Understand Segmenting, Targeting & Positioning in Marketing Strategies
In product marketing, three main components must be carried out as a series of corporate promotion strategies. The three components are segmenting targeting positioning (STP). To understand more about these three components, this article will specifically discuss the product marketing components as follows.
Segmenting or often known as market segmentation is the act of classifying markets with various categories. So that these conditions allow different product requirements or separate marketing combinations. In short, segmentation is the process of dividing markets into smaller parts based on characteristics that have value. Through market segmentation, marketing activities can be carried out according to plan and obtain maximum results in providing satisfaction to consumers.
In market segmentation, there are several variables that you must pay attention to such as demographic, psychographic, and behavioral aspects of consumer behavior. In the demographic aspect, for example, you divide the market into groups such as age, gender, income, education, race, and so on. Then from the psychographic aspect, you will divide the market into different groups based on social classes such as personality, lifestyle, and so forth.
Last is the aspect of behavior, you will divide consumers into segments according to categories in consumer behavior, feelings, how they use products or conditions of use, and brand loyalty. What you can do to determine this segment is to divide the market into user and non-user categories of your product.
The second component is targeting or setting the target market that you want to target. Targeting is the act of assessing the interests and interests of various market segments, then determining which market segments you will make as your target market. The target market is understood as a group chosen by a business to be a prospective customer by targeting and segmenting.
There are four strategies you can choose from to do the targeting including undifferentiated targeting strategy, differentiated targeting strategy, concentrated targeting strategy, and custom targeting strategy.
- Undifferentiated targeting strategy explains that this strategy is aimed at large markets with similar needs. Therefore, in it, there will only be one type of marketing that is applied to serve all types of markets. Companies only get the chance to optimize mass production, distribution, and advertising to get the best image from the majority of consumers.
- Differentiated targeting strategy explains that companies produce various products with different characteristics. Every consumer naturally wants a variety of product variations, so you should try to offer several types of products according to market demand.
- Concentrated targeting strategy, the company only focuses on offering certain types of products in one segment that is considered the most likely market.
- Custom targeting strategy is aimed at the individual consumer approach
Third is product positioning or placement which is an attempt to position the product in the face of competition. The development of this marketing strategy aims to influence how a particular market segment evaluates products and services when compared to market competition. Meanwhile, in determining market position you must show that the product can be distinguished from its competitors.
That’s what you need to understand about segmenting, targeting and positioning in marketing strategies. Thus, the marketing that you run gets optimal results, which is to attract consumers’ interest so that they make a purchase transaction.
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