What is Targeting?
The process of evaluating market segments and choosing the best to target comes under Market Targeting. Market Targeting undertakes the decision of choosing the best target audience and the degree to which the target market should be targeted. In simple terms, it is a process of choosing the best target audience for the product/service and declaring the other segments to be useless for a particular kind of product/service.
A business must determine the target audience after thorough research; otherwise, the business is going to end up wasting time and resources with no return on investment. Generally, a new product/service is first made available to a single target, and if it remains optimal, the business takes up other segments as well. Market targeting also depends on the size of the company. Besides, the more the target markets, the more will the cost of targeting.
For example
Nike’s target market includes those people who are interested in getting fitter.
STP Marketing – Segmentation, Targeting, and Positioning
Reaching the right people with your business’s message is key. That’s where the STP marketing model comes in handy. STP stands for Segmentation, Targeting, and Positioning. It’s a strategy that helps businesses figure out who their most important customers are, focus their marketing efforts on these groups, and make sure their brand stands out from the competition.
Here, we’ll break down the STP model into easy-to-understand parts and show you how to use it to improve your marketing.
Table of Content
- What is STP?
- What is Segmentation?
- What is Targeting?
- What is Positioning?
- Importance of STP Marketing
- Benefits of STP Marketing
- Relationship between Segmentation, Targeting, and Positioning
- STP Marketing Example
- How to Build an STP Marketing Strategy
- Conclusion
- Frequently Asked Questions on STP