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MM203 - Marketing Management Assess the contribution of STP to market planning Market segmentation is the process of dividing a market into groups of customers with similar needs or characteristics who are likely to exhibit similar purchase behaviour (Dibb, 1996). In segmenting the market, the business is acknowledging that different 'types' of buyers may require different products, marketing approaches or marketing mixes. Whilst a mass marketing approach will treat the market as a whole by providing one version of the product and one marketing mix for all buyers in the market; market segmentation enables the business to target different groups of buyers by adapting its product and marketing mix to best suit each targeted segment (Doyle, 2002). The following essay will therefore set out to examine the contribution and importance of segmentation, targeting and positioning (STP) in relation to market planning. It will also consider the possible disadvantages of using this approach...

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