The 5 Ps of Marketing

Introduction

Nowadays, the word “marketing” has found a new significance with the pandemic taking all over our physical spaces, forcing businesses to go online. Nevertheless, many amateurs think that merely having a Facebook page or Instagram and LinkedIn account is marketing.

Creating an online identity is definitely the first step businesses of all kinds should take, but as we know it, marketing goes far beyond conducting a social media audit. Here, we lay out the 5 Ps of Marketing. Read on to understand what they are!

What’s marketing?

You may wonder whether to consider sales of products as marketing, it’s not. Also, promoting an offline or online advertisement is not marketing either. Marketing is simply asking your client, “How do you do?” That’s correct; Marketing is building a long-term relationship with your consumers.

Fundamentals

So let’s go back to basic; meaning going back to the point of starting to reevaluate the bottlenecks. With changing market dynamics, the psychographic profile of a consumer is changing, so are the expectations for service delivery. Moreover, the need of the consumer is changing and oscillates between two opposite poles on the spectrum of choice.

Amid these oscillating circumstances, starting a new venture or building your online identity needs insights. Read these 5 Ps’ of marketing that are paramount and inevitable to boost your motivation.

Product

A product involves three main aspects. They are as follows; “The rational, the emotional, and the perceptive aspects”. A product is not the parcel you receive alone, it encompasses various aspects such as packaging, technical writing and pre and post production marketing. As always, quality, warranty along with post-sales services are a part of the product that influences the decision-making of the consumer.

Price

When the quality of a product is established, the sole aspect that influences the decision of the customer is the price of the product. The transparency in pricing of the product along with the special offers and discounts help the consumer determine if your product is worthinvesting in or not.

Sometimes, the product cost is not the final cost for the consumer. Since the advancement in social media, online delivery of the product costs little more than the actual product cost. Hence, it’s crucial to quote the price with total transparency.

Promotion

One of the most critical aspects of Marketing is promotion. While strategizing the promotional pitch, the Marketing team must take into account the many platforms available now to promote the campaign in order to reach out to maximum consumers. Both, traditional as well digital promotion tools should be listed. From website to social media pages and from newspaper ads to in-video advertisements, every aspect of promoting the product should be detailed.

To ensure progression, keeping an eye on the promotion tactics of the competitors is also very important. Simultaneously, while deciding the promotional tools one must keep the budget and expenses in mind to reduce costs and improve returns.

Place

How will you sell the product if it is not made available at a place where consumers can buy it? Availability of the product is the vital multiplying force when it comes to sales, and, therefore the presence of physical and digital platforms of the product is very important in order to generate sales. Hence availability and placement of the product should be strategized well in advance before the product hits the market.

People

Everything becomes secondary without contextualizing this aspect of marketing; the people.. You have the money to invest in digital marketing strategists for marketing your brand, but it’s your employees who go and sell the product. In nutshell, having no employees, colleagues, and experts is a perfect recipe for failing in business. We resonate well with Richard Branson’s quote “Customers do not come first, first comes the employees. Take care of your employees; they will take care of your clients.”

Now that you have covered the 5 P’s, we hope to restore peace in your curious mind. Keep these fundamentals close to you and you are a way to go! Or, you can come closer to us for your next successful marketing. Write to us to resolve any queries.