STP template Instructions: What’s it for? To prepare for tutorial 2.When is it due? Bring it along to the tutorial 2.By whom? Do it as a group. If you do not get a chance to sit as a group, do it individually before the tutorial.Is it compulsory? No, the “Memo” was compulsory. However, having this completed will be a great help in preparing for your coursework and the time spent during the tutorial will be much more productive!Tips: fill in as much as you can. When filling up the template always think of the arguments you have to support your decisions (you will need to demonstrate your argumentative and critical skills in the coursework). |

Segmentation Identify key segmentation variables and segment the market into three segments.Key segmentation variables (think through as many as possible):‘Umbrella’ variable (e.g, benefits sought, lifestyle, age, income etc.):Your identified three distinct segments (they shouldn’t overlap): * Segment 1: People with chronic back pain. - Segment 2:People over the age of 55 * Segment 3:People who are of mid-level income , they don’t want to perform surgery since expensive and want a substitute with is of same quality but at a more acceptable cost. |

Targeting Evaluate market segments and choose the target segment.Market attractiveness criteria (segment size, segment growth, segment profitability etc.):Business strength criteria (resources, skills and competencies etc.):How would you rank the segments based on the market attractiveness and business strength (you are not going to use any sophisticated tools at this stage, simply rely on your experience and understanding): * Highest potential: segment x * Medium potential: segment x * Lowest potential: segment xYour target segment (one of the three): |

Positioning Think about how you are going to position your product/service. Are you going to position based on product attributes (e.g., Pampers – fluid absorption), benefits (e.g., Pampers – dry skin), beliefs and values (e.g., Pampers – love, sleep and play) or a combination of these?Product attributes (identify at least 3):Portable , emits electrical stimulation waveforms(higher technological standard) , Lasts longer than competing products (gels , and other forms of medication), Low cost as compared with the long term cost of medications and expensive cost of surgery.Benefits (at least 3):Beliefs and values (at least 3):Which two (of 9 or more you had in total) are the most important criteria to your target segment? These will be used in the perceptual map. |