5 P of marketing is a tool that helps the marketer create the right strategy for the business. The tool allows the marketer to analyze the external factor that generally affects the businesses.
5 p of marketing as follows: –
- Product
- Price
- Place
- Promotion
- People
Product
Product is defined as the offering made towards the people; it could be the organization’s important thing or service. It includes functionality, branding, packing, service, quality, appearance, and warranty terms.
While marketing a product, the marketer should keep in mind the product’s issue for the customer.
Price
This element would cater to the pricing strategy for the particular product. The product price should include all aspects of expenditure undertaken to deliver that product, including the advertisement cost of any offer. Or other payment arrangements.
The product’s price depends on the positioning of the product and organization in the market. For example, if the organization is advertising luxury perfume, the price should reflect that position. Suppose the product is being positioned as an affordable car. In that case, the same should be reflected in the price of the product.
Place
This attribute involves serving the product to customers, like customers could reach your product at the right time, quantity, and place.
It generally includes the distribution channel, location, logistics service, and market coverage
Promotion
It includes every means a business employ to promote the product/ services to the target market like sales, public, public relation, direct marketing, advertising, sponsorship, and social media
It is generally advised to conduct the return on investment for all the investments made to promote the product and profit they are having.
People
This attribute revolves around all the people, through which the product is being delivered, such as staff and customers. Thus, the company should consider the people’s wants and the service required to give the best experience to the customer.
They should not ignore the staff need because a happy staff could effectively deliver a product, thus enhancing the overall experience for the customer.
Conclusion
The 5 P of marketing model could enhance a business; if the company could take care of the product, price, place, promotion, and people. Thus, they could effectively expand the business as this model revolves around the customer.
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