Value of Segmenting, Targeting and Positioning from a companys Essay

Value of Segmenting, Targeting and Positioning from a companys perspective - Essay ExampleAll these locomote are highly dependent on each other. Segmenting, targeting and positioning commonly called STP pith establishing relationships with the skillful customers. Usually companies do this process in order to select the most suitable segment of the mart in which they can perform their best. Another motive has described these STP activities as the tool of communicating the personalized message to the relevant customers or the audience (Hanlon 2013).Segmenting means the process of dividing the whole possible mart into certain divisions and segments on the basis of their needs, nature, purchasing power and many other characteristics. At first the commercialize is divided and then every segments profile is made on the basis of their characteristics. on that point are a variety of factors which can be used as a segmentation base. These factors may include geographical base, demogra phics, psychographic and behavioral factors. Lifestyles, social classes and differences in personalities are certain other sub-factors which are measurable for the market researchers. Due to advancement in marketing techniques the segmentation bases has also been modified now (McAllister 2013). The homogeneousness of the market segments makes it easy for the companies to generalize their research for the whole population of the segment (Rudra 2014). According to another author the 5Ws model clarify the process of segmentation i.e. Who, What, When, Where and Why. These all queries regarding customer will differentiate market segments (Richard 2013).Targeting means the process of identifying a segment which can be served easily. After segmenting definitely a company mustiness not start to serve all the segments rather it would select those which seem to be attractive to be served. It is important here that the selection of target segment is only based on its attractiveness and cap ableness customers. A target market or the segment is usually classified as the set of potential