A company can effectively segment its market by conducting Segmentation, Targeting and Positioning (STP) research. This involves identifying different segments within the market, targeting the most profitable segments, and positioning the company's offerings in a way that appeals to the target segments. The segmentation process should be guided by specific, measurable, achievable, relevant and time-bound objectives. It's also important to discuss financial objectives upfront to ensure the marketing budget is used effectively.
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