Discuss the differences between market
segmentation, targeting, differentiation,
and positioning. What two simple
questions do they address?
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Explanation:
Once the marketer creates different segments within the market, he then devises various marketing strategies and promotional schemes
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It is the responsibility of the marketers to create awareness of their products amongst the consumers. It is essential for the individuals to be aware of the brand’s existence. The USPs of the brands must be communicated well to the end-users.
An organization can’t afford to have similar strategies for product promotion amongst all individuals. Not every individual has the same requirement and demand.
The marketers thus came with the concept of STP.
STP stands for:
S - Segmentation
T - Targeting
P - Positioning
The first step in the process of product promotion is Segmentation
The division of a broad market into small segments comprising of individuals who think on the same lines and show inclination towards similar products and brands is called Market Segmentation.
Market Segmentation refers to the process of creation of small groups (segments) within a large market to bring together consumers who have similar requirements, needs and interests.
The individuals in a particular segment respond to similar market fluctuations and require identical products.
In simpler words market segmentation can also be called as Grouping.
Kids form one segment; males can be part of a similar segment while females form another segment. Students belong to a particular segment whereas professionals and office goers can be kept in one segment.
An organization can’t afford to have similar strategies for product promotion amongst all individuals. Not every individual has the same requirement and demand.
The marketers thus came with the concept of STP.
STP stands for:
S - Segmentation
T - Targeting
P - Positioning
The first step in the process of product promotion is Segmentation
The division of a broad market into small segments comprising of individuals who think on the same lines and show inclination towards similar products and brands is called Market Segmentation.
Market Segmentation refers to the process of creation of small groups (segments) within a large market to bring together consumers who have similar requirements, needs and interests.
The individuals in a particular segment respond to similar market fluctuations and require identical products.
In simpler words market segmentation can also be called as Grouping.
Kids form one segment; males can be part of a similar segment while females form another segment. Students belong to a particular segment whereas professionals and office goers can be kept in one segment.
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