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Specific market segmentation, targeting and positioning statement for a new product namely smart tap and shower...

Specific market segmentation, targeting and positioning statement for a new product namely smart tap and shower in the market with references

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Market segmentation, targeting and positioning commonly known as STP. The three strategy included in the development of a new product. The meaning and relevance of these strategies are explained below

Market segmentation

Market segmentation is the process of identifying and evaluating various strata or layers of a market. It may be defined as the division of a market in to groups or segment having similar wants.

Market Targeting

Market targeting is a process of taking decision regarding the market segments to be served. In other words market targeting is the process of fixing one's target market.

Market Positioning

Market positioning is arranging for a product to occupy a clear, distinctive and desirable place relative to competing products in the minds of target consumers.

Marget segmentation, targeting and positioning are the key tool to improve the sale of a particular product. That helps a manufacturer to earn more profit compared to its competitors. The three factors mainly concentrate on customers and this strategy mainly called STP. STP helps to a new product development. The marketing strategy formulation take place in three parts. The first part describes the target market, the planned product positioning and sales, market share and profit goal for the first few years.

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