Stp Market Segmentation

MARKET SEGMENTATION, TARGETING AND POSITIONING MARKET SEGMENTATION When it comes to marketing strategies, most people ad libitum think about the 4P (Product, Price, Place, Promotion) maybe extended by deuce-ace more Ps for marketing services (People, Processes, Physical Evidence). marketplace naval division and the identification of target markets, however, are an important ingredient of each marketing strategy. They are the seat for determining every particular marketing mix. Basic steps in marketing strategy are as follows:- * ATTRIBUTES OF EFFECTIVE SEGMENTATION Market segmentation is resorted to for achieving certain practical purpose. For example, it has to be useful in growth and implementing effective and practical marketing programmes. For this to happen, the segments arrived at must attain certain criteria such:- a. Identifiable: The differentiating attributes of the segments must be measured so that they can be identified. b. Accessible: The segments must be reachable through communication and distribution channels. c. Sizeable: The segments should be sufficiently large to justify the resources required to target them.

A very small segment may not dish out commercial exploitation. d. Profitable: - There is no use in locating segments that are sizeable but not profitable. e. singular needs: To justify separate offerings, the segments must respond other than to the different marketing mixes. f. Durable: The segments should be relatively abiding to minimize the cost of frequent changes. g. Measurable: The potential of the segments as well as the effect of a specific marketing mix on them should be measurable. h. Compatible: - Segments must be compatible with firms resources and capabilities. * REASONS FOR MARKET SEGMENTATION Segmentation is the basis for developing targeted and effective marketing plans. Furthermore, analysis of market segments... If you motivation to get a full essay, order it on our website: Orderessay

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