subject: The 5 P's of Marketing [print this page] The 5 P's of Marketing The 5 P's of Marketing
The 5 P's of Marketing
Product One of the big elements to consider is product, what the actual "thing" is. Whether it appeals to people and if the idea has a place in the industry. The product itself has to sell itself, customers should be attracted to it right away. In other words, it has to be packaged the right way as well. Not only that, the product has to work. Customers using the product will talk about it to potential prospects. The right product also needs approval from the target market, the object for the business is to satisfy a need. Place The location is essential when marketing any good or service. It has to be convenient and customers should be able to remember the spot. A strategically located business requires heavy research and analysis. The target group should be questioned through surveys. They will tell you what the right location is. Price The price is also important. High enough to cover the costs but low as well to attract customers. The price can be charged in accordance to the demand. With high demand, the business can afford to charge a high price. However, the business has to understand that by raising price, the loyalty of customers is compromised. In some cases, the price can be irrelevant. An example of this would be a monopoly, where the firm controls an industry with its rare product. Promotion The right promotion needs to be done at the right time. Intensive campaigns to the right target group. Finding this target group is important to ensure a promising health for the business. Strategically, seasonal sales should be planned along with attractive events. With enough research, businesses would know when and where to throw these events. The company should also have samples and giveaways to entice customers. People The newest P is to do with finding as much about people as possible. Giving them the best service deliverable and understanding legitimate concerns. By serving the desires of the customer, the business is earning respect and word of mouth referrals. The customer is the boss. Without people, businesses would not be able to survive. Without questioning people, the businesses would not know what to sell. Sources http://homebusiness.about.com/od/homebusinessglossar1/g/marketing-mix.htm
