Companies of all times have devoted loads of time and money to figure out what is the perfect marketing plan. There have been certain instances where marketers were able to crack a part of the plan, but half a recipe does not bake a cake, does it? This is where the 5 Ps of marketing come into play.
The marketing field has somewhat been familiar with 4 of these Ps, but it was not until recently that the need for the fifth P was understood. Especially when it came to specifically designed products, the fifth P played a huge role in people. Now, these 5 Ps are imagined to be the pillars of the potential perfect marketing plan. All these different aspects are so well thought out that there’s actually little to no room for error if all of these are executed appropriately.
There is an obvious question that comes to our mind: if there exists a perfect marketing plan, why is not every company successful. The answer is a perfect plan requires perfect execution. And this is where we come into play. We are here to help you explain this marketing strategy to its very core so that you can comprehend the five Ps plan better!
The Five Ps of Marketing
The 5 Ps of marketing allows you to manage to come up with a perfect product and present it to the right audience, and that too at the perfect time. The original 4 Ps were introduced by a marketing professor at Notre Dam, Edmond Jerome McCarthy.
He had managed to understand the viewpoint of a consumer and then put into perspective what were the loopholes that existed in the market. McCarthy abandoned the concept of just viewing marketing as just the buying and selling of a product but is based on customer-brand relationships and the company’s image.
This proved to be revolutionary as, for the first time, marketers were forced to bring in the psychology of the customer and hence make out consumer behavior. This method allowed companies to stand apart from their market competition and exist as a worthy name in the business.
This method evolved into what we now call the 5 Ps of marketing.
Product: The Essential Core
From an actual tangible object to a service being provided, all are considered as products. These are made in order to satisfy the needs or requirements of a customer. Companies need to make sure that which aspects of the products are more important and need to be given more time to work on. Once you identify the essential component, you would be able to market your product better. Also, another important point to be kept into consideration is to see how well the product will be received by the audience you are targeting.
What needs to be clarified is what your product has to offer and what does your product has that makes it different and better than its market competitors. It will only be added incentives like these that will gauge the attention of the consumer and instigate its purchase intention.
Once you are able to nail what your product is and what it stands for, you are ready to jump into probably the most pivotal P of the five, and that is the price! This is what will be commanding how much you make overall, the profit margin, and how much investment you would have in hand before starting the cycle for a second time. A key feature to be acknowledged here is that you should consider how much a customer would assume your product to be priced at.
Whatever pricing you come up with will be a major deciding factor as to how the customer will react to your product. Also, your product will be tallied against its competitors in the market accordingly.
Placement: The Right Place At The Right Time
There is absolutely no point in having the perfect product at a great price but not at the right place. If you are unable to exhibit your proposal in front of the right people and at the right time, all your previous effort might as well go down the drain. The location you opt for is an integral part of your Five P marketing plan.
You need to understand that customers will not necessarily be out on the lookout for your shop. However, when a customer decides that they want a product X while shopping and you have a variant of product X, they manage to stumble across you, viola! They are most likely to get that because it is what is available to them. Your placement technique will help you understand where your product can attract the most traffic from.
Promotion: Spread The Word
If you have successfully managed the three Ps, it is time for you to raise awareness about your company and its products.
Everyone all over should know that you are ready with this product and it is now available for being bought. In today’s time and age, there are loads of facets through which promotion can be done. SEO, Email, Social Media, Advertising, etc., this list is very long and gives you no chance to say that you did not have enough platforms available.
You can learn more about advertising and promotion in this article about the types of advertising.
People: The Greatest P of Marketing
By now, you must have drawn an image in your head of how things are supposed to be done perfectly. And one pretty obvious thing is that all the Ps ultimately come and end up at the fifth P of marketing, which is People.
A marketer’s entire strategic plan is directed at cracking the mindset of its consumers and ensuring that they buy the product you are offering. To make it very clear, by people, we do not just mean the consumer pool but also the company employees. It is absolutely integral that everyone working in the company is aware of their task and works accordingly. Your marketing plan will be planned and executed smoothly if everyone along the way is cooperative and genuine in their job.
Key Takeaways on the Five Ps of Marketing:
When establishing your brand, you should be crystal clear with the nature of your product, its price, placement, how you plan to promote it, and of course, the people you have on board. These are the five Ps that will help you in doing the best job you potentially can at selling your product.
Now that you have the recipe for the perfect marketing plan, all that is left to do is to get some flame on the stove!