The first step in the STP process is to identify the segmentation methods to be used. produce a list of strengths and weaknesses of the firm's past marketing strategies. establish the overall strategy or objectives. select target markets. develop a marketing mix, so that an appropriate segment can later be identified.

Question

Business

Barnett

9 April, 21:58

The first step in the STP process is to identify the segmentation methods to be used. produce a list of strengths and weaknesses of the firm's past marketing strategies. establish the overall strategy or objectives. select target markets. develop a marketing mix, so that an appropriate segment can later be identified.

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Answers (2)

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Jamar Farley · Answer 1

The correct answer is clearly articulate the firm's vision or marketing strategy objectives.

Explanation:

To start the application of the STP, we must first identify the market segment that interests us. To find that segment we will use the Marketing Mix, we will offer you a unique product specially aimed at them. So the question that arises is: What are the ways to segment a market?

Actually there are many ways to segment the market. Markets can be divided into segments made up of customers with similar desires, needs and buying habits. The most common way is to divide the market into consumer characteristics.

Market segmentation can be based on different aspects: demographic, psychographic and geographical factors. For example, an online travel agency organizes adventure vacations around the world. Its customers are divided into three groups, since it is very expensive to make diverse packages for additional groups.

The first segment includes young and married couples who are interested in ecological and affordable vacations in exotic places. The second segment includes middle-income families who want a family vacation plan, safe and easy with children. The third segment includes rich retirees who want to go on a luxurious and stylish vacation in recognized cities.

It is important to identify the product lines that best fit the segments into which our customers can be divided. Once the segment is identified, a marketing plan must be created to meet your needs.

From the results of this stage, we will start the next one, but what is marketing targeting? In good Spanish we can say that it means Focalization.

Raelynn Bryant · Answer 2

to identify the segmentation methods to be used.

Explanation:

The segmentation, targeting, and positioning (STP) process consists of basically three steps:

identify and proceed with the segmentation methods selection of one (or more) target market implementation of the positioning strategy

Some people believe that the three steps are basically different parts of one single process, and if carried out correctly they should be. The STP process should define the overall marketing strategy and how the company plans to implement it.