping Structure and decision makers The Market Segmentation Process Step 3 -What is Bought Purchase options Step 4 -Who Buys What Customers and their purchases Step 2 -Who Buys Customer profiling Stage 3: Segmenting the Market Step 5 -Why it is Bought Customer needs Step 6 -Forming Segments Combining similar customers Step 7 -Segment Checklist Reality check   3  Advantages of Segmentation 1.Theprocessofbreakingupahomogeneousmarketintoheterogeneoussegmentsforcesthemarketertoanalyseandconserotteneesotemaretantecompanysabilitytocompetentlyservethoseneeds–therebymakingthecompanybetterinformedaboutitscustomers2.Competitorofferingsandmarketingpositioningmustalsobeanalysedinthiscontextsothecompanymustconsiderwhatitscompetitiveadvantagesanddisadvantagesare,3.Limitedresourcesareusedtobestadvantage,targetedatthosesegmentsthatofferthebestpotential  Market Segmentation  Levels of Market Segmentation Mass Marketing Same product to all consumers(no segmentation) Segment Marketing  Different products to one or more segments(some segmentation) Niche Marketing  Different products to subgroups within segments(more segmentation) Micromarketing  Products to suit the tastes of individuals and locations(complete segmentation) Local Marketing Tailoring brands/ promotions tolocal customer groups Individual Marketing Tailoring products/ programs toindividual customers  4 Size, purchasing power, profilesof segments can be measured. Measurable Criteria for successful Segmentation Segments can be effectivelyreached and served.Segments are large or profitableenough to serve. AccessibleSubstantial Sementsmustresonddifferentl   DifferentialActionable  to different marketing mix elementsand programs.Effective programs can be designedto attract and serve the segments. Segmenting Consumer Markets Consumer SegmentationBehavioural Benefits soughtPurchase occasionLifestylePersonalityDemographicSocio-economic PsychographicProfile Purchase behaviourUsagePerceptions and beliefsGeographic
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