The purpose of marketing is to attract an audience to your brand. That’s why marketing is a vital part of your business strategy. And a good marketing plan is a must for your business to succeed. But how can you create a good marketing plan? Well, that’s where the 5 Ps of marketing come in.
You probably heard in your academic life about the 4ps of marketing from the legendary Philip Kotler. But there is an important piece missing in his theory that makes total sense to add, people. And that’s where the fifth “P” comes in place.
Your business strategy will not function correctly without the 5 Ps of marketing. Also known as the marketing mix, these elements make up a stellar marketing plan.
But what are these elements of marketing? What are the 5 Ps of marketing? And how can one apply them successfully to a strategy? Don’t worry; we will answer it all in this article!
Let’s start by understanding these five vital elements of a marketing plan.
The Five Ps of Marketing and Their Importance
Making a good marketing strategy is not easy. It needs a mix of innovation and the know-how of existing marketing trends. But most importantly, it needs a good understanding of the 5 ps of marketing. So, let’s move on and talk briefly about each of them.
Product is the first among the 5 Ps of marketing. It is what you offer to your customers. But it is not only the quality of your product or service that matters.
The packaging and appearance of your product also affect your audience. The warranty your product comes up with is also a significant decision you have to take.
When you make these product decisions, you give your customers a clearer picture. They find it easier to analyze the pros and cons of buying your product or service. Also, you can outsmart your competition and provide more value to the customers.
The price is second of the 5 Ps of marketing. It refers to how you set the pricing for your products or services. It includes everything from the advertised price to any sales or discounts. The payment arrangements also come under price decisions.
Why are these price decisions so crucial for your business? Well, it is because the primary purpose of any company is to be profitable. And good pricing decisions are vital for your brand to make loads of profit.
There are various factors you must consider before making price decisions. We’ll talk about them in the next section.
The third P of marketing is promotion. It is all about the different methods you use to promote your business. It includes activities such as advertising, public relations, and sponsorships. In today’s business world, your brand’s presence on social media platforms is also essential.
Every promotional activity is to make your business more known. It is for your brand to reach as many people as possible. If you can promote your business well, it is sure to translate into growth. Also, it helps your products reach the right people at the right time.
The fourth among the 5 ps of marketing is Place. It is all about where you sell your product or service to your customers. Do you sell online? Do you work with distributors to sell your products? These are some placement decisions you have to take. In simple words, it about how your products reach your customers.
The placement of your products helps your customers easily find you. So, you have to be careful about how your products will reach your customers. Your goal should be to make your products more accessible. After all, not all buyers will come looking for your products. You have to make sure they know where to find your brand.
The fifth and the last P of marketing is People. And it is about the people who are an integral part of your business. Yes, we are talking about your customers and your employees. In fact, they are vital for your business to grow and expand.
If you invest in your people, your business is sure to grow. It includes training and supporting your employees. On the other hand, it also includes keeping your customers happy. Satisfied customers with motivated employees are the perfect recipe for success.
Now that you know what the 5 ps of marketing are, it’s time to move on. Finally, we will discuss how you can successfully apply them.
Applying the 5 Ps of Marketing
Applying the 5 ps of marketing successfully is vital for your marketing plan. It forms the base on which you can build your brand and expand it. So, let’s find out how ways you can do it.
Making the Right Product Decisions
Every product has to have its appeal. When making product decisions, you need to keep this in mind. What is unique about your product? Does it provide something more than what your competitors have on offer? These are some questions you should ask yourself.
The range of your products or service also needs to be well-thought. If you are willing to target a diverse market segment, you need variety. If you want your products to cater to a specific need, variety shouldn’t concern you.
The key is to identify your target market and make product decisions based on that. The clearer you are about your consumers, the better you can serve them. After all, the success of your product depends on how the customers receive it.
Pricing Your Product
Business owners often get the pricing decision wrong. They fail to consider the essential factors that one should consider. As a result, their marketing plan doesn’t work.
What is the buying power of your target market? How much will your target consumer is likely to pay for your product? It would be best if you answered these questions before making pricing decisions.
Also, it would help if you looked at your competitor’s pricing strategy. Can you outsmart them by launching a cheaper product with the same functions? These are marketing opportunities you can’t miss. And that’s why Price is among the 5 ps of marketing.
Your consumer’s preferences should decide other pricing decisions, such as payment plans. Try to outsmart your competitors in the discount and sales department as well.
Remember, it is not about selling everything cheaper. It is about sending the in-demand products at a reasonable price.
Making the Right Promotional Decisions
Not all promotional strategies will work for your business. Most importantly, you have to have a clear understanding of your customer. Who is your prime customer? How do they usually interact with brands? Answer these questions before creating a promotional strategy.
Also, don’t forget to use social media to promote your brand. Today, 48% of the world’s entire population is active on social media. Imagine the exposure your brand can get if you know how to market on social media.
Promoting your product is about striking a connection with your customers. Now, how can you succeed in building this relationship? First of all, you have to be clear about how your product solves the customer’s problems. Moving on, you have to establish how your brand does it better than others in the same market.
High-quality, crisp messaging can help you win over customers. Remember to keep chopping and changing strategies when you don’t get the desired results. Sometimes a decent marketing plan is a tweak away from becoming an excellent one.
Placement of Your Product
As we discussed above, the placement of your products is crucial. Before deciding on your product’s placement, conduct market research. Learn about your customer’s behavior offline and online. If you want to sell online, see where do your customers spend their time online.
On the other hand, if your customers buy in brick & mortar stores, you will need to research where and how to approach retailers and convince them to have your product. Also, how to promote in-store and have an appropriate field marketing strategy.
Will your customers be willing to pay additional shipping charges and so on? Remember, you have to understand your customer’s purchase habits. And your product placement should make things convenient for them.
As we said above, not all customers will come looking for your brand. They have a multitude of options in the market. That’s why it is crucial to place your product in the market according to your customer’s habits.
Value Your People
Many consider People to be the most important among the 5 Ps of marketing. Also, when talking about people, we don’t just mean your customers. We are also talking about employees that make up your company.
To keep your customers happy, you need to work on building a good relationship with them. That’s where things like customer response come in. Moreover, the key is to provide a positive experience to your customers.
Your customers will interact with your employees. And to provide an excellent experience to your customers, you need good employees. They should also share your vision. That’s why you should invest in training your employees and supporting them.
A Stellar Marketing Plan for Your Business
Every business needs a stellar marketing plan to succeed. And as we discussed above, you can’t create a marketing plan without the 5 Ps of marketing.
Remember, every one of the five elements has its importance. They work together to strengthen your brand’s relationship with your customers.
How’s your marketing plan working? Is it failing to give you the growth you expected? Maybe it is time to look at one of the 5 Ps of marketing and make a few changes. After all, you may even be one slight change away from a stellar marketing plan!