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.
Product refers to the products and services offered by a business. Product decisions include function, packaging, appearance, warranty, quality, etc.
When choosing a product or service think of what your clients needs are as well as the benefits of what your product or service can provide them.
Price refers to the pricing for products or service and how it will affect customers. Pricing is not just about the selling price, but also discounts, payment arrangements, credit terms, and any price-matching services offered.
You should always consider the position of your current market, your competitors as well as your product/service quality.
For example you can’t sell low quality and high quality prices.
Promotion refers to the activities that make the business more known to consumers. It includes items such as sponsorships, advertising, and public relations activities.
It is always a good idea to evaluate the promotion outcome before you continue. Do reasearch and see if the type of promotion that you want to do will give you the outcome you are looking for and if it will be worth while.
For example, if you give a sponsorship, will it send clients your way and the amount of clients that you are looking for? Will you get the eyes that you want on your business?
Place refers to where the product/service of the business is seen, made, sold, or distributed.
Customers need to easily be able to find your product/service. This will be key to your customers and business.
People refer to the staff, salespeople, and those who work for the business.
This will be key to customer service. How do you want your customers to feel about the service they receive from your staff.
Before you start with your marketing, grab a paper, write down the 5 P’s and work through each one, step by step.
If you are starting your own business and need help with any of the above feel free to contact us for assistance.