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In marketing, segmenting, targeting and positioning (STP) is a framework that implements market segmentation. [1] Market segmentation is a process, in which groups of buyers within a market are divided and profiled according to a range of variables, which determine the market characteristics and tendencies. [ 2 ]
Leeflang and Wittink (2000) [5] have identified five eras of model building in marketing: (1950-1965) The first era of application of operations research and management science to marketing (1965-1970) Adaptation of models to fit marketing problems (1970-1985) Emphasis on models that are an acceptable representation of reality and are easy to use
Market segmentation is the process of dividing mass markets into groups with similar needs and wants. [2] The rationale for market segmentation is that in order to achieve competitive advantage and superior performance, firms should: "(1) identify segments of industry demand, (2) target specific segments of demand, and (3) develop specific 'marketing mixes' for each targeted market segment ...
Positioning is part of the broader marketing strategy which includes three basic decision levels, namely segmentation, targeting and positioning, sometimes known as the S-T-P approach: Segmentation : refers to the process of dividing a broad consumer or business market, normally consisting of existing and potential customers, into sub-groups of ...
Micro-segmentation on the other hand requires a higher degree of knowledge. While macro-segmentation put the business into broad categories, helping a general product strategy, micro-segmentation is essential for the implementation of the concept. “Micro-segments are homogeneous groups of buyers within the macro-segments” (Webster, 2003).
Positioning refers to decisions about how to present the offer in a way that resonates with the target market. During the research and analysis carried out during the segmentation and targeting process, the marketer will have gained insights into what motivates consumers to purchase a product or brand.
In conjunction with targeting decisions, marketing managers will identify the desired positioning they want the company, product, or brand to occupy in the target customer's mind. This positioning is often an encapsulation of a key benefit the company's product or service offers that is differentiated and superior to the benefits offered by ...
Microsoft Word - bases for segmentation.docx; Author: Home: Software used: PScript5.dll Version 5.2.2: File change date and time: 03:48, 30 November 2016: Date and time of digitizing: 03:48, 30 November 2016: Conversion program: Acrobat Distiller 10.1.10 (Windows) Encrypted: no: Page size: 612 x 792 pts (letter) Version of PDF format: 1.5