Mba stp

Hello sir I want to get the detailed information about the STP Management process so please provide me suitable information about the same.

[Shaleen]

Market segmentation is a process of dividing a market into distinct groups of buyers on the basis of needs, characteristics, or behavior, who might require separate products or Marketing mixes.

Steps of STP Process

Market Segmentation

Market Targeting

Market Positioning

1. Market Segmentation

'Market Segmentation' is one of the most important pillars of marketing strategy.

Segmenting can be define as “dividing the whole market into different smaller groups of buyers with distinct needs, characteristics.

There are four common types of segmentation:

Geographic segmentation
Demographic segmentation
Psychographic segmentation
Behavioral segmentation

Market Targeting

After dividing the market into different segments next step is to choose one or more segment to enter in the market.

For this purpose marketer analyze the segment weather it is beneficial for long run or not, this evaluation and selecting of segment is called targeting

Steps in market segmentation, targeting & positioningSteps of Segmenting

Evaluate Market Segments

Segment size & growth
Segment attractiveness
Company’s objectives & resources

Selecting Target Market segment

Undifferentiated or Mass marketing
Differentiated marketing
Niche marketing
Micro marketing

Market Positioning

A company must consider these elements of market choices to develop market position of their product or service.

Pricing

Quality

Service

Packaging