5 P’s of Marketing

 What are the 5 P’s of Marketing?

The 5 P’s of Marketing – Product, Price, Promotion, Place, and People – are key marketing elements used to position a business strategically. The 5 P’s of Marketing, also known as the marketing mix, are variables that managers and owners control to satisfy customers in their target market, add value to their business, and help differentiate their business from competitors.


 


5 P's of Marketing Diagram


 


Product

Product refers to the products and services offered by a business. Product decisions include function, packaging, appearance, warranty, quality, etc.


Customers need to understand the features, advantages, and benefits that can be enjoyed by buying goods or services. When thinking about a product, consider the key features, benefits, and the needs and wants of customers.


 


Price

Price refers to the pricing strategy for products and services and how it will affect customers. Pricing decisions do not include just the selling price, but also discounts, payment arrangements, credit terms, and any price-matching services offered.


When determining a pricing strategy, it is important to consider the business’s position in the current marketplace. For example, if the business is advertised as a high-quality provider of mechanical equipment, the product pricing should reflect that.


 


Promotion

Promotion refers to the activities that make the business more known to consumers. It includes items such as sponsorships, advertising, and public relations activities.


Since promotion costs can be substantial, it is essential to conduct a break-even analysis when making promotion decisions. It is important to understand the value of a customer and whether it is worth conducting promotions to acquire them.


 


Place

Place refers to where the product/service of the business is seen, made, sold, or distributed. In essence, place decisions are associated with distribution channels and ways of getting the product to targeted key customers.


It is important to consider how accessible the product or service is and ensure that customers can easily find you. The product or service must be available to customers at the right time, at the right place, and in the right quantity.


For example, a business may want to provide their products over an e-commerce site, at a retail store, or through a third-party distributor.


 

Comments

Post a Comment

Popular posts from this blog

Top 20 Small Business Marketing Blogs to Follow to Boost Your Marketing Smarts

 Top 20 Marketing Blogs to Follow   There’s a wealth of information online, but when it comes to marketing your small business, you want to separate the fluff from the actionable advice you can really use to grow your business. We’ve compiled your short list.  Check out these 20 small business marketing blogs.  Follow them on Twitter. Add them to your RSS feed.  Bookmark them in your browser.  Or just keep this list handy so you know just where to go to stay up to date on marketing trends, tactics and strategies. 1. StoryNeedle Those who find themselves alienated by dry marketing lingo may wish to check out StoryNeedle and its narrative-focused approach to marketing. This blog from Michael Andrews, an independent content strategist currently based in Rome, Italy provides content strategy for a “post-device era.” 2. MarketingProfs Run by a network of marketing professionals (it lives up to its name), MarketingProfs is the go-to source for comprehensive infor...
Read more

13 best marketing blogs to follow

 Editor’s note: Updated September 2020. Unfortunately, you can’t just get a degree in content marketing and stop learning about it for the rest of your career. But you likely figured that out as soon as you got your first job. The field changes much too quickly, from what grabs audiences’ attention, to the words your customers use, and how you need to reach them. This is only compounded when you’re forced to deal with new technologies like augmented reality or voice assistants popping up, or social networks continuously changing their algorithms. It takes a conscious and consistent effort to stay up-to-date on digital marketing strategy. Not only do you need to be aware of the latest trends, but you need to understand them well enough to evaluate them for your brand. For example, when a new social network, search engine, content format or app starts trending, it wouldn’t be strategic to just jump on the bandwagon. You’ll need to understand the trend itself, whether your target cust...
Read more

The Complicated Relationship Between Social Media and SEO

Inbound marketing is in the middle of an interesting evolution. Historically, search has been a major source of traffic and leads for businesses leveraging online marketing. But, with the growth of social networks, social media marketing is even more heavily embraced today.  But, you might ask, which is more important? The answer? Both can be key to your strategy. Download Now: Free Social Media Calendar Social Media vs. SEO Social media management relates to posting and optimizing your content on social media networks like Facebook, Twitter, or Instagram. SEO strategy relates to making your website or content more searchable so that people looking up phrases or questions about products or topics related to your industry will find your site in the results. Search is a huge source of customers, but slowly, social media is gradually increasing in importance as a marketing platform. The important distinction to make is that search and social are not competitive forces. Instead, these ...
Read more