In the previous case study, we have discussed Cadbury Marketing Mix (4 p’s of the marketing mix). NOW in this, we take you to the overview of 5 p’s of the Marketing mix and how businesses implement it and make successful marketing plan and strategy out of it
The, 5 p’s of marketing is a useful tool for determining and developing the best and key marketing tactics for your company.
It forces you to consider which aspects of your business you can change or enhance in order to better satisfy the needs of your target market, create value, and set yourself apart from the competition.
PRODUCT, PRICE, PROMOTION, PLACE, AND PEOPLE are the 5 p’s of marketing where you must make a marketing strategy using these aspects.
Although you have some control over the 5 Ps, they are always influenced by your internal and external marketing environments.
In the upcoming points, I clearly defined what are the 5 p’s of marketing mix and how to make a marketing strategy out of it.
Here are the key marketing elements of marketing
The product or service marketing element refers to what you are providing to your clients as a whole.
Functionality, branding, packaging, service, quality, appearance, and warranty conditions are all factors to consider while developing a product.
Consider the major features, benefits, and customer needs and wants when developing your product. If you’re a food company, for example, you might decide to expand your product line by adding new flavors.
When it comes to products and services, we can ignore the amazon marketing mix because it has good quality products and services from which small businesses can take inspiration from.
The way you set prices for your items or services is referred to as the price factor. It should include the advertised price, any discounts, sales, credit conditions, or other payment arrangements, as well as any discounts, sales, or other payment arrangements.
Your pricing will also be determined by your company’s market position; for example, if you advertise your company as a low-cost automobile rental service, your pricing should reflect that option.
Alternatively, if you are a luxury food product, your price should be more than lower-grade products to reflect the better packaging and ingredient quality you provide.
All of the activities and marketing strategies you perform to sell your products/services to your target market are referred to as promotion.
Sales, public relations, direct marketing, advertising, sponsorship, and social media are all part of it.
Because promotion expenditures might be significant, it’s a good idea to do a return on investment analysis (ROI) before making a decision.
To begin, figure out who your target market is, what media they consume, how much that media will cost, how many extra sales you’ll need to pay your investment, and how you’ll collect data to prove how well the promotion performed.
The place element describes how you deliver your product or service to customers at the appropriate time, in the right place, and in the right amount.
Distribution routes (e.g., through a storefront, online, or through a distributor), location, logistics, service standards, and market coverage are all factors to consider.
Nowadays most businesses switch online, so the competition has become a way to much. Still, you can find lots of customers online for your business by just making small micro-changes in your website to attract the users
If you’re considering growing your business online, for example, you’ll need to consider how your consumers use the internet, whether they’d feel comfortable ordering your goods online, and whether they’d be ready to pay shipping expenses.
If you want to increase your company, you should think about modifying or extending the method by you market your products and services.
If you’re a homewares distributor, for example, you can consider opening a new store in a different location or giving franchises.
Customers, yourself, and your employees are all part of the people factor. If you want to expand your firm, you must consider both your employees and your customers.
It entails determining what your consumers want and need, defining goals, and tracking your customer service levels in order to attract and retain loyal customers.
You’ll also want to think about staff training so that they can provide the finest possible service and satisfy consumer expectations.
I hope you got a clear view of the 5 p’s of the marketing mix.
These 5 p’s of marketing are one of the greatest aspects to understand any business model and make marketing strategy for it.
While taking any decision for a business you should things from the end consumer’s perspective to get deep insights into your strategy.
You need to consider all the 5 p’s to formulate a strategy. Also as you need to consider the digital marketing aspect because more people are switching their marketing actiity on digital platfroms than traditional market