So far, we have Discussed the S and T of the STP. For now, you have segmented the market and know which segment to target, next step to correct Position your services or Product for that segment.
Positioning is the process of occupying meaningful space in the Mind of the consumer from your competition.
For example- if you go to the market for buying Comfortable shoes. You came up with the name of Nike or Adidas. But if you seek a cheap but Comfortable shoe, then you came up with Fila.
So here how you came up with these Brand names in your Mind. Because they position themselves in your Mind.
A perceptual map is also helpful for implementing the STP and Entire Marketing Plan. A perceptual map visually presents consumers’ mental image on how competitors have positioned themselves in the market.
Importance of Perceptual Map
- Identify and represent segments
- Evaluate and choose segments to target
- Position product based of 4ps
From the above map, people who like the high end but high price cars will be at one quadrant. Those who want high end and low priced cars will be in the 4th quadrant and so on.
Now you can identify where the competitor Products are in this map and then use it to decide which segment to target and how to position your products using 4p’s of the marketing mix.