Question

What does STP stand for, and give me a brief explanation of what marketers should be trying to do in each step.

Answer 1

The STP marketing approach stands for segmenting, targeting and positioning. These are the three steps marketing approach in which companies takes the action in step wise manner

Segmenting: Segregation is the bifurcation of the customer base or market on the basis of their characteristics which help companies in targeting right audience in a given market segment

Targeting: It involves making right marketing mix or approach to target potential customer in the identified segment. Marketing approach should be customized in each segment as per the segment characteristics

Positioning: It defined as placing the right product in the market segment as per the requirement