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This question is about marketing communications manager skills.
What is STP in marketing?
STP in marketing stands for "Segmentation, Targeting, and Positioning." It's a marketing process used by organizations for analyzing their target markets. This process involves segmenting their consumers into distinct groups based on their needs, wants, and characteristics, targeting specific segments with relevant products and services, and positioning the products and services in a way that makes them preferable to consumers in those segments.
STP marketing stands for segmentation, targeting, and positioning. It is an effective marketing approach that involves analyzing and identifying customer segments within a particular market and understanding the needs and wants of each target segment. It also involves positioning a brand or product in order to differentiate it from its competitors.
Segmentation
Divide the market into distinct groups of customers (segments) using segmentation practices
The four main types of audience segmentation include:
Geographic segmentation: Diving your audience based on country, region, state, province, etc.
Demographic segmentation: Dividing your audience based on age, gender, education level, occupation, gender, etc.
Behavioral segmentation: Dividing your audience based on how they interact with your business: What they buy, how often they buy, what they browse, etc.
Psychographic segmentation: Dividing your audience based on "who" your potential customer is: Lifestyle, hobbies, activities, opinions, etc.
Determine which market groups (segment) to focus your marketing efforts on
Size: Consider how large your segment is as well as its future growth potential.
Profitability: Consider which of your segments are willing to spend the most money on your product or service. Determine the lifetime value of customers in each segment and compare.
Reachability: Consider how easy or difficult it will be for you to reach each segment with your marketing efforts. Consider customer acquisition costs (CACs) for each segment. Higher CAC means lower profitability.
Create product and positioning and marketing mix that is most likely to appeal to the selected audience
Symbolic positioning: Enhance the self-image, belongingness, or even ego of your customers. The luxury car industry is a great example of this - they serve the same purpose as any other car but they also boost their customer's self-esteem and image.
Functional positioning: Solve your customer's problems and provide them with genuine benefits.
Experiential positioning: Focus on the emotional connection that your customers have with your product, service, or brand.
Consumers with a positive attitude to the Coke brand who were 100% loyal to Coke.
Consumers with a positive attitude to the Pepsi brand who were 100% loyal to Coke.
Consumers with a positive attitude to both brands, with loyalty to both, who switched their purchases between both brands.
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