п»їThe Complete STP Process
The Full STP Process
Industry segmentation, targeting and positioning (STP) method is a important concept understand marketing and the strategies of businesses. In most advertising textbooks, the STP strategy is presented as a straightforward three stage process. Whilst that strategy provides a very good introduction to this marketing idea, it does not adequately focus on the smaller actions of the STP process that will also be understood. The following picture highlights the general STP procedure in nine steps: В
The following is a simple discussion of the complete market segmentation, targeting and positioning (STP) process, since shown above. Step One вЂ“ Define the marketplace
In the first step in this more detailed model is to clearly determine the market that the firm is definitely interested in. This could sound comparatively straightforward but it really is an important thought. For example , the moment Coca-Cola examines market segmentation they would be unlikely to look at the refreshment market total. Instead they will look at the system known as a sub-market (a more product-market definition). A possible industry definition that Coca-Cola would use might be diet cola fizzy drinks in South usa. It is this kind of more specific market definition that is segmented, not the complete beverage marketplace, as it is simply too generic and has way too many diverse industry segments. Step Two вЂ“ Produce market segments
Once the market has been identified, the next step is to segment the marketplace, using a selection of different segmentation bases/variables in order to construct categories of consumer. Put simply, allocate the consumers in the defined marketplace to similar groups (based on market needs, patterns or different characteristics). Step Three вЂ“ Assess the segments to get viability
After market portions have been developed they are then simply evaluated utilizing a set requirements to ensure that they can be useable and logical. This requires the sectors to be evaluated against a checklist of things, such as: are definitely the segments...