MANAGEMENT

Detailed explanation-1: -Segmentation is followed by targeting, which is followed by positioning, making up the STP marketing model. These steps are essential for understanding your customers and your product offering better.

Detailed explanation-2: -Targeting and positioning are the next steps in the roadmap following market segmentation.

Detailed explanation-3: -Overview of the STP Process As mentioned earlier, STP stands for segmentation, targeting, and positioning. Segmentation is the first step in the process. It groups customers with similar needs together and then determines the characteristics of those customers.

Detailed explanation-4: -Market segmentation divides the market into subgroups of individuals who share similar needs, wants, and characteristics. Targeting involves deciding which customer segment or market the firm should be aiming at. Positioning involves determining where your brand or product stands affecting others in the market.

Detailed explanation-5: -Key takeaways: Market segmentation is a process of dividing a population into groups that share common characteristics. A target market is a specific audience that a company wants to reach with its products or services.