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Strategy. 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]
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 ...
Industrial market segmentation. Industrial market segmentation is a scheme for categorizing industrial and business customers to guide strategic and tactical decision-making. Government agencies and industry associations use standardized segmentation schemes for statistical surveys. Most businesses create their own segmentation scheme to meet ...
Go-to-market strategy. A go-to-market strategy, or GTM strategy, [1] is the plan of an organization, utilizing their outside resources (e.g., sales force and distributors), to deliver their unique value proposition to customers ("go-to-market") and to achieve a competitive advantage. [2][3] The goal is to enhance the overall customer experience ...
Labor market segmentation is the division of the labor market according to a principle such as occupation, geography and industry. [1] One type of segmentation is to define groups "with little or no crossover capability", such that members of one segment cannot easily join another segment. [2] This can result in different segments, for example ...
Market research is a way of getting an overview of consumers' wants, needs and beliefs. It can also involve discovering how they act. The research can be used to determine how a product could be marketed. Peter Drucker believed [15] market research to be the quintessence of marketing. Market research is a way that producers and the marketplace ...
Intermarket segmentation refers to forming segments of consumers who have similar needs and buying behaviour, even though they are located in different countries. [1] It is the process of selecting consumer segments across a range of countries that are targeted with an integrated brand positioning strategy without regard to geographic or ...
A target market, also known as serviceable obtainable market (SOM), is a group of customers within a business 's serviceable available market at which a business aims its marketing efforts and resources. A target market is a subset of the total market for a product or service. The target market typically consists of consumers who exhibit ...