STP (segmentation, targeting, and positioning).

Assignment Description Marketers use a three-step approach to defining their customers and researching how their products can best meet customers’ needs. This process is abbreviated STP (segmentation, targeting, and positioning). Segmentation is the process of breaking down a group of prospective buyers into smaller groups, to focus marketing activity on the subgroups most likely to purchase the product. Depending on the product, these subgroups can be decided by a variety of descriptors. Categories such as gender, age, daily activity, and use for the product may be the considerations, these categories change depending on the product. For example, you may have a subgroup of males in their 30s, who commute to work, and need a cell phone with an extended battery life. Targeting is the process of deciding how to market a product to different subgroups of prospective buyers. For example McDonald’s changes the customer message for different cultures in different countries. Positioning means defining the product (from the consumer’s perspective) in such a way that it is distin¬guishable it from the competition. Think about Nike tennis shoes, Nike shapes consumer perceptions about different tennis shoes depending on the segmentation characteristics. For this assignment, complete the following: Review the segmentation, targeting, and positioning information from your textbook in Chapter 5. Review the following three lessons from Intellipath: Knowing the Customer: Profiling and Segmentation Customer Targeting Market Positioning Read and review the model example provided on a gardening company, use this to help you with this assignment. Choose a product of your choice that is something you use on a daily basis so you are familiar with the product and be sure the product fits at least 4-5 segments. Complete the blank STP form provided. Make sure your STP form is complete and error-free. Submit your assignment