Target marketing involves the identification of the most profitable market segments. Therefore, businesses may decide to focus on just one or a few of these segments. They may develop products or services to satisfy each selected segment. Such a target marketing strategy differs from mass marketing (where a company may decide to produce and distribute…
Once the market segmentation has been completed, the company should be aware of the needs and wants of its selected segments. It is in the interest of the business to identify any untapped needs in the marketplace, as there could be customers who may not be adequately served by competitors. It is then necessary to…
A successful marketing plan needs proper segmentation, targeting, and positioning. The process of segmentation, targeting, and positioning is called STP Model ((segmentation, targeting, and positioning). For a brand and its products to be successful, the marketer needs the identify the segments of the market and understand under which bases each segment falls. Once the segments…