MKTG102 Lecture 5: STP – Segmentation, Targeting and Positioning

These flashcards cover key concepts related to segmentation, targeting, and positioning in marketing.

Segmentation

The act of dividing a market into distinct groups of buyers with different needs or characteristics.

Market Targeting

The process of evaluating each market segment's attractiveness and selecting one or more segments to serve.

Differentiation

The act of setting a product or brand apart from competitors to create superior customer value.

Positioning

Designing a company's offering and image to occupy a distinctive place in the minds of the target market.

Competitive Advantage

The ability to perform in ways that competitors cannot or will not match, typically through lower prices or more benefits.

Target Audience

A specific group of consumers selected for a marketing message or campaign based on shared characteristics.

Value Proposition

The full mix of benefits upon which a brand is positioned, including functional, psychological, and monetary aspects.

Brand Positioning Statement

A summary of a company or brand's positioning, including the target segment, concept, and points of difference.

Points of Difference (PODs)

Attributes or benefits that consumers strongly associate with a brand and believe they cannot find to the same extent with competitors.

Consumer Value Analysis

A method to assess a company's strengths and weaknesses relative to competitors by analyzing attributes and benefits that customers value.