The 5 P’s of Marketing

Are you all too eager to set up your own business? Well, it all starts with a great idea but that is not enough to help you climb up the ladder of success. No matter how well you have planned your product or service, it won’t take you anywhere unless you have a solid marketing strategy.

So, what is marketing? Is it about just about creating a social media account and posting a few random things about your product? Or is it going from one door-step to another canvassing about it? Well, it is not that simple!

Marketing is a set of activities that a company carries out to promote the sales of its product or service. Marketing comprises of advertising, selling as well as delivering products to the consumers. 

The marketing strategy needs to have a detailed plan to make sure that the product/service reaches the target audience. At this juncture you should know about the 5 P’s of marketing that can help you get the desired results. 

The 5 P’s of marketing include – Product, Price, Promotion, Place, and People. Let’s get elaborated on each!

Product

The products and services provided by the business to its customers are referred to as the ‘product’. Along with the ‘product’, businesses offer certain value-added features apart from the packaging and service/warranty terms of the product.

It is important to move away from standard expectations and offer something extra. This would surely give the business a competitive edge especially when the market has a lot of competitors.

Price

Product and service pricing decisions not only have the selling point as the main highlight but also include the credit terms, discounts, and payment arrangements.

The pricing strategy depends on the company’s current position in the market and it should live up to the brand’s image. You have to decide whether the product is in the high-budget category or falls in the affordable one. Look at similar products around you to understand price ranges better. 

Promotion

Promotion is done in order to bring business and its products closer to the consumer. Promotional activities include advertising, sponsorships, and PR activities.

The costs involved in the promotion of any product or service are huge and that is why it is first analyzed whether it is feasible to carry out promotions for a particular audience or not.

Promotion can be done for free on social media platforms or you could go to the other end and rope in a celebrity to endorse your brand. Eventually, the success of the product depends on how well it is promoted by the brand.

Place

Place refers to the geographical location where the product or service of the business is made, seen, distributed, or sold. To ensure that the target audience can find the product or service easily, it has to be available at the correct time and location and in the right quantity.

Accessibility matters a lot and businesses decide the ways of getting a service or product close to the target customers.

People

The ‘people’ in business include the employees, sales staff, and others who work for the company. Customers are generally more likely to choose the services and products of a company that has friendly and courteous customer service.

It is the personal touch that matters a lot.

Also, the customers are the people who purchase the product/service and use it. They have a central role to play in your marketing strategy. You have to decide who your target audience is and aim at making the product or service more relevant to them.

Final Thoughts

The 5 P’s of marketing have been discussed above. As a business owner, are you putting in efforts to implement each of them well?

Marketing is definitely not a one-time effort. You have to use different tactics from time to time and see what kind of outcomes you get.

Time and again, it has been stressed that you must have a solid marketing strategy to be able to tackle the tough competition in the market.