the 5 ps of marketing
TRANSCRIPT
Thinking about all the elements in your business, no matter how small they may seem, can help you position yourself and therefore your products and services in the market.
The 5 Ps are key marketing elements designed to help you think about your business strategically.
Working your way through each of the Ps can help you think about which areas of your business you can change or improve on, to help you meet the needs of your target market.
product price promotion place people
The 5 Ps include:
The product element refers to what you are
offering as a whole including the features, branding and packaging as well as service and warranty terms.
Product
The price element refers to all the parts that
make up your overall price including the advertised price, any discounts, credit terms or other payment arrangements offered.
Price
The promotion element refers to all the
activities and methods you use to promote your business and products including sales, public relations, direct marketing and advertising.
Promotion
The place element refers to how you deliver
your product or service such as the location , delivery methods as well as how you manage your stock levels.
Place
The people element refers to yourself and
your staff. This covers customer service levels, as well as effective communication and training for your staff.
People
Although the 5 Ps are somewhat controllable, they are always subject to your internal and external marketing environments.
Here is an example of the 5 Ps in action.
You might run a restaurant catering to families. To position your restaurant towards your target market, you might consider having:
product - food catering to fussy eaters price - affordable prices for family's promotion - advertisements in school newsletters place - a location and opening hours suited to busy
family lifestyles people people - staff that are friendly and accommodating
to the needs of parents and children
