STP Concepts Quiz

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ElatedOnyx3469
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What does Segmentation involve in the STP model?

Splitting up the total market into segments of more homogeneous subgroups

What is the focus of Micro-segmentation in the STP model?

Identifying local segments similar across countries in a cluster

What is the purpose of Targeting in the STP model?

Selecting which subgroups the company should market its product to

What is the significance of small segments within countries in the STP model?

They could become attractive when combined across countries

What is the typical segmentation criterion at the local level in the STP model?

Economic development

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

Test your knowledge of Segmentation-Targeting-Positioning (STP) with this quiz! Explore the concepts of market segmentation, targeting specific customer subgroups, and crafting a strong brand image for your target audience. See how well you understand macro-segmentation and its application across different countries.

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