This project sought to consider two important aspects of the planetary nebula NGC 3242 using new long-slit HST/STIS spectra. First, we investigated whether this object is chemically homogeneous by spatially dividing the slit into different regions and calculating the abundances of each region. The major result is that the elements of He, C, O, and Ne are chemically homogeneous within uncertainties across the regions probed, implying that the stellar outflow was well-mixed. Second, we constrained the stellar properties using photoionization models computed by CLOUDY and tested the effects of three different density profiles on these parameters. The three profiles tested were a constant density profile, a Gaussian density profile, and a Gaussian with a power-law density profile. The temperature and luminosity were not affected significantly by the choice of density structure. The values for the stellar temperature and luminosity from our best-fit model are {89.7}-4.7+7.3 kK and log(L/L ⊙) = {3.36}-0.22+0.28, respectively. Comparing to evolutionary models on an HR diagram, this corresponds to an initial and final mass of {0.95}-0.09+0.35{M}ȯ and {0.56}-0.01+0.01{M}ȯ , respectively. Based on observations with the NASA/ESA Hubble Space Telescope obtained at the Space Telescope Science Institute, which is operated by the Association of Universities for Research in Astronomy, Incorporated, under NASA contract NAS5-26555.