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MKTG307 Week 2 Assignment.docx MKTG307 MKTG307 Week 2 Assignment American Public University MKTG307: Consumer Behavior MKTG307 Week 2 Assignment The STP marketing model (Segmentation, Targeting, Positioning) is a c ...

MKTG307 Week 2 Assignment.docx MKTG307 MKTG307 Week 2 Assignment American Public University MKTG307: Consumer Behavior MKTG307 Week 2 Assignment The STP marketing model (Segmentation, Targeting, Positioning) is a common business practice and strategic approach in marketing. STP marketing focuses on commercial effectiveness, selecting the most valuable segments for a business and then developing a marketing mix and product positioning strategy for each segment (Hanlon, 2021). In this paper, I will further describe demographic segmentation, geographic segmentation and behavioral segmentation and the effectiveness of each. Demographic Segmentation â€œDemographic segmentation groups customers and potential customers together by focusing on certain traits such as age, gender, income, occupation and family status (Thomas, 2020).â€ The most commonly used factors in demographic segmentation include age, gender, ethnicity, income, level of education, religion, occupation, and family structure (Thomas, 2020). Any one of these factors can be used to single out a certain group. The simplest form of demographic segmentation includes age, gender, and income. Retail businesses like to use income and family structure to focus more on retail groups interested in purchasing a specific product or service (Thomas, 2020). Now lets look at the bigger picture of STP. Segmentation divides market into distinct groups of customers using segmentation practices (Thomas, 2020). Targeting will determine which customer gr. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . .. .. . . . . . . . . . . . . . . . . . .. . . . .

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