Market segmentation, target market, and market positioning are the three core elements that comprise a company's marketing strategy, also known as STP marketing.
Market segmentation is the process by which marketers divide Fang GUthe market for a product into a number of consumer groups based on differences in consumer needs and desires, purchasing behavior, and purchasing habits. Each consumer group is a market segment, and each market segment is a collection of consumers with similar demand characteristics.
Market segmentation is important in marketing because it can effectively divide the market needed in the selection. The clothing market, for example, can be divided into men's, women's, and children's clothing, with men's clothing further subdivided into areas such as clothing, pants, shoes, and lining. Overall, market segmentation allows us to understand the direction of entry into the market, eliminating blindness and misunderstanding.
After market segmentation, the target market is one or more sub-markets for which the company is prepared to meet its needs with corresponding products and services.
The target market is critical in the enterprise because no enterprise has enough human resources and capital to meet the entire market or pursue an overly ambitious goal. Only by building on the strengths and avoiding the weaknesses and finding a target market that is conducive to giving full play to the existing advantages of the enterprise in terms of people, money and materials, will the enterprise not bump blindly into the huge market and effectively be able to use the enterprise's resources in the market, thus creating greater benefits.
Market positioning entails the enterprise carrying out marketing design for the psychology of potential customers in the target market, creating a certain image or a certain personality characteristic of the product, brand, or enterprise in the minds of the target customers, retaining a deep impression and a unique position in order to gain a competitive advantage. Accurate market positioning allows businesses to design effective products, advertisements, and promotional activities. For example, Footwear for the Elderly's market positioning is quite clear, and the elderly and shoes are the themes of this enterprise, so that not only can there be precise positioning when investing in advertising, but also the target customers can be understood at a glance, allowing the target customers to choose precisely.
The three marketing elements can help businesses or individuals effectively choose the best path for themselves. In today's society, precision is everything, so failing to select a good and effective market will result in a lot of wasted manpower and material resources for the enterprise or individual, and in the end, there may be a target market that is not doing well.
It has been proven that having good marketing is very beneficial for a company, and the competition is not between companies, but between the value delivery network system that exists within the company. This competition will be won by the company with the best value delivery network system.
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