STP (segmentation , targeting and Positioning)

• What does the STP model in marketing stand for?

  Segmentation, Targeting, Positioning
• What is the primary focus of the STP model?

  Creating value for customers
• What is the first issue businesses must consider in marketing strategy?


  Choosing which customers to target
• What is market segmentation?

  Identifying different parts of the market
• What is the challenge in market segmentation?

  Finding attractive market parts
• What must businesses do after identifying market segments?

  Decide how to compete in the market
• What is market positioning concerned with?

  Identifying the right product features
• What does STP stand for in marketing?

  Segmentation, Targeting, Positioning
• What is the key benefit of market segmentation?

  More focused marketing efforts
• What is a potential issue with market segmentation?

  Segments can change rapidly
• What is mass marketing also known as?

  Undifferentiated targeting
• What is the strategy of mass marketing?

  Targeting the whole market
• What is differentiated targeting?

  Identifying multiple target segments
• What is niche marketing?

  Focusing on a small market segment
• What is the value proposition in market positioning?

  How a product competes in the market
• From whose perspective should market positioning be considered?

  From the customer's point of view
• What is a positioning map used for?

  Mapping product positions in the market
• What dimensions can be used in a positioning map?

  Price and quality
• What is a key issue with positioning maps?

  Dimensions chosen are subjective
• What is a competitive advantage in market positioning?

  Perceived superior value by customers
• What is one way to position a product successfully?

  Offer more value for a low price
• What are the three elements of the STP model?

  • Market Segmentation
  • Targeting
  • Positioning
• What is the focus of the STP model?

  Segmentation, targeting, and positioning
• What are the different ways to segment a market?

  • Income segmentation
  • Demographic segmentation
  • Geographic segmentation
  • Behavioral segmentation
• What are the strengths and weaknesses of mass marketing?

  Strengths:

  • Broad market reach
  • Simplicity in strategy

  
  

  Weaknesses:

  • Difficult to meet all needs
  • Low customer loyalty
• What are the implications of differentiated targeting?

  • Separate marketing plans needed
  • Tailored marketing mixes for segments
• What are the four possible positioning strategies?

  1. More value for a low price
  2. More for the same price
  3. Same for a lower price
  4. Differentiate based on quality or features