Similar to the 5c’s and 4p’s, STP is another effective concept of the marketing framework. STP is segmentation, targeting, and positioning in marketing management. In chapters three, four, and five of the book, “MM4” by Dawn Iacobucci, Iacobucci discusses the importance of segmentation, targeting, and positioning in business marketing. Each concept is thoroughly examined and proven to be effective. In chapter three, Iacobucci discusses the first concept of STP, which is segmentation. Segmentation is a group of customers who share similar inclinations toward a brand. There are many different consumers who have dissimilar preferences and attitudes towards products and services. So marketers who try to meet every market may not hit the mark,
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Positioning is one of the most important aspects in marketing. Positioning is about identity, who your brand or company is in the marketplace, the competition, and the customer. Positioning requires design, pricing, distributor relationships, and communicating these aspects of the company to the customer through promotional activities. Positioning can be found by using perceptual maps. This map gives a graphical depiction of where brands are and where their competitors are in the minds of the customers. For example, Buffalo State can make a perceptual map to compare tuition prices, graduation rates, and quality of classes to student enrollment. They can compare their results to other colleges to see where they are competitively. It is also important to write a positioning statement. A positioning statement communicates the parameters of the company’s position to a number of different audiences. Position statement includes the target segment as well as the unique selling point, which is the company’s competitive advantage. Marketers have to state who they are trying to persuade, who they are competing with, and how they are better than the competition. The positioning statements according the author, is “a basic guiding principle in all their collective decisions, so as to enhance the likelihood of consistencies in the results of those decisions” (pg. 63, Iacobucci), positioning statement is a memorandum of company information needed as a way to fix problems and create new ways to improve segments. Segmentation, targeting, and positioning are very important in the success of marketing management. These aspects, help find your specific segment and target that will be profitable to the company. Positioning will further enhance the company by knowing their strengths and weaknesses, knowing how to improve the company to satisfy their segment, and knowing their competitive advantage to contend with
Positioning is one of the most important aspects in marketing. Positioning is about identity, who your brand or company is in the marketplace, the competition, and the customer. Positioning requires design, pricing, distributor relationships, and communicating these aspects of the company to the customer through promotional activities. Positioning can be found by using perceptual maps. This map gives a graphical depiction of where brands are and where their competitors are in the minds of the customers. For example, Buffalo State can make a perceptual map to compare tuition prices, graduation rates, and quality of classes to student enrollment. They can compare their results to other colleges to see where they are competitively. It is also important to write a positioning statement. A positioning statement communicates the parameters of the company’s position to a number of different audiences. Position statement includes the target segment as well as the unique selling point, which is the company’s competitive advantage. Marketers have to state who they are trying to persuade, who they are competing with, and how they are better than the competition. The positioning statements according the author, is “a basic guiding principle in all their collective decisions, so as to enhance the likelihood of consistencies in the results of those decisions” (pg. 63, Iacobucci), positioning statement is a memorandum of company information needed as a way to fix problems and create new ways to improve segments. Segmentation, targeting, and positioning are very important in the success of marketing management. These aspects, help find your specific segment and target that will be profitable to the company. Positioning will further enhance the company by knowing their strengths and weaknesses, knowing how to improve the company to satisfy their segment, and knowing their competitive advantage to contend with