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Selecting the target market is the second step in the STP approach. Selection of a target market (or target markets) is part of the overall process known as S-T-P (Segmentation→Targeting→Positioning). Before a business can develop a positioning strategy, it must first segment the market and identify the target (or targets) for the ...
Market segmentation is the process of dividing mass markets into groups with similar needs and wants. [2] The rationale for market segmentation is that in order to achieve competitive advantage and superior performance, firms should: "(1) identify segments of industry demand, (2) target specific segments of demand, and (3) develop specific 'marketing mixes' for each targeted market segment ...
A vertical market is a market in which vendors offer goods and services specific to an industry, trade, profession, or other group of customers with specialized needs. A horizontal market is a market in which a product or service meets the needs of a wide range of buyers across different sectors of an economy .
Market research is an organized effort to gather information about target markets and customers. It involves understanding who they are and what they need. [1] It is an important component of business strategy [2] and a major factor in maintaining competitiveness.
7 Marketing P's. Used in targeting and defining a market in a go-to-market strategy. These are some of the common factors that are considered when performing a market segmentation in a go-to-market strategy: [13] Industry: The industry in which the customer is involved; Customer size and sales potential of the customer
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RFM-I – Recency, Frequency, Monetary Value – Interactions is a version of RFM framework modified to account for recency and frequency of marketing interactions with the client (e.g. to control for possible deterring effects of very frequent advertising engagements).