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STP and Brand Management Assignment

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Added on  2020-04-15

STP and Brand Management Assignment

   Added on 2020-04-15

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STP and Brand Management 1STP AND BRAND MANAGEMENT IN MARKETINGNameCourse ProfessorUniversityCityDate
STP and Brand Management Assignment_1
STP and Brand Management 2STP in MarketingDigital marketing is one of the most applicable trends in many industries. For example, the car selling industry has flourished worldwide by making use of this trend. Segmentation, Targeting, and Positioning (STP) approach has grown to be a common method of conducting digital marketing. The STP approach in marketing focusses on the audience instead of the product. This essay attempts to explain how STP approach could be used to improve digital marketing in the car selling industry.The STP strategy is effective in identifying market niches by targeting specific customerswith specific needs and wants. This is achieved by segmentation. Segmentation refers to the aspect of dividing the existing market into segments based on specific criteria like demographics,psychographics, lifestyles, beliefs, and values, geography, behavior, and benefit (Hanlon, 2017). For example, age group preference, gender preference, brand loyalty or the affordability of the car. Such information is gathered through surveys, interviews and customer data.The targeting function encompasses identification of the best segment that guarantees best customers and focusing on the section (Mindtools.com, 2017). This decision is made by considering the profitability of every segment. The preferred section should be the one that would generate the highest revenue. The target segment should also be large enough and have potential for steady growth. Lastly, the company should be able to service the market. For example, consider the potential legal, social and technological barriers.The last function is appropriate product positioning to target valuable customers. The focus should be on why the customers should prefer your products to that of the competitor. Positioning is done by identifying rare selling proposition, drawing a positioning map and
STP and Brand Management Assignment_2

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