Question
Explain the relationship between market segmentation, targeting and positioning.
Answer :
Word Count : 547
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A market refers to a set up where two or more parties are involved in transaction of goods and services in exchange of money. The two parties here are known as sellers and buyers.
It is the responsibility of the marketers to create awareness of their products amongst the consumers. It is essential for the individuals to be aware of the brand’s existence. The USPs of the brands must be communicated well to the end-users.
An organization can’t afford to have similar strategies for product promotion amongst all individuals. Not every individual has the same requirement and demand.
The marketers thus came with the concept of STP.
STP stands for:
S - Segmentation
T - Targeting
P - Positioning
The first step in the process of product promotion is
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