5 Ps Of Marketing: Marketing is an essential aspect of any business. There are certain strategies that you need to employ in marketing to be successful and outstanding among your competitors. These strategies have been summed up into five areas, it is termed as the 5 Ps of Marketing or Marketing mix.
The 5Ps of marketing or marketing mix are those major principles tools that help to create and select the appropriate strategies to enhance your business. It helps to identify which area of your business needs adjustment and upgrading in order to meet your customer’s expectations and satisfaction.Â
A Brief History of the 5 Ps Of MarketingÂ
Previously, we had 4Ps of marketing which was developed by Edmund J. McCarthy in the 60s, an American and professor in marketing. His approach was focused on solving problems and difficulties marketers experience, by helping marketers implore the concept of psychology and sociology in handling consumers in their daily work.
However, in order to be exceptional and successful in business, it is of utmost importance for brands to necessitate the provision of desired Products and services, selling them at an attractive Price and sitting them at the Right Places, and applying compelling techniques to Promote the products.
Subsequently, in the latter part of the 70s, marketing researchers felt the need to update these four principles. Thus, it was updated in 1981 from 4 to 5Ps.
The 5 Ps Of Marketing Include:
- Product
- PriceÂ
- Place
- Promotion
- People
#1 ProductÂ
This is the first and one of the most important P of marketing. This is some kind or type of thing you have that will profit the public, whether tangible goods or intangible services. Here, you must consider the desires of your customers or the buying public and strive to meet their needs.
Also, you need to make product decisions that will determine the purpose or aim, function, appearance, packaging, longevity, and warranty information. It is imperative to include features of a product and its advantages for consumers to understand and know what they are purchasing, all of which is aimed at satisfying the desires and needs of your customers.
#2 PriceÂ
This is to fix or determine the price of your products and services to produce a profit. The price of your product must cover all other costs or expenses like the cost of getting raw materials for production, the cost of advertising, sales, and discount– to entice new customers, payment arrangements,s and credit terms.
Moreso, you must also consider certain factors when setting a price for your product or services, such as the cost of production; the quality of products or services rendered, if it is worth the price charged; the nature of the marketing, and the price of other competitors. The price must however produce a profit.
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#3 Place
This refers to how your product or services can get to your customers at the right place, at the right time, and at the right volume or quantity. It expresses location which determines the availability and accessibility of your products or services at any given time, this is because people are moved by what is available and accessible to them. Also, it involves the channel of distribution(e.g., online or shopfront), market coverage, logistics, and service level.Â
#4 Promotion
This covers activities, strategies and methods you apply to promote your products or services to your target customers, thereby turning ideas into action. Promotion involves public relations, sales, direct marketing, and advertising. The means of advertising include radio, television, online ads, email, and social media.
For promotion to be effective, you must build your target audience or market and determine the means of advertising to use in order to reach out to them. You must know which promotional element best suits your company’s goals.
#5 People
The four Ps are essential elements of marketing, but it wouldn’t be successful if people are not involved, hence the fifth P.
The position of people is very important in bringing the four principles to play. The people here include your customers, you, and your staff, with their behavior and characteristics.
You need to understand your customers’ desires and wants and aim at meeting their needs or satisfying them. You also need to consider the skills and experiences of your staff, if it’ll satisfy your customer’s expectation.Â
Summarily, in order to enhance your business, gain results and be outstanding among your competitors, it is imperative to bring these five principles into action.
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