Julius is asked to conduct an STP analysis for his firm. The first step he should perform in this analysis is to
A)develop a business mission statement.
B)choose the best target markets.
C)reposition existing segments.
D)divide the marketplace into subgroups.
E)conduct a SWOT analysis.

Question

Quizplus · Accepted Answer

The first step in STP analysis is to divide the marketplace into subgroups based on similar needs and characteristics. This process of market segmentation allows the firm to better understand and target specific groups of customers with tailored marketing strategies. Developing a business mission statement, choosing target markets, repositioning segments, and conducting a SWOT analysis are all important steps in the overall marketing planning process, but they come after the initial segmentation step in the STP analysis.

Julius Is Asked to Conduct an STP Analysis for His