What Do You Mean By STP In Marketing?

What is market segmentation and its types?

Market segmentation is the research that determines how your organisation divides its customers or cohort into smaller groups based on characteristics such as, age, income, personality traits or behaviour.

These segments can later be used to optimise products and advertising to different customers..

What niche is most profitable?

Most Profitable NichesSelf-Improvement. You’ll find courses, ebooks, coaching, videos and more that offer self-improvement advice and training online. … Online Dating. … Languages. … Pets. … Beauty. … Home Décor and DIY. … Baby Products and Services. … Music Instrument Tuition.More items…•

What are the 4 types of market segmentation?

Demographic, psychographic, behavioral and geographic segmentation are considered the four main types of market segmentation, but there are also many other strategies you can use, including numerous variations on the four main types.

What are the 7 market segmentation characteristics?

Market Segmentation: 7 Bases for Market Segmentation | Marketing ManagementGeographic Segmentation: … Demographic Segmentation: … Psychographic Segmentation: … Behavioristic Segmentation: … Volume Segmentation: … Product-space Segmentation: … Benefit Segmentation:

What is STP explain?

In marketing, segmenting, targeting and positioning (STP) is a broad framework that summarizes and simplifies the process of market segmentation. … Targeting is the process of identifying the most attractive segments from the segmentation stage, usually the ones most profitable for the business.

What is STP example?

A good example of the STP process (segmentation, targeting, positioning) can be found during the Cola Wars in the 1980s between Coca-Cola and Pepsi-Cola. Consumers with a positive attitude to the Pepsi brand and 100% loyal to Coke. …

What are niches in marketing?

A niche market is a segment of a larger market that can be defined by its own unique needs, preferences, or identity that makes it different from the market at large. For example, within the market for women’s shoes are many different segments or niches.

What are the 5 market segments?

The five basic forms of consumer market segmentation are demographic, geographic, psychographic, benefit, and volume.

What are the three components of the STP process?

Market segmentation, targeting and positioning are the three components of what is commonly known as the S-T-P strategy. Each step contributes to the development of a targeted promotional plan.

What do you mean by positioning?

Positioning refers to the place that a brand occupies in the minds of the customers and how it is distinguished from the products of the competitors and different from the concept of brand awareness. … Primarily, positioning is about “the place a brand occupies in the mind of its target audience”.

What is STP in marketing with example?

Examples of Targeting in Marketing The STP Model consists of three steps that help you analyze your offering and the way you communicate its benefits and value to specific groups. STP stands for: Step 1: Segment your market. Step 2: Target your best customers. Step 3: Position your offering.

What is an example of a niche?

For example, a garden spider is a predator that hunts for prey among plants, while an oak tree grows to dominate a forest canopy, turning sunlight into food. The role that a species plays is called its ecological niche. A niche includes more than what an organism eats or where it lives.

How do I know my niche?

5 Steps You Can Use to Find Your NicheIdentify your interests and passions. This may be something you’ve already done. … Identify problems you can solve. With your list of 10 topics in hand, you’re ready to start narrowing down your options. … Research your competition. … Determine the profitability of your niche. … Test your idea.

How do you define brand positioning?

Brand positioning is defined as the conceptual place you want to own in the target consumer’s mind — the benefits you want them to think of when they think of your brand. An effective brand positioning strategy will maximize customer relevancy and competitive distinctiveness, in maximizing brand value.

What is a targeting strategy?

The selection of potential customers to whom a business wishes to sell products or services. The targeting strategy involves segmenting the market, choosing which segments of the market are appropriate, and determining the products that will be offered in each segment. Also called targeting. …

What is difference between targeting and positioning?

Targeting a market is the larger process of marketing to a target consumer — it includes both the research of market segmentation and the practice of brand positioning. Positioning involves only the various strategies and projects that the company initiates to communicate a brand to the target market.