An innovative segmentation, targeting, and positioning (STP) activity is described and evaluated using two learning outcomes: student perception of learning and actual student learning. The results indicate that the activity is effective in generating classroom engagement in a principles of marketing course with a diverse student population. Further, an empirical study shows favorable outcomes for both measures of learning, which validates the effectiveness of the activity as an educational tool. Interestingly, students' perceived and actual learning show no correlation, and thus we advocate for the need to evaluate learning through both direct (i.e., actual) and indirect (i.e., perceived) assessments.