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Segmentation, Targeting And Positioning

Segmentation, Targeting And Positioning

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Segmentation, Targeting, and Positioning

Segmentation refers to developing profiles and groups of potential buyers based on their attributes. Targeting involves identifying the most attractive and suitable segments from the market to offer them products or services. Positioning is to know exactly what is the message accompanying the offer, and what impression it creates on the targeted minds.

Segmentation, targeting, and positioning are usually employed as a model referred by STP. This model is used to build marketing strategies for a specific product launch. However, the most important of these processes that is most often neglected by new business start-ups is ‘positioning’. They think of it at later stages of business establishment, whereas it needs to be addressed at the very early stage (Smale, n.p). Establishing a position statement at early stages ensures improved product development and better advertising.

To effectively use the STP model for establishing new businesses, certain factors should be considered. Competition should be avoided with the industry giants. Instead, unattended market segments should be targeted. New opportunities should be availed. There are always certain groups of customers in the market, who have unfulfilled needs or wants. New businesses should target these segments.

The business must find out its competitive advantage over its competitors to attract the targeted segments of customers. If they can produce the same product at lower costs, or they have different products or alternatives to offer to customers in the same industry, they have a competitive advantage over the others.

Developing an effective positioning statement is at the core of the STP model. This is the message which will create the desired place of the company or the brand in the target customers’ minds. The positioning statement will be used in advertising along with the product, and it will strengthen the brand. It will differentiate the product from other products available in the market.

References

Smale, Thomas. "The Importance of 'Positioning' Your Brand When You're Just Starting Out." Entrepreneur. N. p., 2019. Web. 22 Sept. 2019.

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