This essay explores the concepts of Segmentation, Targeting, and Positioning (STP) within a business context. It begins by defining market segmentation and its different types, including demographic, psychographic, geographic, and behavioral segmentation. The essay then explains the targeting process, where businesses select specific market segments to focus their marketing efforts. Finally, it examines positioning, the strategy used to create a distinct brand image in the market. The essay provides real-world examples of companies like Lego, Prada, and Volkswagen to illustrate how they apply these STP strategies, referencing academic literature to support its analysis. The assignment aims to demonstrate a comprehensive understanding of STP's role in achieving a competitive advantage. The assignment also includes details of the assignment brief for MKTM028 at the University of Northampton.
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