STP | Segmentation, Targeting, and Positioning | Question Answer
Q1: What is Segmentation, Targeting, and Positioning (STP) in marketing, and why is it an important framework?
Answer:
The STP framework — Segmentation, Targeting, and Positioning — is a foundational marketing approach that guides companies in identifying, selecting, and appealing to their ideal market segments.
- Segmentation involves dividing the market into smaller groups with similar needs or characteristics, such as demographics, psychographics, or behaviors.
- Targeting is the process of selecting one or more of these segments to focus the company’s marketing efforts on, based on their attractiveness and alignment with the company's strengths.
- Positioning is the act of defining how the product or brand should be perceived in the minds of the target market, differentiating it from competitors.
STP is crucial because it helps companies create more relevant, personalized, and effective marketing strategies. By understanding and serving specific customer groups, companies can allocate resources efficiently, enhance customer satisfaction, and build a distinct brand identity that resonates with their chosen audience.
