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Marketing Essay help.docx - STP “Segmentation, Targeting...

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STP“Segmentation, Targeting and Positioning (STP) is a familiar strategic approach inModernMarketing. It is one of the most commonly applied marketing models in practice.” (Hanlen,2013). It is a strategy that possesses a more customer centric focus as compared to a productbased focus. The purpose of this essay is to thoroughly analyse the Segmentation, Targeting,and Positioning (hereafter referred to as STP)TARGETING STRATEGY A firms targeting strategy involves steps to identify the profitable customers (or segments),learning their values, analyse the offerings they need, focusing your marketing mix on themand monitoring their satisfaction.Overall as succinctly stressed by Dennis J.Cahill (1997),target marketing is important to set brand loyalty and often provides the firm with a strategicfocus to look for realistic approaches with its customers and its products by eliminatingproduct failure risks and also increasing the profitability of an organizationThe best marketing planning method is based on the mission that guides business operations. It leads to the identification of needed markets, and the structuring of precise marketing strategies and objectives for each commodity that an organization intends to present to customers. Given this, it becomes the role of the organization to create value and delivery process.The segmentation, targeting, positioning (STP3) strategy is the core of strategic marketing. This technique enables marketers to narrow their focus and effectively communicate the preferred qualities of a commodity to intended customers. A captivating marketing slogan is, therefore, the fruit of STP, coined to entice consumers into purchasing a commodity (Quinn, 2009).SegmentationAccording to Tuma, Decker, and Scholz (2011), segmentation of the market is an adaptive business promotion tactic. It involves the division of the customer base to pick on one or more segments of the market for target advertisements. This will enable marketers to develop particular marketing strategies that address specific market
needs. Additionally, the strategy of market segmentation enables an organization to expand its competitive scope and returns.Segments may be defined by geographic, social structure, or psychographic aspects of the market. For example, commodities that college students prefer to buy may not be similar to those of youthful professionals.Young parents may be interested in different commodities than their age mates buying their personal effects (Pirinsky, & Wang, 2011). The market division may include the identification of divisions for which an organization would be more appropriate to supply by enjoying a competitive edge against market rivals, such as dropping the adaptation costs.TargetingTargeting involves the making of decisions based on the right market segments. The practice enables organizations to focus their marketing plan on the right group.

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Term
Spring
Professor
N/A
Tags
Marketing, Quinn, Decker

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