To be successful, a business needs to set its overall direction for the company through business plan aiming to achieve business goals and objectives. One of the most important parts of the overall business plan is the marketing plan. In formulating an effective marketing plan, a company needs to follow segmentation, targeting and positioning (“STP”) steps as they are the foundation of marketing strategy (Desarbo et al., 2008). STP process is in the area of market-oriented approach, which primarily examines the external environment based on market needs so as to develop products which well respond to the market.