STP analysis is a marketing process involving three steps: market segmentation, targeting and product positioning. According to the Market Segmentation Study Guide, STP is sequential. Therefore, the beginning point is always segmenting the market and analyzing specific consumer needs. During this initial step, marketers choose the segments to be used for targeting; positioning enables them to formulate a plan on how they want a product to be perceived.Continue Reading
The three-stage process of STP is followed by a final stage involving marketing mix implementation. The STP process is basically an analytical technique that assists a firm in addressing and defining its markets so that it can meet its strategic goals or refine its marketing mix. For example, according to content marketing agency Brafton, website content marketers may use case studies, webinars and white papers as a part of their marketing mix to enhance their authority.
When targeting a market, the second stage of the STP process, marketers build segment profiles for the segments under consideration. Each profile features a segment description and various profit measures to assist in targeting. Positioning, or the third stage of the STP process, entails highlighting the competitive advantages and benefits of a product. Ideally, a firm positions or presents a product that clearly meets its target audience's needs.Learn more about Marketing & Sales
A situational analysis is a critical look at the present state of a business for the purpose of evaluating the current product offered, the present market, and the challenges in the way of the business' future plan. The analysis is important for strategic planning.Full Answer >
A good product marketing plan template contains a description of the product and sales goals, product market analysis, description of the target market, and marketing strategies. The template should also feature a marketing budget of the product.Full Answer >
The total product concept is how companies and salespeople can analyze a product and market and sell it more effectively. The concept delineates a product using the following four dimensions: the generic, the expected, the augmented and the potential product dimension.Full Answer >
Steps to ensure a successful product launch include researching the market, testing the product thoroughly before the launch, choosing a great team and launching at the right time. An entrepreneur should make his product available to industry analysts and influencers who can review the product and write or talk about it. He can also create a buzz around the product using controlled leaks to pique people's interest.Full Answer >