What is segmentation, targeting, and positioning (STP)?
— Segmentation, targeting, and positioning (STP) is a crucial concept in marketing that involves understanding how companies divide their customers, target specific segments, and position their products.
Why do companies need to adjust their marketing strategies?
— Companies like Tata Motors, Tata Steel, and Bharat Forge cannot effectively serve all their potential clients in the same way, so they need to adjust their marketing strategies according to the specific segment they are targeting.
Why is it important for companies to consider future potential markets?
— Companies should not only focus on the present but also consider future potential markets in order to adapt and make necessary changes to their strategies.
What can happen if marketers ignore potential markets?
— Ignoring potential markets and missing signals about emerging markets can lead to losses for marketers.
What should managers focus on to identify new opportunities?
— Managers should be smarter and understand future consumer demands, focusing on undershot, overshot, and non-consuming customer groups to identify new opportunities.
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