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Questions and Answers
What does Segmentation involve in the STP model?
What does Segmentation involve in the STP model?
- Splitting up the total market into segments of more homogeneous subgroups (correct)
- Selecting which subgroups the company should market its product to
- Dividing countries into subgroups based on population size and character
- Crafting a brand image for the target market
What is the focus of Micro-segmentation in the STP model?
What is the focus of Micro-segmentation in the STP model?
- Dividing countries into subgroups based on population size and character
- Crafting a brand image for the target market
- Identifying local segments similar across countries in a cluster (correct)
- Selecting which subgroups the company should market its product to
What is the purpose of Targeting in the STP model?
What is the purpose of Targeting in the STP model?
- Crafting a brand image for the target market
- Splitting up the total market into segments of more homogeneous subgroups
- Dividing countries into subgroups based on population size and character
- Selecting which subgroups the company should market its product to (correct)
What is the significance of small segments within countries in the STP model?
What is the significance of small segments within countries in the STP model?
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What is the typical segmentation criterion at the local level in the STP model?
What is the typical segmentation criterion at the local level in the STP model?
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Study Notes
Segmentation in the STP Model
- Involves dividing a larger market into smaller groups of consumers with similar needs or characteristics
- Helps to identify high-potential segments and focus marketing efforts on them
Micro-segmentation in the STP Model
- Focuses on identifying and targeting small, niche markets within a larger market
- Involves breaking down larger segments into smaller, more precise groups
Targeting in the STP Model
- Involves selecting the most profitable segments to target with a firm's marketing efforts
- Helps to allocate resources efficiently and maximize returns
Significance of Small Segments
- Small segments within countries can be important as they can provide a competitive advantage
- Companies can tailor their marketing efforts to meet the unique needs of these small segments
Typical Segmentation Criterion at the Local Level
- Geographic segmentation (e.g., city, region) is a common criterion at the local level
- Other criteria, such as demographics, psychographics, and behavioral factors, may also be used
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