STP

• what is stp?

  1. segmentation
  2. targeting
  3. positioning
• what is segmentation?

  when potential customers are divided into different groups

  • demographic
  • geographic
  • income
  • behavioural - predictive patterns
  • psychographic - lifestyles
• what is targeting?

  which segment should the business target - which is most profitable

  • niche marketing - needs of one particular segment
  • mass marketing - disregard needs of a specific segment and target them all
• what is positioning?

  what is the businesses competitive advantage?

  customer perception

  how could business deploy extended marketing mix

  • e.g product - porters generic strategies
  • service - uk heavy service economy - process, people, physical