Question

What are the segmentation, Targeting and Positioning (STP) for the Ratchet Strap market?

Answer 1

Ratchet Straps Market is the company that projects the values, and guidelines to increase the sales volume of the automotive products. It also holds the cargo or various equipment during the process of transportation. The company has spread itself in the entire world, and the enterprise is taking steps to improve the stakeholders' perspective towards the company's functioning. STDP is an efficient process in the management of the company. Segmentation is the first process, which defines the target market of the product. The segment for the ratchet traps is the transport industry, and the firms dealing with transporting the product from one place to the other. The straps are also useful for the companies that have to distribute their products to different intermediaries. The second factor is targeting. It is the process to target the segment of the society. The ratchet strap makers should target the segment by proper advertisements, and enhancement in the product quality. The third step is Differentiation. It is the process of differentiating the product from the competitor by enhancing the quality. The ratchet strap makers can make the straps more reliable than the competitors as the makers should enhance the texture. The last factor is positioning. Positioning is the process of making a perception of the product in the minds of the consumers. The company can take practical steps to market the product and enhance its reputation in consumers' minds. Hence, the STDP process helps the company target the audience and enhance the product's sales.