ABSTRACT
Adjusting marketing offerings to the identified needs and wants of consumers is at the heart of the marketing philosophy (e.g., Kotler and Keller, 2006). Essentially, marketing aims to achieve an exchange of values for the mutual benefit of both the customer and the supplier. What the customer receives in terms of need satisfaction from products or services and gives in terms of monetary and nonmonetary sacrifices to obtain the product is the mirror image of what the supply chain provides in terms of products and services, and receives in terms of money to satisfy its financial objectives of the value exchange. This process benefits both parties: the customer benefits from superior need satisfaction through consumption, whereas the supplier’s benefits are financial means for growth and business continuity. When there are many customers and multiple suppliers, the processes of segmenting, targeting, and positioning become crucial. In other words, companies attempt to understand
heterogeneity in consumer preferences, identify promising market segments, and position their marketing offerings (products and services) for maximum benefit. In strategic marketing, this is known as the STP process: segmenting, targeting, and positioning.
