Intro to Marketing: Segmentation, Targeting, and Positioning
The video presents a very interesting line of thinking in a discussion between Mr. Sobbez and John in his inquiry about setting up a business. In respect to Mr. Sobbez advice, the introduction of a new business and implementation of the venture into a successful start-up needs to have a clear marketing strategy, understanding of the company’s resources, clear concept for the business, and enhanced understanding of the competitor’s business strategy. In turn, this helps in developing a meaning marketing strategy that can align the target segments in the industry and facilitate positioning the business into a high-performing frontier.
The critical elements of developing a strong marketing strategy, according to Mr. Sobbez entails understanding the clear concept of the target market. This presents an opportunity to produce commodities that best suit the target market. Additionally, the application of STP (Segmentation, Targeting, and Positioning) presents an opportunity to analyze the market further.
For example, in segmentation to understand the market behavior and characteristics, segments are classified into geographic positioning, demographic, psychographic, and behavioral approach. Thus, a clear understanding of who you target to strengthen the products for the particular segment. Hence, position the business in a competitive strategy.