An effective marketing strategy is determined by the segmentation, targeting and positioning (STP) process.
The STP process demonstrates the links between an overall market and how a company chooses to compete in that market. It is sometimes referred to as a process, with segmentation being conducted first, then the selection of one or more target markets and then finally the implementation of positioning (Market Segmentation Study Guide, 2012).
The goal of the STP process is to guide the organization to the development and implementation of an appropriate marketing mix. This process is critical for any business that seeks to meet the company’s marketing objectives by providing its customers with value.
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